Conjoint analysis
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Key points
Conjoint analysis works by calculating the "utility value" of each component of a product/service. The greater the "utility value" of the product/service, the more it is worth.
Conjoint analysis seeks to replicate a typical purchasing environment. The customer is offered a series of "paired comparisons" or "multiple comparisons", usually in the form of cards or options on a computer screen.
Conjoint analysis is especially useful for calculating the value of individual components of a total package (e.g. the different accessories in a car).
There are at least three different versions of conjoint analysis:
- single paired comparisons - where the respondent is asked to select between two attributes
- fixed set of attributes - here the customer is asked to select between two different offers, each of which contains, say, 5 attributes for each product/service, e.g. brand, price, size, colour, design
- variable set of attributes - here the customer is asked to select between two different offers, each of which contains, say, 5 attributes for each product/service, but this time each package can contain a different 5 attributes
Some models of conjoint analysis also include a "disjoint analysis", where the respondent can refuse to choose any of the options.
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