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Conjoint Analysis is an effective tool for developing the products.
By using it, we will help you get the answers to the questions such as:
Which product features are important to the consumers, and which are not?
What levels of the product features do the customers take into consideration?
What will the market share of the key competitive products be, as compared to your existing or planned products?
The advantage offered by the Conjoint Analysis lies in the fact that the respondents make their choice the same way as they normally do in the real-life setting i.e. by comparing different characteristics. Conjoint Analysis allows to develop the regression equation for each respondent and to segment the market based on degree of significance of the product features.