Understanding conjoint analysis
Conjoint analysis is a research-based statistical method used in market research to determine how people evaluate the different attributes (characteristics, functions, and benefits) that make up a single product or service.
Conjoint analysis has its roots in mathematical psychology, the goal of which is to determine which combination of a limited number of attributes has the greatest impact on respondents’ choices and decisions. Respondents are presented with a controlled set of potential products or services, and by analyzing how to choose from those products, an implicit assessment of each component of the product or service is made. You can decide. You can use these implicit ratings (utilities or fractions) to create market models that estimate market share, sales, and even the profitability of new designs.
There are different types of conjoint studies that may be designed:
- Ranking-based conjoint
- Rating-based conjoint ...
