Color Research and Application, Vol.41, No.5, 445-456, 2016
Bayesian Analysis of Color Preferences: An Application for Product and Product Line Design
When choosing which colors to offer in their product lines, firms often rely upon consumer preference models that do not account for the heterogeneity of their target market and do not consider the trade-offs consumers are willing to make for different color options. For this research we used visual conjoint analysis to assess preference for backpack color and then modeled respondent utilities with a Bayesian hierarchal multinomial logit model. This provided counter intuitive results in which product line color options are not additive but each color changes depending on the number of options the firm is willing to offer and that colors which seem to dominate secondary preferences within a target market may not be the best colors to choose for product line expansion. (C) 2015 Wiley Periodicals, Inc. Col Res Appl, 41, 445-456, 2016; Published Online 26 August 2015 in Wiley Online Library (wileyonlinelibrary.com).
Keywords:color preference;visual conjoint analysis;utility;product line design;Bayesian hierarchal multinomial logit model