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Conjoint analysis is used to study the factors that influence customers, purchasing decisions. Products possess attributes such as price, color, ingredients, guarantee, environmental impact, predicted reliability and so on. Conjoint analysis is based on a main effects analysis-of-variance model. Subjects provide data about their preferences for hypothetical products defined by attribute combinations. Conjoint analysis decomposes the judgment data into components, based on qualitative attributes of the products. A numerical part-worth utility value is computed for each level of each attribute. Large part-worth utilities are assigned to the most preferred levels, and small part-worth utilities are assigned to the least preferred levels. The attributes with the largest part-worth utility range are considered the most important in predicting preference. Conjoint analysis is a statistical model with an error term and a loss function.
With SurveyAnalytics's Conjoint module you can collect the data and simulate it through our conjoint simulator. Where in you may ask the respondent to arrange a list of combinatios of product attributes in decreasing order of preference. Once this ranking is obtained, you can use our advance simulator to simulate the data that will give you graphical representatio of your data. This method is efficient in the sense that the survey does not need to be conducted using every possible combination of attributes. The utilities can be determined using a subset of possible attribute combinations. From these results one can predict the desirability of the combinations that were not tested.
Conjoint Analysis is concerned with understanding how people make choices between products or services or a combination of product and service, so that businesses can design new products or services that better meet customers underlying needs. The fulfillment of customers, wishes in a profitable way requires that companies understand which aspects of their product and service are most valued by the customer. Conjoint analysis is considered to be one of the best methods for achieving this purpose. It consists of generating and conducting specific experiments among customers with the purpose of modeling their purchasing decision. Our techniques compute mathematical values to explain consumer behavior - how much value is placed on price, or location, or features, etc. and then correlates this data to demographic, lifestyle, or other consumer profiles. A software-driven regression analysis of data obtained from actual customers makes accurate reporting and analysis possible.
SurveyAnalytics is a web based service for conducting online surveys. The process is simple using SurveyAnalytics's online survey software: