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Conjoint-Analysis

Market Research

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Luiden Inaudito
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5 views

Conjoint-Analysis

Market Research

Uploaded by

Luiden Inaudito
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Understanding Product Preference:

Conjoint Analysis
Product
Preference
refers to the relative desirability or
acceptability of specific products to
consumers when making choices
among different options within a
product category.
Understanding
Consumer Preferences
Consumer preferences are shaped by various
factors. Attributes such as price, quality, and
features play a crucial role. Understanding
these preferences equips you to achieve
guaranteed customer satisfaction, effective
marketing strategies, improved brand image,
and customer loyalty.
What is Conjoint Analysis?

Conjoint analysis is defined as a technique in survey research that


helps you determine which features are most important to people, and
how much those features matter. It is also used as a business research
technique that helps identify how people make choices.
Conjoint analysis is a type of survey method that tells you what people
value in a product in order to make better predictions about how
people will act when they see that actual product.
It can be used to
determine;
1. How customers think about products or
services they’re considering purchasing
2. Whether they’re willing to pay more for
certain features or benefits of those
products/services
3. Which attributes are most important
when making those decisions – like price
versus quality.
Types of Conjoint Analysis
Choice-based Conjoint (CBC) Analysis
Choice-based conjoint is a marketing research method in which
respondents choose between a series of product profiles or
“concepts”. It is a way to determine how people value the different
features that make up an individual product or service. Choice-
based conjoint analysis is one of the most accurate ways of
determining how consumers value different attributes of products
and services when making decisions to purchase.
Types of Conjoint Analysis
Adaptive Conjoint Analysis (ACA)
ACA is a computer-assisted method that allows respondents to
evaluate each concept one at a time. The software generates
concepts randomly, based on specifications set by the researcher.
ACA takes less time than CBC and accommodates more attributes,
levels, and concepts. It can be difficult to analyze without
specialized software. It is used to determine how customers feel
about those features, and how much they are willing to pay for
them.
Applications of
Conjoint Analysis
Product Development: Helps in designing a
product that aligns closely with customer
needs and preferences.
Pricing Strategy: Reveals price sensitivity,
showing the price points at which
customers perceive a product as valuable.
Market Segmentation: Identifies customer
segments with varying preferences,
allowing for targeted marketing.
Competitive Analysis: Shows how a
product fares against competitors based
on specific attributes.
Benefits of Conjoint Analysis
Realistic Insights: By focusing on trade-offs, conjoint analysis mimics real
purchasing decisions, leading to more reliable insights.
Actionable Data: Provides clear data on the importance of each attribute,
aiding in decision-making across product development and marketing
strategies.
Cost-Effective: Reduces the need for extensive trial and error by directly
identifying features that appeal most to the target audience.
Thank you!

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