Exam

Question 1

What is a conjoint analysis?

Answer 1

Conjoint Analysis is a technique from mathematical psychology used to understand and measure how people make choices and trade-offs between different attributes of a g&s.

The analysis is based on the characteristics of the products (attributes and levels). Questions are built to represent different product concepts or alternatives.

Question 2

How many tasks should you ideally have?

Answer 2

Between 8 and 14

Question 3

What are attributes?

Answer 3

Attributes are characteristics or features of a g&s. They are the key factors that influence consumer preferences and choices.

For example: price, brand, design, size, performance, service, durability, etc.

Question 4

What are levels?

Answer 4

Levels are different options or values that attributes can take. They are key to understand consumer preferences and quantify the relative importance of each attribute in the decision-making process.

Question 5

What are utilities?

Answer 5

Utilities are the values or preferences that participants assign to different attributes and levels of a g&s. They are numerical score that measure how much each feature influences the customer’s decision to select an alternative.
They are used to predict consumer choices or willingness to pay for different alternatives or potential choices.
However, you can only compare differences in values within the same attribute.

Question 6

What are the 4 conjoint analysis techniques we have learned about?

Answer 6

• Choice-Based Conjoint (CBC)
• Adaptative Choice-Based Conjoint (ACBC)
• Menu-based Conjoint
• Max-Diff Analysis

Question 7

What is a Choice-Based Conjoint (CBC)?

Answer 7

Respondents are presented with a series of choice sets and are asked to choose their preferred option from each predetermined choice set.

Question 8

What is Choice-Based Conjoint (CBC) best for? ⭐

Answer 8

⭐ Ideal for identifying most appealing product configuration

Question 9

What is an Adaptative Choice-Based Conjoint (ACBC)?

Answer 9

It dynamically adapts choice sets based on respondent’s previous choices, allowing for a more personalized and accurate estimation of preferences and trade-offs.

Question 10

What is Adaptative Choice-Based Conjoint (ACBC) best for? ⭐

Answer 10

⭐ Ideal for a large set of attributes or conditional decisions.

Question 11

What is a Menu-based Conjoint?

Answer 11

Respondents are presented with a set of g&s profiles (the ‘menu’) and asks them to evaluate their preferred option.

Question 12

What is Menu-Based Conjoint best for? ⭐

Answer 12

⭐ Ideal for customizable offers like fast-food menus, PCs and laptops, telecom bundles.
You want to determine the relative attractiveness of pre-defines alternatives in the menu.

Question 13

What is Max-Diff Analysis?

Answer 13

Respondents need to rank options on a scale from ‘best’ to ‘worst’

Question 14

What is Max-Diff Analysis best for? ⭐

Answer 14

⭐ Offer versatility, allows to screen among various levels (brands, image statements, product features, advertising claims, full concepts or benefit articulations).

Question 15

How do you calculate the relative importance by attribute?

Answer 15

1 - Calculate the range of preference (MAX-MIN)
2 - Calculate the importance ratio
3 - Calculate the average importance across respondents

Question 16

How do you calculate the level of importance by attribute?

Answer 16

1 - Calculate the average preference
2 - Normalize the scores to 0
3 - Scale the part-worth utility across each attribute

Question 17

What is the research design comprised of?

Answer 17

Defining the target and the sample size

Question 18

What is part of the Experimental design?

Answer 18

The Factorial design

Question 19

What is the minimum sample size for conjoint analysis?

Answer 19

Minimum of 300, or 200 cases per group

Question 20

What is a full factorial design?

Answer 20

Full factorial design - includes all possible combinations of levels for each attribute, complete set of stimuli but can be time-consuming and resource-intensive.

Question 21

What is a fractional factorial design?

Answer 21

Fractional factorial design - selects only a subset of possible combinations, providing valuable insights and balance.

Question 22

What is a good length for conjoint analysis?

Answer 22

Between 15 and 20 minutes

Question 23

How many attributes and levels does literature suggest?

Answer 23

2-8 attributes and 2-7 levels

Question 24

What is the result of the questionnaire findings?

Answer 24

Ad-hoc module or segmentation