Conjoint analysis is a multivariate technique that captures the exact utility levels that customers assign to different product attributes. It allows direct comparison of the utility of different attribute levels, like price points or delivery times. For example, a paint company could use conjoint analysis to understand how customers value and trade off attributes like paint color, price, and longevity. The technique involves coding attributes and collecting customer ratings of different attribute combinations. The ratings are then analyzed to determine the utility values and relative importance of each attribute level. This allows predicting how changes to attributes would impact customer preference and choice.