Conjoint analysis is a method developed over the past 50 years by market researchers and statisticians to predict the kinds of decisions consumers will make about products by using questions in a survey.
The central idea is that for any purchase decision, consumers evaluate or "trade off" the different characteristics of a product and decide which are more important to them. 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 chord with target buyers.
QuestionPro's set up and reporting options makes it easy for researchers with minimal exposure to statistics to conduct sophisticated research to analyze attribute importance, price elasticity, brand premium, market simulations with full confidence. The trade-off techniques used for discrete choice conjoint are robust yet easy to apply.
To learn more about discrete choice conjoint analysis and how to successfully set up a project and analyze the results in QuestionPro, download the ebook today.