Benefit-Based Conjoint Analysis

Dong Soo Kim (), Roger A. Bailey (), Nino Hardt () and Greg M. Allenby ()
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Dong Soo Kim: Fisher College of Business, Ohio State University, Columbus, Ohio 43210
Roger A. Bailey: Fisher College of Business, Ohio State University, Columbus, Ohio 43210
Nino Hardt: Fisher College of Business, Ohio State University, Columbus, Ohio 43210
Greg M. Allenby: Fisher College of Business, Ohio State University, Columbus, Ohio 43210

Marketing Science, 2017, vol. 36, issue 1, 54-69

Abstract: Firms develop products by manipulating the attributes of offerings, and consumers derive utility from the benefits that the attributes afford. While the field of marketing has long been aware of the distinction between attributes and benefits, it has not developed methods for understanding how attributes and benefits are related. This paper develops a benefit-based model for conjoint analysis that assumes consumers satiate on attributes that are perceived to provide the same benefit. A latent-variable model is proposed that estimates the map between attributes and benefits, and is applied to data from two conjoint studies involving a durable product and a household consumable. The model is shown to fit the data better, provide improved predictions, and lead to different product design implications than the standard conjoint model.

Keywords: economic separability; satiation; Bayesian estimation (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormksc:v:36:y:2017:i:1:p:54-69

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