Conjoint analysis
Conjoint Analysis is an advanced market research technique that gets under the skin of how people make decisions and what they really value in products and services
Conjoint analysis is perfect for answering questions such as "Which should we do, build in more features, or bring our prices down?" or "Which of these changes will hurt our competitors most?"
The principle behind conjoint analysis is to break a product or service down into it's constituent parts (see conjoint design) then to test combinations of these parts to look at what customers prefer. By designing the study appropriately it is then possible to use statistical analysis to work out the value of each part in driving the customers decision.
Today it is used in many of the social sciences and applied sciences including marketing, product management, and operations research. It is used frequently in testing customer acceptance of new product designs, in assessing the appeal of advertisements and in service design. It has been used in product positioning, but there are some who raise problems with this application of conjoint analysis.
Conjoint analysis techniques may also be referred to as multiattribute compositional modelling, discrete choice modelling, or stated preference research, and is part of a broader set of trade-off analysis tools used for systematic analysis of decisions. These tools include Brand-Price Trade-Off, Simalto, and mathematical approaches such as evolutionary algorithms or Rule Developing Experimentation
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