When are advanced statistical methods (e.g. choice modelling) most suitable to u
ID: 394156 • Letter: W
Question
When are advanced statistical methods (e.g. choice modelling) most suitable to use in the development stages for a new product/service concept?
As an input to an ATAR model so it may be calibrated to provide more accurate sales forecasts.
During later stages of the NPD/NSD process when there is a clear idea of what the final set of product/service attributes are most likely going to be and how they may affect sales.
During the immediate pre-launch phase so the product/service form can be revised according to reliable estimates about consumers preferences before launch.
During the earliest stages of the NPD/NSD process so the results can be used to inform what approach is taken as part of idea generation.
As an input to an ATAR model so it may be calibrated to provide more accurate sales forecasts.
During later stages of the NPD/NSD process when there is a clear idea of what the final set of product/service attributes are most likely going to be and how they may affect sales.
During the immediate pre-launch phase so the product/service form can be revised according to reliable estimates about consumers preferences before launch.
During the earliest stages of the NPD/NSD process so the results can be used to inform what approach is taken as part of idea generation.
Explanation / Answer
Answer: During later stages of the NPD/NSD process when there is a clear idea of what the final set of product/service attributes are most likely going to be and how they may affect sales.
So the advanced statistical model like choice modeling etc. can be used to determine the consumer preferences and choice and can be determined statistically.
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