Unlocking the Secrets of Customers' Choices
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Analysis based on field studies demonstrates the benefits of customer choice modeling (CCM) for the purpose of designing and evaluating product and service bundles for food-service and lodging businesses. Just as important, CCM allows managers to determine how customers react to those features. CCM depicts a dynamic comparison of various service attributes, and it shows managers how different market segments react to a particular bundle of services. Given that information, managers can fine tune their operation, if needed. Moreover, if the analysis shows that a particular market segment prizes a specific product or service attribute, the business can feature that attribute in advertising targeted at that segment. A spreadsheet template is available in conjunction with this report that will allow readers to manipulate CCM data so that they can see how the comparison operates.
customer choice modeling (CCM); purchase drivers; food service customers; lodging industry
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