How to Calculate Conjoint Analysis
Conjoint analysis is a powerful market research technique used to determine how people value the different attributes that make up an individual product or service. It’s crucial for understanding customer preferences and making informed business decisions.
- Select or enter values for each choice.
- Click ‘Calculate’.
- View results and chart below.
Conjoint analysis uses a mathematical model to estimate the utility that consumers associate with each attribute level. The formula is:
U = β1*X1 + β2*X2 + ... + βn*Xn + ε
Where U is the utility, β are the part-worth utilities, and X are the attribute levels.
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Expert Tips
- Use orthogonal arrays for efficient design.
- Ensure sufficient sample size for reliable results.
- Validate your model with holdout tasks.
What is conjoint analysis?
Conjoint analysis is a market research technique…
USA.gov – Government resources for businesses.
BLS.gov – Conjoint analysis explained by the Bureau of Labor Statistics.