Conjoint analysis
Conjoint Analysis (pronunciation: /kənˈdʒɔɪnt ˈænəlɪsɪs/) is a statistical technique used in market research to determine how people value different attributes (feature, function, benefits) that make up an individual product or service.
Etymology
The term "Conjoint" is derived from the phrase "considered jointly", indicating the simultaneous analysis of multiple variables.
Definition
Conjoint Analysis is a comprehensive method for the analysis of new products in a competitive environment. It can be used to measure consumers' preferences, their usage behavior, and purchase likelihoods. The main objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making.
Methodology
The methodology of Conjoint Analysis involves presenting consumers with a series of choices and then using statistical analysis to determine the underlying value system (or "utilities") that guides their decisions. The utilities are used to create a model that predicts consumer behavior in the marketplace.
Related Terms
- Market Research: The action or activity of gathering information about consumers' needs and preferences.
- Statistical Analysis: The collection, organization, analysis, interpretation, and presentation of data.
- Consumer Behavior: The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
- Utility: In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
See Also
External links
- Medical encyclopedia article on Conjoint analysis
- Wikipedia's article - Conjoint analysis
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