For a free consultation on conjoint analysis, click here.
All of this is determined in Conjoint Analysis with the help of an assessment done on the consumer’s preference towards a particular set of characteristics of a brand or a brand profile.
The researcher working on Conjoint Analysis constructs stimuli that consist of a questionnaire. This questionnaire consists of certain attribute levels of a particular brand under study. This stimulus in Conjoint Analysis is filled-out by the respondents participating in the study.
In order to obtain a valid inference about the study with the help of Conjoint Analysis, it is crucial that the respondents participating in the study respond to the stimulus in an appropriate manner. The respondents in Conjoint Analysis should address the questions of the stimuli according to their desirability.
These evaluations carried out in Conjoint Analysis are reliable only if the subjective evaluations of the respondent are true.
Conjoint Analysis, therefore, addresses various issues. The utilization of Conjoint Analysis is done in order to determine the comparative importance of the crucial characteristics that affect the choice of the consumer. Conjoint Analysis is used in estimating the share of market brands that fluctuates by the level of attributes.
Thus, in a similar manner, Conjoint Analysis can be used by the researcher to assess the consumer’s preference over the attributes of consumer goods, industrial goods, etc. The process of Conjoint Analysis is useful in cases where one needs to address certain issues instead of carrying out the concept of testing. Conjoint Analysis is useful for a person who is not so well versed with statistical skills.
The model that is used by the researcher in Conjoint Analysis to fit the data obtained is the utility function model. This model in Conjoint Analysis is a mathematical model that is used by the researcher to establish a fundamental relationship between the attributes and the utility attached to the product under study.
In Conjoint Analysis, the dependent or the predicted variable is generally the variable that is labeled as the preferences that make the customers attached to a particular brand.
In order to assess the reliability or the validity of Conjoint Analysis, there are several procedures that have been developed.
In Conjoint Analysis, a reliability test called the test retest reliability test, is used by the researcher to obtain identical judgments that are sometimes present in the process of data collection. If the Conjoint Analysis is carried out in a collective manner, then the estimated sample is split into several samples. Then, on each of the split sub samples, Conjoint Analysis is carried out in order to assure whether or not the Conjoint Analysis is valid.
The steps involved while conducting conjoint analysis are the following:
- The first step in conjoint analysis is to form a problem.
- The next step in conjoint analysis is to construct stimuli.
- The third step in conjoint analysis is to choose the form of input data.
- The fourth step of conjoint analysis consists of the selection of the conjoint analysis procedure.
- The fifth step is to infer the results from conjoint analysis.
- The last step is to assess the reliability and validity of conjoint analysis.
