Tuesday, 6 September 2011

A synopsis of what we learned

Conjoint Analysis is a research technique used to measure the trade-offs people make in choosing between products and service providers. It is also used to predict their choices for future products and services. Conjoint Analysis assumes that a product can be “broken down” into its component attributes. For example, a car has attributes such as colour, price, size, miles-per-gallon, and model style. Using Conjoint Analysis, the value that individuals place on any product is equivalent to the sum of the utility they derive from all the attributes making up a product. Further, it assumes that the preference for a product and the likely hood to purchase it is in proportion to the utility an individual gains from the product.

There are three phases in the analysis of conjoint data: collection of trade-off data through a questionnaire, statistical analysis of the data, and market simulation.

To Excute Conjoint Analysis on SPSS,

Step 1: Open Syntax at SPSS

Step 2: Coding for required output

conjoint plan = 'plan.sav' ( Name of the Data file stored)

/data = 'dataspss.sav'

/scores = card_1 to card_27

/subject = name

/factors = looks inte finance fambkg occ edu socbhv hhsks exp rel

/plot all. ( All the factors that will determine or predict product in future)

Step 3: run

Step 4: Analysis of Data.

How to Analysis Data of Conjoint Output:

1. The Sum of Highest and the Lowest reading in the output is calculated and depending of the range of the sum value a prediction could be made.

2. Higher the Value for any Factor larger the weight given for the same.

Name : Abhijit Naik

Group : Marketing 6