{"id":74183,"date":"2019-07-30T03:40:19","date_gmt":"2019-07-30T10:40:19","guid":{"rendered":"https:\/\/www.questionpro.com\/blog\/?p=74183"},"modified":"2023-08-07T07:26:54","modified_gmt":"2023-08-07T07:26:54","slug":"how-businesses-can-use-conjoint-analysis-for-market-research","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/how-businesses-can-use-conjoint-analysis-for-market-research\/","title":{"rendered":"How businesses can use conjoint analysis for market research"},"content":{"rendered":"

Conjoint analysis is a market research method used to determine the intrinsic value of a product or service. This method can help analyze how people value various aspects such as features, benefits, cost, etc.<\/span><\/p>\n

The conjoint analysis method has been used by both academics and professional researchers for a long time now. It is widely used in retail, manufacturing, consumer goods, automobile, pharmaceutical, and service industries.<\/span><\/p>\n

Why businesses should use conjoint analysis for market research?<\/span><\/h2>\n

The conjoint analysis finds out what combination of attributes is most effective on respondent choice. This gives a pointer to how people make decisions. A controlled set of potential products or services is shown to survey respondents. Based on their answers, it is analyzed on what basis do they make choices between them. Then it is determined which individual elements making up the product or service are valued most and least by the respondents. These elements are assigned a value and can be used to estimate the chances of success in the market.<\/span><\/p>\n

LEARN ABOUT:\u00a0<\/strong>Market Evaluation<\/a><\/em><\/p>\n

The way an individual perceives value in a product depends on various factors – social, economic and demographics. So, how do you find out what importance an aspect of a product holds? Because all of them are interlinked. Changing one of them can have a significant effect on the other and overall product. This is achieved by conjoint analysis. It brings out the relationship between various factors and how they impact each other.\u00a0<\/span><\/p>\n

For market research, <\/span>conjoint analysis software<\/span><\/a> lets you design, distribute and create reports that you can share with other teams or departments. You can also create different reports by changing the filters based on demographics, question, device, system variable, etc.<\/span><\/p>\n

LEARN ABOUT:\u00a0<\/strong>Market research industry<\/a><\/em><\/p>\n

Benefits of conjoint analysis<\/b><\/h3>\n