Behind The Sydney Winter Festival
The above shows a real life example of a choice modelling study used to evaluate the potential for a brand new event at the time (the Sydney Winter Festival).
Choice modelling can be used to evaluate the many decisions and trade-offs that consumers undertake when evaluating a product/service – in this example, the choice of venue location, the size of the ice rink, the available budget, etc. As such, it is ideal in estimating demand for new or existing products and services and provides a scientific method to optimise the offer.
Choice modelling methodologies are also designed to determine what the configuration of a product or service should be to maximise its uptake, for example:
