A Practical Guide to Conjoint Analysis
8 Pages Posted: 21 Oct 2008 Last revised: 10 Nov 2021
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A Practical Guide to Conjoint Analysis
Abstract
This technical note provides an overview of conjoint analysis. It shows how to interpret standard conjoint analysis output and the uses of that output. It provides several examples of how output can be converted to managerially useful information.
Excerpt
UVA-M-0675
Rev. Jun. 27, 2019
A Practical Guide to Conjoint Analysis
Introduction
Conjoint analysis is a marketing research technique designed to help managers determine the preferences of customers and potential customers. In particular, it seeks to determine how consumers value the different attributes that make up a product and the tradeoffs they are willing to make among the different attributes or features that compose the product. As such, conjoint analysis is best suited for products that have very tangible attributes that can be easily described or quantified.
Although the history of conjoint analysis can be traced to early work in mathematical psychology, its popularity has grown tremendously over the last few years as access to easy-to-use software has allowed its widespread implementation. There have been probably thousands of applications of conjoint analysis in industrial settings. Some of the more important issues for which modern conjoint analysis is used are the following:
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Keywords: conjoint analysis, quantitative analysis, willingness to pay
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