Determining the Value of Vehicle Attributes Using a PC Based Tool

Product engineers and product planners are routinely faced with trade-off decisions involving the cost of adding a product feature or modifying an existing feature versus its added value to the customer. The purpose of this paper is to assess the use of a personal computer (PC) for surveying respondents' willingness to pay (WTP) for four options - two-tone color, 4x4 drive, sporty trim package, and extended cab -- available on the base 1997 Ford F-150 truck. The results show that the respondents' stated WTP reflected the value of the options as determined from their prices and fraction of sales.