Determining a product’s relevant attributes
As mentioned before, we will perform a conjoint analysis to weigh the importance that a group of users gives to a given characteristic of a product or service. To achieve this, we will perform a multivariate analysis to determine the optimal product concept. By evaluating the entire product (overall utility value), it is possible to calculate the degree of influence on the purchase of individual elements (partial utility value). For example, when a user purchases a PC, it is possible to determine which factors affect this and how much (important). The same method can be scaled to include many more features.
The data to be used is in the form of different combinations of notebook features in terms of RAM, storage, and price. Different users ranked these combinations.
We will use the following Python modules in the next example:
- Pandas: Python package for data analysis and data manipulation.
- NumPy: Python package that...
