Consumer Choice Modeling

solution consumer choiceUnderstanding the mechanisms that lead an economic agent to make a given choice among a finite set of alternatives is at the heart of the marketing science, which aims to influence choices.

EurekaFacts draws on sound discrete choice models theories and practices to analyze individual choice behavior and its impact on brand equity, products preference, price sensitivity, etc. We explore circumstances under which choices are made, evaluate available alternatives and substitutes, account for confounding factors, etc.

At EurekaFacts, we master the advanced statistical tools that help model a consumer’s choice in a competitive context based on the consumer’s characteristics, the characteristics of the alternatives, or both, by estimating a utility function that represents the consumer’s preference. We use this approach to help our clients identify products configuration, pricing strategies, brand management, etc.