Feature Value Modelling

When developing new products, the manufacturer has to decide which features should be implemented. When marketing (new) products, the marketer has to decide which product features should be brought to the attention of consumers and which should be ignored in the communications efforts.

In product development, the interests of the manufacturer and the consumer are opposite. While consumers want the best product for the lowest price, manufacturers want to keep their costs low and sell as many products as possible.
To find the right compromise, Feature Value Modelling can help identify the product features that add the most value to the product and the price the consumers are willing to pay for them.

Feature Value Modelling is able to deal with more product features than a regular conjoint analysis model, due to multi-step conjoint analysis. In the interview, respondent fatigue is prevented by splitting the set of attributes into multiple sets. All respondents will evaluate all elements, but not at the same time. The advantage of this is that we can still analyse the value for each element for every single respondent. This means no additional sample is needed for this split.

Choice model, specifically developed by SKIM's research consultants for consumer product manufacturers, where many product features are to be evaluated.. (Is not available as a software tool)

Very suitable for: product optimisation and pricing research