What is conjoint and discrete choice analysis?
A. In conjoint analysis, the goal is to obtain share estimates for various product or service configurations of interest. These configurations are defined based on combinations of attribute levels (e.g, PRICE = $499, BRAND = Sony, ). In traditional conjoint analysis, also known as ratings-based conjoint, respondents rate the various products/services/alternatives/options. In discrete choice studies, also known as choice based conjoint (CBC) experiments, respondents are posed with various competitive scenarios where they are asked to choose between 2 or more products/services/alternatives/options. Rather than rating each alternative, they are asked to select the most preferred or most important, or rank the alternatives. In both kinds of conjoint analyses, alternatives are expressed in terms of 1 or more attributes. A model then estimates the importances/utilities of these attributes.
