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Conjoint Analysis
A research technique used to understand customer preferences by analyzing the trade-offs they are willing to make between different attributes of a product.
Implications
A statistical technique used to understand how consumers value different attributes of a product or service, often used in product development, pricing, and marketing to identify the most preferred combinations of features.
Example
Example: An airline uses conjoint analysis to determine which features (such as extra legroom, in-flight Wi-Fi, and meal options) are most valued by passengers and should be included in a premium service package.
Related Terms
Different from simple preference surveys, conjoint analysis examines how consumers make trade-offs between different product attributes.
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