Selected methods - Conjoint-Analysis
Description of the technique
The conjoint-analysis (conjoint-measurement) is one of the procedures which allow us to include many different varieties and it is one of the favourite techniques in market research. These procedures allow us to find out information about crucial marketing questions. They are used, for instance, for determining the right price or the ideal combination of features of product innovations for different target groups.
The term “conjoint” stands for CONsidered JOINTly, which means that the conjoint analysis looks at the whole product.
In a Choise Based Conjoint-Analysis (CBC-Analysis) participants are shown different sets of product concepts, from which they shall choose their favorite set. Thus a situation is created, which is quite similar to the real buying decision.
Pros and cons of the technique
Compared to other techniques, a central advantage of the conjoint-analysis is its flexibility and cost efficiency even for complicated questions.
The information given by the conjoint analysis is a good basis for market segmentation and for the development of tailored market cultivation programmes.
Disadvantages are the complex implementation and high requirements to the head of study.
The classic CBC method makes a realistic process of choice possible, which leaves the possibility to reply “none of the given options”. Interactions between the different attributes are considered. The advantage in comparison to the ACBC technique is that only a restricted number of attributes can be included. Therefore the CBC method is well-suited for simple products, such as daily necessities.
CBC-analysis can be done by CAPI (personal interviews) and by web-based surveys.
We use the CBC-Analysis to identify a product, to simulate or to segment a market and to identify price elasticity. We elaborate the perfect analysis concept for you so that the results reflect reality as exactly as possible.