What is a conjoint analysis question?

Conjoint analysis is a popular method of product and pricing research that uncovers consumers’ preferences and uses that information to help select product features, assess sensitivity to price, forecast market shares, and predict adoption of new products or services.

How do you perform a conjoint analysis?

Conjoint analysis works by asking users to directly compare different features to determine how they value each one. When a company understands how its customers value its products or services’ features, it can use the information to develop its pricing strategy.

What is conjoint analysis example?

Conjoint analysis is a statistical marketing research technique that helps businesses measure what their consumers value most about their products and services. For example, a TV manufacturer would want to know if their customers value picture or sound quality more? Or, do they value price more than picture quality.

What should be the acceptable number of attributes one should consider while performing conjoint analysis?

If the number of attributes in the research is less than 10, traditional full-profile conjoint analysis will suffice. Otherwise the use of Adaptive conjoint, which accommodates up to 30 attributes, is recommended.

What do you need to know about conjoint analysis?

The critical tools for analysis include What-if modeling, forecasting, segmentation, and applying cost-benefit analysis. Over the past 50 years, Conjoint analysis has evolved into a method that market researchers and statisticians implement to predict the kinds of decisions consumers will make about products by using questions in a survey.

Which is the best conjoint analysis survey template?

Conjoint Analysis Survey Template is one of the widely used survey templates. This sample survey template measures preferences for retirement housing and to learn from the various options (apartment type) provided to the survey takers as to which option will be best suited to them.

How does a discrete choice conjoint analysis work?

The discrete choice conjoint analysis presents a set of possible choices to consumers via a survey and asks them to make a decision on which one they would pick. Each concept is composed of a set of attributes (e.g. color, size, price) which are detailed by a set of levels. Conjoint models predict respondent preference.

Which is an example of a conjoint study?

For instance, we could have a conjoint study on laptops. The laptop can come in 3 colors (white, silver, and gold), 3 screen sizes (11”, 13”, and 15”), and 3 prices ($200, $400, and $600). This would give 3 x 3 x 3 possible product combinations. In this example, there are 3 attributes (color, size, and price) with 3 levels per attribute.