Choice-based conjoint analysis

Choice-based conjoint analysis is a research method used to understand how people value different features of a product or service. Participants are presented with sets of options, each varying in attributes like price, quality, or design, and asked to choose their preferred one. By analyzing these choices, businesses can determine which features are most important to consumers and how they trade off between options. This helps companies design better products and optimize pricing strategies based on real consumer preferences, providing insights into the relative value consumers place on different attributes.