An idea of consumer’s preferences for combinations of attributes will be useful in designing new products or modification of an existing product.
Applications Of Conjoint Analysis
1. An idea of consumer’s preferences
for combinations of attributes will be useful in designing new products or
modification of an existing product.
2. A forecast of the profits to be earned by a product
or a service.
3. A forecast of the market share for the company’s
4. A forecast of the shift in brand loyalty of the
5. A forecast of differences in
responses of various segments of the product.
6. Formulation of marketing strategies for the
promotion of the product.
7. Evaluation of the impact of alternative advertising
8. A forecast of the consumers’ reaction to pricing
9. A forecast of the consumers’ reaction on the
channels of distribution.
10. Evolving an appropriate marketing mix.
though the technique of conjoint analysis was developed for the formulation of
corporate strategy, this method can be used to have a comprehensive knowledge
of a wide range of areas such as family decision making process,
pharmaceuticals, tourism development, public transport system, etc.
Tags : Research Methodology - Factor Analysis And Conjoint Analysis
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