Essay On Conjoint Analysis

The marketing sector has different ways of measuring consumer judgment. In the recent years, researchers found out that consumers make judgment by considering a number of attributes to decide whether to pay high prices or not. Conjoint analysis is a quantitative method used to assess the importance that consumers place on the attributes of a product. Conjoint study involves displaying a set of features to the respondents and asking them to indicate their preferences. Conjoint method has four main objectives, which include; to select attributes to offer in a revised or new product, to set prices, predict level of sales, and experiment a new product in the market.
Best-worst scaling is one of the methods used in conjoint analysis, and it provides a partial ranking of attributes. Best-worst scaling increases information efficiency compared to other traditional methods that consider only the best choice. Best-worst scaling provides the respondents with a variety of attributes to choose from, the tasks in the method seem easy to people and enable the respondents to respond consistently to extreme options. The respondents choose the best and worst objects in best-worst scaling method. The best-worst scaling is used in a mobile phone manufacturing company to determine the best and worst phone manufactured. To determine the best phone, the researcher provides a variety of attributes of each phone and tells the respondents to choose the best and the worst phone from the features displayed.
In conclusion, conjoint analysis using best-worst analysis gives the respondents a chance to determine the best and worst product. Analysis of the information collected from the field is essential for the company to create the best product. The method encourages high sales and customer satisfaction because the consumers have a chance of choosing the product they need.