A model of consumer behavior in which consumers are willing to sacrifice the degree of an attribute or benefit present in a product to increase the benefits of other attributes.
A market research technique in which respondents are systematically presented with a rotating set of product descriptions, each of which contains a rotating set of attributes and levels of those attributes. By asking respondents to choose their preferred product and/or to indicate their degree of preference from within each set of options, Conjoint Analysis can determine the relative contribution to overall preference of each variable and each level. The two key advantages of conjoint analysis over other methods of determining importance are: 1) the variables and levels can be either continuous (e.g. weight) or discreet (e.g. color), and 2) it is just about the only valid market research method for evaluating the role of price, i.e. how much someone would pay for a given feature.
For more product innovation terms see the NPD Glossary.
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[…] Conjoint analysis is a common tool used at this stage of the product design process. This tool allows customers to rank and prioritize a select set of features against prices. The outcome of a conjoint analysis provides the product innovation team with a list of the most important features that must be included in a final product. Results of the study are important since it links desired features and quality levels with willingness to pay. […]