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[Video] Building Realistic Models of Choice in Practice Part 1 of 4

Most choice research and modeling studies in practice fail to account for variations in choice processes. We discuss some of these issues in this presentation and show how we have made advancements in choice research design and modeling through some practical examples.

Frontiers of Research 2012 - Market Research Conference hosted by TRC
Pankaj Kumar, PhD, Executive VP at TRC Market Research presents Building Realistic Models of Choice in Practice

Success in marketing boils down to knowing how and why consumers make choices. And it is a well-known fact that choice processes vary over people and situations. Yet most choice research and modeling studies in practice fail to account for these variations in choice processes. For example, two of the most widely applied choice studies in practice, max-diff and conjoint, fit the standard choice model that estimates individual-level utilities in every situation. While this standard model accounts for individual differences in preferences, it does not account for other sources of variations and quite frequently gives rise to unrealistic research designs and the research doesn't really address the problem that the study intended to address. We discuss some of these issues in this presentation and show how we have made advancements in choice research design and modeling through some practical examples.

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