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Making It Real With Conjoint by Richard Conard
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Making It Real With Conjoint |
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Business,Research,Marketing
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There are many research studies that have been done which indicate that for many decision makers these days; they enjoy participating in CBC conjoint surveys as opposed to different other forms of market surveys. This is because respondents find that a choice based conjoint survey is more interesting and realistic; the main reason is the approach which asks people questions reflecting on the kind of decision and trade-offs that they deal with on every single day during their day to day living experience.
There are different kinds of conjoint analysis that you can employ such as wen based conjoint, adaptive conjoint and choice based conjoint survey. As a manufacturer, you may be interested in knowing what kind of things that the people in your target audience consider when they are making a purchasing decision. It is the desire of every marketer to know the pros and cons of your product or service in comparison to what your competition has placed in the market; there is no better tool than a choice based conjoint survey which offers you the most powerful technique since it will offer you the most insightful and robust data because of the way it engages the respondents.
While there are different techniques that are employed when doing a conjoint analysis, the bottom line is that the respondents are presented with the kind of scenario they are likely to meet during their real life trade-offs. During a normal survey respondents may be asked to rate the importance of price when they are making a buying decision; however, during a choice-based conjoint survey they will be asked to make their decision based on a number of different but related scenarios with the price being only one of them. When their answers get analyzed, you will be able to have a mathematically derived answer with regards to the part that pricing plays when they are making the buying decision.
One of the main features of the adaptive conjoint analysis when compared to the other kinds of CBC conjoint is that there is always something to learn from every single scenario you get from the previous answers; this means therefore that the decisions that confront the respondents are more real but they get more difficult with every other answer that is provided. This is where the web based conjoint works best since it uses and adaptive algorithm the enables you to learn something from the previous answers. When during the conjoint analysis you realize that price, for instance, is not a major influence in the decision making process, you will stop including price as one of the scenarios in the following surveys so that you have your respondents focus only on those things that make a difference.
Related Articles -
conjoint analysis, cbc, cbc conjoint, decrete choice experiment, dce, web-based conjoint, choice-based conjoint survey, conjoint excel, conjoint simul,
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