Willingness-to-Pay for New Products in a University Foodservice Setting
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A dairy products manufacturer wishing to expand into university foodservice operations collaborated with a graduate marketing class to research student preferences regarding the Company’s products. Baseline and follow-up stated choice surveys and conditional logit analyses were conducted at a land-grant university where the Company’s products were introduced. Brand awareness grew but remained low during the study period. Average WTP estimates for the Company’s most popular product approximated the retail price and resembled WTP for a competing brand. Average WTP for the Company’s other products, however, was considerably lower than the retail price. Significant WTP differences existed among some consumer segments.