Conjoint Analysis

In simple words, I can say that conjoint analysis is a market research technique that gives insight into how people make complex choices. We all have to make lot of choices every day and this often requires trade-offs that we hardly realize. Many simple decisions, such as “what type of tooth paste to buy?’ or “Which school should you admit your kid too”, all such questions comes with multiple choices and you have to make a decision. Now, depending on whether you hare price-sensitive or feature-focused you will make a decision, generally after evaluating the choices subconsciously. This subconscious decision making is the basis of conjoint analysis which aims to understand the importance a customer (or consumer) assigns to different attributes of a product/service.

You can contact the statisticians at PIE TUTORS if you are looking for assistance with conjoint analysis.

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