Tuesday, May 14, 2013

Live from FOCI - Taking Choice Modeling to the Next Level

Presenters Joris Huisman and Eine Van der Gaast of SKIM presented an overview of conjoint analysis with the classic framework brought up to speed with technology.  Menu-based and decision-based choice analysis enables data to be collected on customizable products with the many tradeoffs that are hard to capture in conventional ways. 

SKIM takes conjoint analysis to new heights by addressing five types of conjoint analysis, and using technology to strengthen the capacity of the methodology and expand the range of data that can be collected.  SKIM offers the following approaches to conjoint analysis:

Choice-based Conjoint (CBC)
Menu-based Choice Modeling (MBC)
Adaptive Choice-based Conjoint (ACBC)
Adaptive Conjoint Analysis (ACA)
Conjoint Value Analysis (CVA)

SKIM is headquartered in Rotterdam and has offices and clients across the globe.  SKIM provide full-service market research and self-service, in which they help clients get set to smartly conduct their own research.
The amount of consumer decision data that can be captured has increased markedly with the addition of mouse-tracking, eye-tracking, and facial recognition.  Being able to capture and track changes in consumer emotions, as evidenced through facial recognition technology is an enormous ramp-up for conjoint analysis.  

Gigi DeVault writes a market research column for About.com.


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