What are the steps involved in the application of the Conjoint Analysis?
Ans: the steps involved in the application of the Conjoint Analysis are as following: • Determining the salient attributes for the given product from the point of view of the consumers. • Assigning continuous value to each of the attributes. • Fractional Factorial Design of Experiment. Attribute Levels 1. Brand Elegant, Great, Evermaid 2. Price High, medium, Low 3. Color Steel grey, White, Light Blue • Physically designing the stimuli. • Ranking and rating data collection. • Conjoint analysis and determination of part of worth utilities. • Applying conjoint analysis output for different marketing decisions.
