Over the last few decades, conjoint/choice analysis has become the premier market research methodology for studying how buyers value the characteristics (attributes) of products/services and for predicting buyer behavior. Perhaps the most valuable aspect of conjoint analysis is the strategic what-if market simulator.
Conjoint/choice analysis questionnaires ask respondents to evaluate realistic product profiles (described by multiple features) and to choose which they would buy. Such surveys are more realistic than traditional questionnaires that simply ask respondents which features they prefer or regarding the generic importance of attributes.
Common business applications include:
- Designing new products
- Re-positioning existing products
- Product line extensions
- Estimating brand equity
- Measuring price sensitivity (elasticity)
- Optimizing employee compensation packages and workplace conditions
- Branding and packaging
Sawtooth Software’s tools are the most widely-used conjoint analysis systems in the world:
Classic conjoint analysis systems (not as widely used anymore):