Conjoint analysis is a method for understanding the preferences for products (and services). Products are treated as bundles of attributes and respondents are asked to evaluate these bundles by making trade-offs between the variations in the attributes.
For example, one product may be low in price and moderate in quality while another may be high in quality and high in price. Based on the trade-offs made by the respondents we can identify the importance of various attributes and hence, products. It is a widely used method and has been very successful in the product development area. A particular advantage is the availability of simulators to create what-if scenarios on the back end.
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