The Analysis of Consumers’ Preferences with the Application of Multivariate Models: Hedonic Regression and Multidimensional Scaling

Marta Dziechciarz-Duda , Anna Król

Abstract

On durable goods markets declared behaviours of buyers rarley leads to the actual purchasing decisions. This fact poses a particular challenge for the analysis of the future reactions of consumers to the elements of the marketing mix. This study attempts to combine the results obtained from multidimensional scaling and hedonic modelling to assess both stated and revealed preferences with respect to the attributes attributes of a specific durable good, namely a smartphone. The assessment of consumers’ declared behaviours was obtained by analysing data from an on-line survey study with the application of multidimensional scaling. Simultaneously, the estimated hedonic model provided the information on consumers’ revealed preferences. The combined use of both approaches allowed for broader insight into the issue of consumers’ behaviours, particularly in relation to the existing market offer