Competency Group: Business
Description: Conjoint analysis is one of the terms used to describe a broad range of techniques for estimating the value people place on the attributes or features that define products and services. The goal of any conjoint survey is to assign specific values to the range of options buyers consider when making a purchase decision. Armed with this knowledge, marketers can focus on the most important features of products or services and design messages most likely to strike a cord with target buyers.
Citation for Description: Marketing Research Association Glossary. (2015). Retrieved from http://www.marketingresearch.org/issues-policies/glossary/conjoint-analysis
Advantages: Estimates psychological tradeoffs that consumers make when evaluating several attributes together. It measures preferences at the individual level and uncovers real or hidden drivers which may not be apparent to the respondent themselves.
Limitations: Designing conjoint studies can be complex. With too many options, respondents resort to simplification strategies. Poorly designed studies may over-value emotional/preference variables and undervalue concrete variables.
Target Audience: Top management, Marketing, R&D
Relevant to Universal Design: Yes
Stages and Steps: 4.11
Free Resource: Sawtooth Software. (2011). What is conjoint analysis? Retrieved from http://home.earthlink.net/~statmanz/papers/Conjoint_Primer.pdf.
Purchase Resource: SurveyAnalytics. (2012). Conjoint analysis FAQ. Retrieved from http://surveyanalytics.com/system/conjoint-analysis.html.