Conjoint Analysis

Abstract This article chapter provides an up‐to‐date review of methods that have come to be called conjoint analysis . These methods enable marketing researchers to determine trade‐offs among attributes of a new product based on responses of stated preferences and stated choices. These trade‐offs can assist in product design, pricing, market segmentation, and similar marketing decisions. There are essentially four types of conjoint analysis; these are traditional conjoint analysis that uses stated preferences, choice‐based conjoint analysis (CBCA) that uses stated choices, self‐explicated conjoint analysis that uses direct elicitation of attribute importances and ratings on attribute levels, and adaptive conjoint analysis (ACA) which involves a staged and adaptive data collection. Over several thousand conjoint studies were conducted since the introduction of this method in the early 1970s. The chapterarticle also covers significant advances in estimation methods and design of stimuli (profiles and choice sets) over these years. Essentially, this methodology is alive and thriving well.