Understanding Customer Preferences with Conjoint Analysis

Conjoint analysis is a well-known approach to product and pricing research that identifies customer preferences and makes use of that knowledge to choose product features, evaluate price sensitivity, anticipate market shares, and foretell consumer acceptance of new goods or services.

Conjoint analysis is often utilized for all sorts of items, including consumer goods, electrical goods, life insurance policies, retirement communities, luxury goods, and air travel, across several sectors. It may be used in a variety of situations that revolve around learning what kind of product customers are most likely to purchase and which features consumers value the most (and least) in a product. As a result, it is widely used in product management, marketing, and advertising.

Conjoint analysis is beneficial for businesses of all sizes, even small local eateries and grocery stores.

In this chapter, you will learn how to understand...