Conjoint analysis

Gills, Reshma and Ramachandran, C and Vipinkumar, V P and Anuja, A R (2023) Conjoint analysis. In: Training Manual on Advanced Analytical Tools for Social Science Research Vol.2. CMFRI Training Manual Series No. 29/2023 . ICAR- Central Marine Fisheries Research Institute, Kochi, pp. 33-45.

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Abstract

Conjoint Analysis (CA) is a popular statistical method for determining how customers prefer and value each component or feature of a specific product or service. It is commonly used in market research, and results are widely used to target a suitable product feature, price the product, forecast market fluctuations in share markets, sales, and marketing to a personalized and strategic advertisement, predict consumer adoption behavior, and for further research and development in product creation. CA is used in various industries and for a wide variety of products, including local groceries, insurance, consumer goods, and services, retirement benefits and offers, travel and logistic services, and so on. This statistical procedure is concerned with determining what type of product consumers are likely to purchase and what features consumers value the most (and worst) about a product.

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