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Flashcards in T1 Conjoint Analysis Deck (8)
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1
Q

Conjoint Analysis (CA)

purpose:

2 problems

A

measuring customer preference

  • customers may not have enough introspection to know their own preference
  • they may answer in a socially desirable way
2
Q

at which of the 5 phases of purchasing is preference involved?

A
  1. recognition of need
  2. info search

–> 3. evaluation of alternatives

  1. purchase decision
  2. post-purchase cognitions
3
Q

3 elements of CA

A

1. attributes

2. attributes levels

3. products = combinations of attributes levels

4
Q

Procedure of a basic conjoint analysis - in 5 steps

A
  1. Acquire the preference scores of products, then
    * as.paw.ri.ri!*
  2. Compute the average score for each attribute level
  3. Compute the part worth for each attribute level
  4. Compute the raw importance for each attribute
  5. Compute the relative importance for each attribute
5
Q

part worth:

meaning

formula

A

normalized score in CA

part_worth( attribute_level ) =

( avg_score( attribute_level ) - min_avg_score(all) ) /

( max_avg_score(all) - min_avg_score(all) )

6
Q

raw importance of an attribute:

meaning

formula

A

def = influence on customer preference

raw_importance = max_for_attrib( PW ) - min_for_attrib( PW )

7
Q

relative importance of an attribute:

meaning

formula

A

how influential is that attribute on customer preference

relative_importance = raw_importance / sum(raw_importances)

8
Q

3 problems of CA

A
  • it is key for you to identify the attributes well beforehand
  • it is difficult to measure image & brand impact
  • customers can easily be overloaded by choices