In-Store Evaluation of Consumer Willingness to Pay for “Farm-Raised” Pre-Cooked Roast Beef: A Case Study
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A choice-based conjoint experiment was used to examine consumer willingness
to pay for a farm-raised pre-cooked roast beef product. Consumers were contacted
in a grocery store and provided a sample of the pre-cooked product. Findings
indicate there is a small, but statistically significant willingness-to-pay premium
for the farm-raised product, suggesting that some product differentiation may result
in higher prices for these products. The study outlines an approach to marketing
research.