Conjoint analysis (in marketing)
Overview
Market research
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy...
to determine how people value different features that make up an individual product or service.
The objective of conjoint analysis is to determine what combination of a limited number of attributes is most influential on respondent choice or decision making. A controlled set of potential products or services is shown to respondents and by analyzing how they make preferences between these products, the implicit valuation of the individual elements making up the product or service can be determined.
