Conjoint Analysis#

Conjoint analysis is a technique used in market research that helps determine user preferences based on different attributes and features. For example, features of a phone or flavours of a coffee.

Steps in Conjoint Study#

  • Attribute List Formulation- Business problem defined and attribute or feature list developed to study the problem

  • Data Collection - Respondents are asked to express trade-offs they are willing to make among product features by rating, sorting or choosing among hypothetical product concepts

  • Data Analysis - A set of preference values or part-worth utilities is derived from data collected [ tradeoff each respondent made]

  • Market Simulation - Utility values are used to predict how buyers will choose among competing products / how their choces are expected to change as product feature or prices are varied

Steps in Conjoint Data Analysis#

  • Overview

    • Review Conjoint Survey product profiles

    • Review Product Profile and Respondent Rating