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Choice-Based Conjoint Analysis

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Choice-Based Conjoint Analysis

Choice-based conjoint analysis is a methodology used in market research that focuses on consumers’ choices instead of facts and figures. It is used by companies to compare the customer’s opinion, often in a real-life scenario, against their competitors to assess which is most likely to be chosen. This methodology can also be used to ascertain what the price of a product should be, based off consumer opinion.
 
When conducting a choice-based conjoint analysis study, the researcher’s aim is to find out which factors have the greatest influence on the participant’s decisions. For example, the researcher could show the participant a picture of a virtual shelf replicating a supermarket cereal aisle and ask the respondent to select which product they would pick. Possibly using other methodologies such as eye-tracker, the researcher could work out which features of the products were most appealing for the participant.
 
An advantage of performing choice-based conjoint analysis is that it can include any specific features the company wants it to; anything from the main packaging to the exact ingredients and price. Therefore, this will give it the ability to create a real world setting better than other methodologies. However, choice-based conjoint analysis takes up a significant amount of time compared to the amount of data the researcher will gain from it.

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