How Do Consumers Decide?
Improve your understanding of consumer decision making with Menu Based Conjoint. Menu Based Conjoint (MBC) is a new conjoint method designed to take account of some of the more complex real life purchase decisions that consumers face today.
Consumers nowadays often purchase goods and services using a mix and match approach; whether in the form of bundles or from a menu based system, selecting optional features that best meet their needs. Replicating these approaches in conjoint has been difficult up until now.
Menu Based Conjoint allows consumers to choose ‘a la carte’ options as well as bundled options. Its application is extensive, for example, mobile phone packages, restaurant menus, financial products, insurance products, Energy tariffs, package holidays or employee benefits.
The choices made by consumers are used to create models which predict consumer selection across a range of bundling, pricing and discounting or product options. Results are delivered in Excel with a user friendly interface. The technique is just as applicable to business decision making as consumers.
The models are created using a programme from Sawtooth Software. Illuminas conjoint analysts, have over 20 years analytics experience and were part of the global team of 84 conjoint experts that contributed to the beta development of MBC software with Sawtooth.
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