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Conjoint Analysis

What is Conjoint Analysis?

Conjoint analysis is a statistical technique used in market research to determine how people value different features that make up an individual product or service.

The objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making. A controlled set of potential products or services is shown to respondents and by analyzing how they make preferences between these products, the implicit valuation of the individual elements making up the product or service can be determined. These implicit valuations (utilities or part-worth) can be used to create market models that estimate market share, revenue and even profitability of new designs.

Introduction video on Conjoint Analysis:

For more examples, pleace check out the following book called The Power of Conjoint Analysis by David Murray

The power of Conjoint Analysis