Question

cojoint analysis

Answer 1

Conjoint analysis is the optimum market research approach to measure the value consumers place on a product or service's features. This commonly used approach combines real-life scenarios and statistical techniques with actual market decisions being modelled Menu-based conjoint analysis is a technique of analysis that is gaining momentum fast in the marketing world. One reason is that conjoint menu-based analysis enables each respondent to package their own product or service. Conjoint can help you determine pricing, product characteristics, product configurations, packages for bundling or all of the above.

The consequence of the menu-based joint study is that we can classify the customers willing to make trade offs. We can discover patterns which indicate features that must have versus luxury features. Add in the fact that menu-based conjoint analysis is a more engaging and interactive method for the survey taker and one can see why menu-based conjoint analysis is becoming an increasingly popular way of assessing function usefulness.