Choice Modeling Software – Choosing the Best Software for Your Needs
Q is the world’s ultimate choice modeling software. You can use it to quickly generate experimental designs, analyze both experimental and real-world data and create reports. Better yet, if you change anything, everything will update automatically.
Q features for choice modeling:
- Experimental designs: random, efficient, priors, partial profile
- Models: MNL, latent class, HB, multi-class HB, random parameters logit, covariates
- Reporting: a full suite of visualizations + export to PowerPoint and Excel
What is choice modeling?
We all make hundreds of choices and decisions, big and small, each and every day. Many of those choices involve picking between brands, products or services and consist of numerous tiny factors that influence our decisions. Marketers, product designers, companies, retailers and many others naturally want to understand what drives these choices.
Choice modeling is a powerful analytic tool, used to predict the probability of individuals making a particular choice given the different features of the available options. It is often used to determine willingness to pay for goods and services and important pricing and marketing decisions. It can also be used to predict market share and demand for future products. Choice modeling is also called conjoint choice modeling, discrete choice analysis and conditional logistic regression.
How does choice modeling work?
There are two types of choice models. You can model real-world data. Or, you can create experiments with a series of hypothetical choice tasks that are designed to show the behavior and preferences of consumers. Respondents are given a set of questions or choice tasks with the same number of alternatives. Within these alternatives are different attributes and each attribute has different levels. For example, if price is an attribute, different values would be different levels. This set of questions is a version and respondents are shown multiple versions and asked to select their preference.
Why choose Q to do choice modeling?
Q is the only complete data analysis platform. Created by experts in the field of discrete choice modeling, Q is modern and designed to be easy to use with the most advanced methods to generate the best choice tasks. Oh, and did we mention its complete? That means you get to spend less (as in none!) time shuffling between and paying for different products between SPSS, R, Q, and Sawtooth.