Conjoint Analysis
Conjoint analysis has become a favored statistical tool to evaluate products and their various attributes. Typically called "trade-off" analysis, conjoint analysis weighs people's preferences in product attributes, such as price, color, or brand, when offered a series of attributes from which to choose. The analysis seeks to develop an optimal product offering by calculating a series of utility scores that measure the relative importance of various attributes, developing an overall composition of the bundled attributes, and determining how the various attributes fit together as a complete product offering.
This technique is often used when developing new and improved products or services in established categories where people are already familiar with the components that make up these products or services.
