Conjoint Analysis What You Need to Know

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A conjoint analysis is a statistical analysis
method developed from mathematical psychology
that is now being used widely as a quantitative
research method. This technique helps researchers
to determine the most important attributes
feature, function, benefits, and others, in
products and services that influence the choices
made by people.
There are difference types of the technique of
conjoint analysis. Choice-based conjoint (CBC),
which involves presenting respondents with
several product profiles and letting them decide
the most preferable is the most popular. There is
also Adaptive Conjoint Analysis (ACA) also called
sets at a time (CBC), where products are show to
respondent one set at a time.
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The main outcome of a conjoint study is
part-worth utilities (a complete set of
preference scores) or a value. These are
incorporated into a statistical modeling software
which is then capable of stimulating the choices
made by people and then deducing the features and
prices of the specific products or services. The
final results of a conjoint study are arrived at
after the modeling stage, where the choices made
by respondents are the inputs and the results are
then used to predict the demand line in specific
markets considered competitive.
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How Does a Conjoint Analysis Work? Conjoint
analysis was first developed at the beginning of
1970s.From this early start, the focus was to
sub-divide a product or service to its basic
components known as levels and attributes, and
from here test the combination of different
components to derive a users preference. The
design of a conjoint research is such that
respondents are asked to complete a questionnaire
with about eight to twelve conjoint questions or
choice sets. The questions are articulately
designed by use of experimental design principles
that include balancing feature and independence.
Because the features presented to the respondents
are independently varied, the statistical
analysts can study the options chosen to the
combination of products or service profiles and
statistically evaluate the features that
respondents consider most attractive and the
attributes that strongly influenced these choices.
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What is the difference between Conjoint Survey
and simpler survey methods? The most pronounced
difference between conjoint research and other
alternatives is that unlike the latter that
directly asks respondents the advantage or every
attribute and what they prefer, conjoint surveys
geniusly incorporates both approaches and then
derives a more realistic scenario.
The market simulators in conjoint survey give the
researcher the freedom to decide on the most
competitive products or services, and also decide
on how to share out the options, based on the
estimated part-worth scores of the respondents.
By such, the simulators give the research team
the luxury of testing several what if scenarios
to deduce the best outcome of the research.
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conjoint analysis utility have been so popular
that every year thousands are undertaken through
one-on-one interviews, on smart devices like
phones and tablets and over the internet. Many
organizations have resolved to using conjoint
analysis as a cost saving technique on research
work, to extend their markets, design or
re-design products or services and even to
improve prizing.
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www.conjoint.online