Conjoint analysis and its applications for marketing a product

1. Conjointanaylsis
andit’s
APPLICATIONfor
marketinga
product
COURSE : BUSINESS RESEARCH
UNDER GUIDENCE : SHOHINI GOSH
PRESENTING BY
RIYA KUMARI
ROLL NO.- MBA/15016/23
MBA 1st
BIRLA INSTITUTE OF TECHNOLOGY, PATNA.

2. 01
INTRODUCTION
CONCEPT OF CONJOINT
ANALYSIS
02
HOWIT’SWORK
PRODUCT, ATTRIBUTE
AND LEVEL
03
APPLICATION
1) NEW PRODUCT
2) EXISTING PRODUCT
04
CONCLUSIONS
ANAYLSING CONSUMER’S
PREFERENCES

3. “A MNC wants to launch an
herbal cosmetics range in
all the metropolitan cities in
India. It wishes to estimate
the acceptance level of their
products in these cities.”

4. INTRODUCTIOIN
 Statistical analysis – how consumer
values different components.
 Principle – broken down into set of
attributes.
 Conducted – specialized survey
 Helps in analysis consumer decision
process
PRODUCT ATTRIBUTE 1 ATTRIBUTE 2 ATTRIBUTE 3
Soda Brand – Coke or
Pepsi
Calories :
0 - 150
Price – High ,
Medium and
Low

5. Example --consider a
conjoint studyon
smart phones
creates –conjoint
choicetask
Howdoseconjointanalysis works?

6. Employs arealistic
approach–askingeach
respondent tochoose
betweenpotential
product alternatives
formed –combinationof
attributes levels

7. Applicationof
conjointanaylsis
formarketinga
product
APPLICATI
ON OF
CONJOINT
ANALYSIS
PRICING
INSIGHTS
NEW
PRODUCT
DEVELOP
MENT
PRODUCT
OPTIMISA
TION
MARKET
SEGMEN
TATION

8. Newproduct
• Planning process – two critical stages
• Concept testing – better understand
product attributes and benefits
• Testing market – when the product
prototype is made available in certain
geographical areas or to demographic
groups.
NEW
PRODUCT
DEVELOP
MENT

9. PTODUCTOPTIMISATION
• Finds – if satisfied with current product
– want changes in some attributes
• Conjoint questionnaire – displays
current product with prospective
version of the product
PRODUCT
OPTIMISA
TION

10. MARKETSEGMENTATION
Conjoint analysis can uncover different
customer segments based on their
preferences for product attributes. This
information can guide targeted marketing
efforts for each segment.
MARKET
SEGMEN
TATION

11. PRICINGINSIGHT
• Conjoint analysis – understand the
consumers value place on different
product features, businesses can
develop pricing strategies
• Highlights at what price are consumers
ready to purchase a certain package of
product features and suits both.
PRICING
INSIGHTS

12. conclusion
Understanding customer needs and designing appropriate products
is a crucial success factor in today's highly competitive market. The
goal of product research is to identify products that would maximize
the market share and profit of a product given a company's limited
resources. This presentaion has discussed the potential of using
conjoint analysis for analysing customers' preferences for new and
existing products.

13. “Get closer than ever to your
customers. So close, in fact,
that you tell them what they
need well before they realize
it themselves.”
—SteveJobs

14. references
 “What is Conjoint Analysis? Retrieved from
https://conjointly.com/guides/what-is-conjoint-analysis/ Accessed on
29/10/23
 “Application of Conjoint Analysis for Marketing a Product.”
Retrieved from
https://www.icidr.org/ijedri_vol2%20nos3_dec2011/Conjoint%20Analysi
s%20A%20Strategic%20Tool%20for%20Product%20Research.pdf
Accessed on 29/10/23