The term Conjoint Analysis is used to describe a variety of techniques that are used to measure the value people place on the features or attributes that define the products or services. At BSSTATS our favorite conjoint techniques include Rating based, Ranking based and choice based. Our choice based conjoint includes aggregate and hierarchical Bayes disaggregate modeling.
Some of the common applications of conjoint results are:
Determine an optimal product or service configuration
Measure Brand Equity
Measure people’s price (and other attributes) sensitivity
Market Segmentation