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- Other Quantitative Techniques
Conjoint analysis is a statistical technique used to determine how people value different features that make up a product and/or service. The objective is to determine what combination(s) of attributes is most influential on respondent choice or decision making. A controlled set of potential products and/or services is shown to each respondent. By analyzing their choices and preferences between the products, the implicit valuation of the individual elements making up the product or service can be determined. These implicit valuations (utilities or part-worths) can be used to create market models that estimate market share, revenue and even profitability of new designs.
Beacon typically conducts two types of conjoint analysis, MaxDiff and CBC analysis.
Maximum-Difference Scaling (MaxDiff)"Reach" measures the overall "noise level" in the market as well as how effective a specific brand is in reaching its target audience (net unduplicated reach). From the results, we can then determine the effectiveness of a company's marketing methods (see example right) in driving consideration or preference for a brand.
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Choice-Based Conjoint Analysis (CBC)Choice-based conjoint analysis (CBC) simulates tradeoffs in a marketplace, which is similar to how buyers/consumers would make choices in the real world. Because CBC enables simulation of product preference, pricing, substitutions and brand/price interactions, it is used to develop and position products and brands. We can also use it to estimate price elasticity, brand/price interactions, the value of individual product components, product positioning and other crucial tasks.
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