The document discusses conjoint analysis, a market research technique used to determine how consumers value different product attributes. Conjoint analysis involves showing consumers combinations of attributes (like brand, price, features) and analyzing their preferences to determine the implicit value or "part-worth" of each attribute. This can be used to build models predicting market share and profitability of new product designs. The document provides an example conjoint analysis problem with three attributes (brand, color, price) to illustrate how a full-factorial experimental design and statistical analysis can be used to interpret consumer preferences.
2. Production of consumer goods Research Design Manufacturing Sales Effective market research is integral to the design, manufacture, and sale of successful products. It identifies the needs and wants of target markets, ensuring that products will sell because they meet the needs of buyers.
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5. Types 1). Two-factor-at-a-time 2). full-concept method Let’s Consider a conjoint analysis problem with three attributes, each with levels as follows: Brand Color Price A Red $50 B Blue $100 C $150 There are 18 possible product concepts or cards that can be created from these three attributes: 3 brands × 2 colors × 3 prices = 18 cards Further assume that respondents rate each of the 18 product concepts on a scale from 0 to 10, where 10 represents the highest degree of reference.
6. Full-factorial experimental design Data coding The first card is made up of the first level on each of the attributes: (Brand A, Red, $50).
