6.Advanced Techniques of Market Analysis: A Brief Overview of Some Useful Concepts
Conjoint Analysis – is a set of techniques used in market research to analyze attribute-based consumer preferences, i.e., to determine how people value different features that make up an individual product or service.
- Evaluation of holistic stimuli
- Decompositional of preferences
Widely used in
- New Product Development
How should our new product look like?
Please indicate to what extent each of the following PC attributes is important for your purchase decision of your next PC
Relative importance of attributes CONsidered JOINTly can better be measured than when considered in isolation:
- Many consumers are unable to accurately determine the relative importance that they place on product attributes
- Individual attributes in isolation are perceived differently than in combinations found in a product
- Constructing the preferred combination of attributes tasks respondents’ cognitive skills
- Attributes are all important
- Social desirability of specific attributes and/or attribute levels as well as pronounced self-concepts motivate respondents to stress some attributes and levels, even though their actual preferences (e.g., environment-friendliness, wealth, deprecated importance of price)
- Some respondents can intentionally try to manipulate the research outcome through providing “beneficial” answers (e.g., overemphasize the importance of price)
If you were in the market to purchase a PC today, and these were your only alternatives, which would you choose?