Performance Analytics and Advanced Market Insights
Decision Sciences and Customer Choice Modelling
Decision Sciences deal primarily with the decision processes and behaviour patterns of individuals. Customer Choice Modelling, a branch of Decision Science, is an economic theorem and measurement methodology that earned Prof. Dan McFadden the Nobel Prize for Economics in 2000.
MindFolio’s Customer Choice Modelling
Basically, choices and preferences are not the same.
Customer Choice Modelling (CCM) is based on the guiding principle that firms should concentrate on customer choices rather than customer preferences in order to understand what drives customer (purchase) decisions.
Delivering such exceptionally useful market insights involves three work stages: