Podcast
Questions and Answers
What is the primary purpose of using conjoint analysis in the product development process?
What is the primary purpose of using conjoint analysis in the product development process?
- To identify the most important product features from a customer perspective
- To determine the optimal pricing strategy for the product
- To select the optimal manufacturing process for the product
- To forecast the market share of different product configurations (correct)
Which of the following is a key requirement for the attributes used in conjoint analysis?
Which of the following is a key requirement for the attributes used in conjoint analysis?
- The attributes must be based on the company's internal performance metrics
- The attributes must be easily understood by customers (correct)
- The attributes must be quantitative rather than qualitative
- The attributes must be independent of each other
What is the role of experimental design in conjoint analysis?
What is the role of experimental design in conjoint analysis?
- To select the sample of potential customers to include in the survey
- To analyze the survey data and infer the relative importance of each attribute
- To construct the hypothetical product configurations that customers will evaluate (correct)
- To determine the optimal number of product attributes to include
How does conjoint analysis use customer survey data to inform product specifications?
How does conjoint analysis use customer survey data to inform product specifications?
Which of the following is a key benefit of using conjoint analysis in the product development process?
Which of the following is a key benefit of using conjoint analysis in the product development process?
How does conjoint analysis represent subjective product attributes like styling?
How does conjoint analysis represent subjective product attributes like styling?
What is the key difference between the product attributes used in conjoint analysis and a company's internal performance metrics?
What is the key difference between the product attributes used in conjoint analysis and a company's internal performance metrics?
What is the relationship between the customer survey data used in conjoint analysis and the resulting product specifications?
What is the relationship between the customer survey data used in conjoint analysis and the resulting product specifications?
In what type of product categories is conjoint analysis most useful?
In what type of product categories is conjoint analysis most useful?
What is the primary output of a conjoint analysis in the product development process?
What is the primary output of a conjoint analysis in the product development process?
