Conjoint Analysis- What it is and how to do it
In short, conjoint analysis is a customer-driven feedback mechanism that asks customers questions in such a way as to help quantify trade offs. It can also be used to evaluate and predict success of new product introductions in capturing market share.
In practical terms, it lets you decide which features to develop and for which market segments. For example, if you wanted to predict the success of a new computer introduction, you would ask questions to evaluate the importance of Brand, vs. Price, vs. Features. You would do it by asking users to evaluate the importance of one feature over another.
For an example and for software to help you create and manage conjoint analysis, visit the following website: http://www.sawtoothsoftware.com.
For a more detailed explanation of conjoint analysis, visit http://en.wikipedia.org/wiki/Conjoint_analysis
