What makes a choice based conjoint analysis different?
The main characteristic distinguishing choice-based conjoint analysis from earlier types of conjoint analysis is that the respondent expresses preferences by choosing concepts (products) from sets of concepts, rather than by rating or ranking them.
When to use CBC for choice based conjoint?
CBC is used for conducting “Choice-Based Conjoint” Analysis studies over the web, in “CAPI” (Computer-Aided Personal Interview) interviewing mode where the device is not necessarily connected to the internet, or via paper-and-pencil questionnaires.
Are there any limitations to a conjoint analysis?
There are some limitations to self-explicated conjoint analysis, including an inability to trade off price with other attribute bundles. In this situation, the respondent always prefers the lowest price, and other conjoint analysis models are more appropriate.
How is a conjoint analysis used in market research?
Conjoint analysis is the optimal market research approach for measuring the value that consumers place on features of a product or service. This commonly used approach combines real-life scenarios and statistical techniques with the modeling of actual market decisions.
How is the composition of a choice task determined?
The composition of the choice tasks usually will vary between respondents. Each respondent receives one version within a larger pool of efficient versions that make up the overall experimental design. Because respondents are randomly selected to receive a different version of the overall design, we refer to these as “random” designs.
How to fix experimental design for conjoint analysis?
To use the jargon, this experimental design is not balanced. The simplest way to fix this problem is to have multiple versions of the questionnaire. A rule of thumb is to have a minimum of 10 different versions of the questionnaire (even better is to have a separate version for each respondent).