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Thursday, June 20, 2024

Online Market Research by Conjoint Analysis

Conjoint analysis is used as a method to evaluate a product and to quantify its individual characteristics' part worth. By analyzing customers' preferences and wishes products can be catered to meet their current needs as much as complying with market requirements at the same time. A major advantage of this method is its real life approach asking the consumer/costumer to evaluate the product or service in its various aspects but also as a whole. Therefor research results are consistent with real life buying decision, since they mimic the process of deliberating on pros and cons as well as the consideration of  alternative products making it very similar with real life purchase decision making. Due to its realistic results conjoint analysis has evolved into a crucial tool in online market research over the past years.

By applying conjoint analysis Woldeab Technology Consulting will help you to clarify the following issues:

  • Of what importance/impact are the individual characteristics of a product regarding the consumers' buying decision?
  • What is the product's individual characteristics' part worth and how vital is it in the consumer's preference forming process?
  • What specific make up of individual characteristics constitutes the ideal product in regards of  increasing sale revenues?
  • What does the ideal product look like?
  • At what level should the product be priced?
  • What is the purchase probability for a potential product?
  • What are the potential target groups for a product?
  • What market segmentation can be pedicted for a product?

We will support you throughout all the stages of the conjoint analysis:


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