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Choice Modelling Market Research

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Choice Modelling Market Research

Choice modelling is used in market research to create a scenario where consumers purchase products, in order to observe their decisions. When purchasing products, individuals will unconsciously select certain brands over others without knowing the full reason why; choice modelling aims to uncover these reasons. Often, things such as: packaging, media advertisement and promotional offers will affect which brand the customer buys. Using this information, companies can vary their marketing to best suite their target market and stay ahead of their competition.
Understanding customer opinion of products or services is essential to any business, and sometimes, just performing the study is enough to get new customers. Performing choice modelling market research can show some consumers that the company cares about their opinions. Furthermore, quickly acting on the findings from the study can show just how much the brand values its customers.
Choice modelling market research can also provide relevant information regarding data such as age and gender. On some research studies, the respondent will be asked to state either their age, gender or both. Based on this data, patterns may appear regarding what different generations look for when purchasing specific products. It may also be revealed that the company’s originally planned target market might be wrong, and it’s found that more people from outside the target market are interested in the product.

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