Tuesday, August 26, 2008

Marketing Research Tool - For Teachers

Conjoint analysis and similar topics regarding consumer marketing / behavior tools are increasingly taught at the undergraduate level. My new textbook has an entire chapter devoted to consumer research, and includes instructions on how to estimate random utility functions using simple surveys and regression.

Teachers in this area may be interested in an Excel-based consumer model my colleague Jayson Lusk (also a coauthor of the aforementioned textbook) based off real conjoint analysis data. It lets the user input different scenarios of ground beef products in a grocery store and to view how consumers would behave.

It is great tool for showing students beginning consumer marketing research to understand what the end-product looks like. Its also fun to play with!