Choice modeling experiments involve presenting consumers with a series of choices between different products, services, or attributes and asking them to decide which ones they prefer most. The series of simulated choices they are shown mimic trade-offs and decisions consumers make when purchasing goods and services.
The data collected from these experiments can be used to understand how different factors influence consumer decisions and can be used to predict consumer behavior in real-world situations.
These experiments can be conducted in a variety of ways, including online surveys, laboratory experiments, and in-person interviews. It’s important to note that the method chosen will depend on the specific research objectives and the target audience.
Some key benefits of using choice modeling in market research include: