Evoked Sets modeling for when markets are too big and choices endless
On November 10th, SKIM quantitative research experts presented at the ADAN Innovation Symposium, the Advanced Analytics Network of MRS. Kees van der Wagt and Robert Dossin shared how to design a conjoint study with evoked sets modeling to better understand market dynamics when dealing with a huge marketplace.
How do we use Evoked Sets to model how shoppers buy?
Kees van der Wagt, Senior Research Director
Robert Dossin, Client Solutions Director
When working in a market with only a few products, conducting reliable research and modeling the market is pretty straightforward most of the times. However, for large and fragmented markets (arguably, some of the most important markets for companies to understand), it is much more difficult to get to accurate research and models. To tackle this issue, we introduce Evoked Sets modeling, which can be used when we want to understand market dynamics among hundreds of products with different sizes and prices.
With this approach, we adapt a standard conjoint method to make it deal with a large amount of products by using smaller but more relevant sets of products – i.e. evoked sets – per respondent. In this MRS Advanced Analytics session we guided you through the process of how to design a study with evoked sets modeling this while pointing out what you need to keep in mind to run a successful project.
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