Friday, December 03, 2021

TechWise Market Model

Choice modeling represents one of the most powerful market research techniques. These types of studies are designed to model the market for a particular category of products or services. There are many different statistical techniques that can be used to develop a market model. These include full-profile conjoint, adaptive conjoint, discrete choice, and hybrid conjoint, to name a few. Each of these techniques has its own strengths and weaknesses. TechWise has implemented all of these techniques in a number of projects. Based on this hands-on experience, we developed our own approach to market modeling studies. TechWise Market Model simulation studies are designed to answer critical questions that often determine the success of new and existing products

Questions TechWise Market Modeling Studies will Answer:TechWise Market Models can be used to develop a strategy to increase share.

  • What is the ideal combination of features and price to maximize our products' success?
  • How should I price a new product in relation to our current products?
  • Will this new product obsolete our current products or be a product-line extension?
  • How much extra will customers pay for this new feature?
  • Which competitors pose the greatest threat?  How can we minimize that threat?
  • What impact will competitive price moves have on my products?  How should I respond?
  • What is the best way to respond to a competitor's price drop?

A TechWise Market Model is a custom, robust market simulation methodology that lets you estimate preference share for your products.  It uses data collected using a variety of techniques including conjoint, discrete choice, and hybrid conjoint.

Key Features Built into TechWise Market Modeling Studies:

  • Ability to model complex markets and products. Most products cannot be adequately described by just four or five features (a.k.a. attributes). That is why TechWise Market Models can accommodate study designs with fifteen or more attributes. Furthermore, TechWise Market Models can be designed to simulate a total of up to 54 products at one time. The more complex a study gets in terms of attributes and products, the larger the sample size needed during data collection. Sample size impacts the overall project schedule and cost. That is why we work closely with our clients to identify which features are relevant to the purchase decision and should be included in the model.
  • Ability to adjust for differences in brand distribution and awareness. Not all brands in the market have the same awareness and distribution. Most market simulators give you theoretical results that assume all brands have equal awareness. TechWise Market Models let you see these theoretical results. However, it also provides results adjusted for each brand's unique awareness and distribution.
  • Ability to predict accurate preference share, both overall and for different market segments. TechWise Market Model simulators analyze data on a respondent by respondent level. This way, we can take into account each person's unique purchasing plans. Analyzing responses for each respondent, as opposed to analyzing all respondents as a group, helps make TechWise Market Models much more accurate at predicting current and future preference shares. TechWise Market Models are also designed to let you see results overall as well as by geography, customer size, and segment.

With a TechWise Market Model, you can make informed decisions regarding your product strategy that support your key objectives. If you are interested in learning more about TechWise Market Models, or to request a quote, contact us.

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Market Model
Page Last Updated: 06/19/2014