Marketing Research overview: marketing research is the process or set of processes that links consumers, customers and end users to the marketer through information that is used to identify market opportunities, problems or evaluate marketing actions and performances. Marketing Research uses many methods to perform qualitative and quantitative research. This article covers one popular quantitative method called conjoint analysis..
Method definition: conjoint analysis describes a broad range of techniques. Discrete choice, choice modeling, hierarchical choice, card sorts, tradeoff matrices, and preference based conjoint and pairwise comparisons are some of the names used for various forms of conjoint analysis.
Use of Method: It aims to assign specific values to the range of options buyers consider when making a purchase decision. Armed with this knowledge, marketers can focus on the most important features of products or services and design messages most likely to reach target buyers.
Conjoint analysis attempts to break the task into a series of choices or ratings, when taken together, allow researchers to compute the relative importance of each of the attributes studied.
It is able to use the results to develop market simulation models that can be used well into the future. In addition, with conjoint analysis, new product or changes to existing products can be incorporated into the simulation model to obtain predictions of how buyers will respond to the changes.
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Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2013
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This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found within, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.