Glossary of Statistical Terms: Definition Conjoint analysis
The conjoint analysis attempts to analyze the contribution of individual product components such as packaging, design and technical details to form an impression of the product’s overall attractiveness. For this purpose, surveys are carried out to gauge consumer preference. This process is especially important during the introduction phase of new products.
Utilizing the conjoint analysis, respondents are exposed to different combinations of stimuli, which they bring into an order of preference. Taking the preferences of the questioned participants into account, it is possible to derive certain product characteristics. The goal is to optimize the product for its market. Usually, only a section of a product’s characteristics is analyzed, which should prove representative of the entire product.
Please note that the definitions in our statistics encyclopedia are simplified explanations of terms. Our goal is to make the definitions accessible for a broad audience; thus it is possible that some definitions do not adhere entirely to scientific standards.
- Central limit theoremCentral limit theorem
- Cluster analysisCluster analysis
- Cluster sampleCluster sample
- Coefficient of correlationCoefficient of correlation
- Competitor analysisCompetitor analysis
- Conditional probabilityConditional probability
- Confidence levelConfidence level
- Conjoint analysisConjoint analysis
- Cross-sectional dataCross-sectional data