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Choice-Based Conjoint Analysis
A Choice-Based Conjoint Analysis (CBC) is used to assess preference, including the importance of attributes and willingness to pay. In CBC, participants are presented with choices between different products in a competitive setting, allowing for trade-off decisions. These decisions are then analyzed to understand how the likelihood of purchase is affected by various product attributes, such as brand, price, or technical features like a smartphone's battery life.
Benefits of CBC:- User-friendly real-time market simulation tool
- Predefined analyses available for different inquiries
Applications of CBC
What price would maximize sales for a new product?
In this context, the ideal price for the energy drink brand is $1.39, which corresponds to the highest purchase probability at 15%.
Which product attributes are consumers most willing to pay extra for?
Among the options of brand 1, brand 2, and brand 3 , consumers exhibit a higher willingness to pay for a brand 2 when selecting an energy drink.
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