Conjoint Simulator - the Market on your Desktop
Which product will consumers prefer: a transaction account with a $5 flat-fee or a one with a $0.20 fee per transaction? Cable internet with lightning speeds or ADSL internet with 24-hour support? A $10 courier service with online tracking or a $10 courier service with proof of delivery? The Forethought Conjoint Simulator allows such questions to be posed and answered in real-time, on your desktop.
Forethought employs Conjoint Analysis (also known as Choice-based Modelling) to gain a better understanding of consumer preferences and consumer decision-making. Conjoint analysis concerns product choice: given the choice between two or more hypothetical products, what proportion of the market will each product attract? Further, how important is each product characteristic in determining product choice? (For more information on Conjoint Analysis, visit http://www.forethought.com.au/quantitative-choice-modelling.html)
As an extension of the Conjoint methodology, Forethought has developed the Conjoint Simulator, an invaluable tool for product development and strategy refinement. The Simulator is an interactive program that utilises the results of the conjoint component of a client’s research project, to enable real-time product or service comparisons. Using product characteristics such as price, brand, performance as well as levels of product characteristics such as particular colour, interest rates percentages and types of payment method, the Conjoint Simulator allows clients to determine the preference for a limitless number of hypothetical products or services.
An additional advantage of the Forethought Conjoint Simulator is that is runs on a Microsoft Excel platform and as such is accessible to anyone with Microsoft Office software. The simulator interface features easy to use pull-down menus select hypothetical product features. As each product characteristic is manipulated, the Simulator illustrates the change in share-of-preference in real-time via a horizontal bar graph.
To find out how the Forethought Conjoint Simulator can be incorporated in to your next research project please contact a Forethought consultant on (03) 9614 3000.
