Sample Questions a Conjoint Analysis Can Solve:
1. Will a change in price on my product affect sales?
2. What combination of features should I offer for my service to get the most new customers?
3. If I'm putting together a benefits package for my employees, what trade-offs would they be willing to make?
The length of the survey depends on the number of attributes to be assessed and the method of conjoint analysis in use. A typical questionnaire with 20-25 attributes may take more than 30 minutes to complete. Choice based conjoint, by using a smaller profile set distributed across the sample as a whole may be completed in less than 15 minutes. Choice exercises may be displayed as a store front type layout or in some other visually engaging environment.
Today, thousands of conjoint studies are conducted each year, through various methods of approach. Business leaders world-wide have the competitive edge and are saving a great deal of money on research and development costs, successfully using the results to design new products or line extensions, reposition existing products, and make more profitable pricing decisions.