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Conjoint Analysis: Using discrete choice modelling in market research
Choice-Based Conjoint Analysis
In the previous article, I introduced a conjoint analysis and provided some examples of how useful the market research method is. I recommend you to read it first.
Choice-based conjoint analysis (CBC, or: discrete choice modelling, discrete choice experiment, experimental choice analysis, quantal choice models) uses discrete choice models to collect consumer preferences. The main difference distinguishing choice-based conjoint analysis fromthe traditional full-profile approach is that the respondent expresses preferences by choosing a profile from a set of profiles, rather than by just rating or ranking them. The basic idea of choice-based conjoint analysis is to simulate a situation of real market choice.
After reading this article, you will know:
- what are the uses of choice-based conjoint analysis,
- how to design experiment,
- how to analyse collected data.
