PhillyR Meeting: Designing New Products Using Choice Models in R
Choice modeling or conjoint analysis is a popular tool among marketers for understanding how a customer will choose from among a set of products. While conjoint has long been the domain of specialized software providers like SAS and Sawtooth Software, several R packages have made it easy to estimate choice models in R.
Through this hands-on workshop, Drexel Asst. Prof Elea McDonnell Feit will explain how conjoint data is collected, how it is analyzed using R and how the resulting models can be used to forecast demand for new product or to plan pricing for existing products.
She will also provide pointers to several other marketing methods that can be done in R including perceptual maps, logistic regression, buy â€™til you die models, segmentation and market basket analysis.