WHAT IS CONJOINT ANALYSIS
Conjoint Analysis, is a marketing tool for developing effective product designs, segmenting the market, and dealing with demand analysis based on price elasticities' differentiations. Applications may be spotted as far as in optimization of services.

With Conjoint Analysis it is possible to answer questions such as:

What product attributes are important  to consumers
What levels of product attributes are the most or least desirable ones in the consumer mind

It is also possible to answer questions like:

What is the  share of preference for leading competitors' products versus our existing or proposed products,  and what portfolio of products or services can I offer to appeal to different market segments and maximize overall share?
What is the relative price sensitivity of different brands? If I raise my price by 10%, how will it affect my brand's share? Moreover, how this will affect competitor's brands?

 

What product should I offer to maximize interest in my offering? How can I modify an existing product to capture more relative demand?

Some of the answers to these questions are of crucial importance in successfully launching a new product or service 

The virtue of Conjoint Analysis is that it asks the respondent to make choices in the same fashion, as the consumer presumably does in reality, by trading off features, one against another

By using Conjoint Analysis, we can determine both the relative importance of each attribute, as well as the levels of each attribute that are most preferred.

Conjoint Analysis uses the fractional factorial designs, which present a suitable fraction of all possible alternatives. The respondents' task is to score each set of attributes (profiles), then the conjoint Analysis derives utility scores for each factor level. These utility scores, analogous to regression coefficients, can be used in the analysis to find the relative importance of each factor

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