Using a latent class model of structural heterogeneity in the multinomial logit framework, this study examined catfish preferences of Arkansas restaurateurs from stated choice data. The results suggest two latent classes of restaurateurs that are fairly distinct and have some degree of overlap. Managers in both classes are sensitive to prices and prefer catfish products that have mild flavor and soft texture. When preference for dryness, flavor and texture are assumed equal for both classes, one class becomes very sensitive to price but unconcerned with color while the other class becomes insensitive to price but very concerned with color.