What is it and how to use it?
Another tool that is typically applied to experimental research is Conjoint analysis which is commonly used in market research to understand consumer preferences, drivers of purchase decisions, and product trade-offs. It can provide valuable insights for marketing planning, product development, and strategic decision-making.
To design the conjoint study, you should first decide on the attributes or features that you want to study and determine the levels or variations of each attribute. Different combinations of attribute levels are also known as choice scenarios or choice sets. Each choice scenario should include a set of options with different attribute levels that participants will choose from.
Typically administered through surveys or experiments, participants will be asked to make choices among the different choice scenarios, and their preferences will be recorded. Statistical techniques are used to analyze the data and determine the relative importance or utility of different attributes and their levels.
Commonly conjoint analysis is used in the product development phase which helps to identify the most appealing features or attributes for a new product or service, but it also can be used in pricing strategies, market segmentation, branding, and other marketing and strategic decisions.
By understanding consumer preferences, companies can make informed decisions about which product features to prioritize in order to create offerings that are likely to be well-received in the market.
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