Conjoint Analysis Flashcards
concept testing
Show the product (with price) to a population of
potential customers
conjoint analysis
Product = a bundle of attributes; Customer preference for product = sum of their preferences for the levels of each attribute
attribute
mutually exclusive characteristics of the product
level
Specific quantities of the attributes to be tested
product profile
A description of the product,using the attributes and levels to be studied
attribute list formulation
A business problem is defined and an attribute list is developed to study the problem
utility calculation
set of preference values or part-worth “utilities” is derived from interview data; they reflect trade-offs each respondent made
market simulation
utility values are used to predict how buyers choose among competing products and how their choices change as product features and/or price vary
utility
comparative level of preference for a level
relative importance
how big a role a given attribute plays in the customer’s overall preference
segmentation analysis
the average importance that different groups attach to the attributes
choice-based conjoint analysis
select product from a limited set of options with a subset of attributes
