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This online course focuses on consumer choice research for determining the price for a product or service. It is part of an overarching theme of doing quantitative research to determine the optimal price — a number — to place on a product or service. Quantitative pricing research, based on statistical and econometric models, is the only way to get that number.
This course focuses on three choice methodologies — conjoint, discrete choice, and MaxDiff — representing the state-of-the-art approaches to choice analysis. Choice analysis is important because consumers choose your product over a competitor’s based on its features or attributes with price being one of these attributes that operates in conjunction with the others. Their choice impacts your sales and ultimately your key business metrics, including revenue.
At the end of the course, participants will understand:
The importance of choice modeling (whether for consumers or businesses) for optimal pricing
The specification, design, estimation, and analysis of three main choice modeling methodologies: conjoint, discrete choice, and MaxDiff.
How the three methodologies can be used to understand pricing and price strategy development