A Product Feature Prioritization-Based Segmentation Model of Consumer Market for Health Drinks

Abstract

This study sets out to identify the various factors of a health drink product that affects the consumer decision-making process. It aims to determine the relative importance connected to multiple aspects of health drink beverages, such as brand, nutrition content, taste, muscle building, brain boosting, price, ingredients, and country of origin. The paper also aims to identify consumer segments by the relative importance consumers give to various attributes of health drinks. Through examining the literature, the researchers identified various attributes of health drinks, which they analyzed empirically using a choice-based conjoint survey conducted with the help of the internet-based software 1000minds. Cluster analysis was also done to identify different consumer segments. The study identified two consumer segments: brand conscious and value conscious. As the name indicates, the brand-conscious segment gives more importance to a trusted brand, followed by nutrition content and price.