Determine the preferred features for a new type of diabetes monitoring device among diabetes patients and their care givers, which would be used to determine market pricing and forecast market penetration and sales. The device was new to the market, thus determining the feature set and pricing through primary market research was necessary.
Developed and executed an Adaptive Choice Based Conjoint study among adult diabetes patients and care givers that identified the device feature set that had the largest share of preference and set price levels for the go-to-market strategy. A market simulator was created to model preference share and price sensitivity. Additionally, a psychographic and demographic profile of the target purchaser was distinguished.
In early 2012, the company successfully launched their new device using the features most optimal in terms of appeal and willingness to pay. The company continues to utilize the market simulator in the device forecasting and future product development.