On Thursday, November 7th, 2013, SKIM hosted the webinar “Menu-Based Conjoint: A new approach for designing and pricing medical devices”, as part of our fall cycle of SKIM webinars.
Product managers and marketers of medical devices have always faced the challenge of determining the right features to include in a device while identifying the perceived value of those features. More and more, medical device manufacturers are allowing customers to customize their devices or purchase additional add-on solutions.
Because of this, product managers often need to know how willing customers are to pay for specific features and what kind of price barriers they may face in the market. In the past, techniques like Choice-Based Conjoint (CBC) and Adaptive CBC were used to answer these questions, but there were many drawbacks to these approaches.
Our presenters explored Menu-Based Conjoint (MBC) analysis as an optimal methodology to determine feature pricing and strategy for the medical device industry. While our spring 2013 webinar on MBC focused on finding the optimal product or menu configurations, this webinar explored how to find the right price for product features and identify your “killer” features that will truly drive the product’s value.
Presenters: Jemma Lampkin, Senior Research Consultant and Paolo Cordella, Research Consultant
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