Inspiration - Conjoint analysis

Question 1

What are attributes?

Answer 1

Independent aspects of a product or service‘brand’ / ‘color’ / ‘screen size.
Each attribute has different ‘levels’Brand: ‘Giant’ or ‘Cortina’ Color: ‘blue’ or ‘black’ Screen size: ‘laptopsize’ or ‘twice the size of a regular laptop

Question 2

Why does a conjoint analysis help you?

Answer 2

helps you to unravel the combination of attribute levels that will simultaneouslyappeal to the customer in their decision / choice making.

Question 3

What is a conjoint analysis?

Answer 3

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

Question 4

How does it work?

Answer 4

Results can be used to create market models that estimate market share, revenue and even profitabilityof new designs.
These implicit valuations (utilities or part-worths) can be created by showing a controlled set of potential products or services to respondents and then analysing how they choose between them.

Question 5

What does it provide?

Answer 5

1. Utilities or part-worths: *Desirability: implicitvaluation of the individual elements

2.Relative attribute importance
*Shows how much difference each attribute could make in the total utility of a product.

3.Estimated market share
*For anynew design of all options (relative to each other)

Question 6

Overll conjoint is important because…

Answer 6

can show what customers would have picked if only those options were availableTo get there, you need to
1. Determine relevantattributes and levels of the product for the customers

2. Collect data on how your customers would actuallychoose
3. Determine the part worth utilitiesof each attribute level(= a numeric value that reflects the desirability of that attribute level)

Question 7

What is an attribute?

Answer 7

Independent aspects of a product or service