Conjoint Analysis - Conjoint Analysis: a technique that...

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Conjoint Analysis : a technique that enables a researcher to estimate consumers’ valuations of different attributes - Helps us understand how consumers make trade-offs among attributes/characteristics of products and services - How much are consumers willing to pay/give up to get/avoid different attributes? Uses of conjoint analysis: new products -Helps us estimate market share of brands that differ in attribute levels -Determine attribute composition of the most preferred brand Pricing/valuation -guide pricing strategy for a product line (determine how much a particular attribute is worth) -brand name equity – what’s in a name? We need an analytical framework that captures the basics of how consumers make decisions about products consisting of attributes. Using the framework, we can then collect and analyze data Part-worth model Utility(brand or product) = worth of attribute 1’s level in product/brand + worth of attribute 2’s level in brand/product + … + worth of attribute M’s level in brand/product
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Conjoint Analysis - Conjoint Analysis: a technique that...

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