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Conjoint Analysis in 10 minutes - Business Performance Management

436 ratings | 89688 views
Conjoint analysis or stated preference analysis is used in many of the social sciences and applied sciences including marketing, product management, and operations research. The presentation explains the principle, using a simple example. It shows, how to calculate the part-worth utilities and how to derive the relative preferences from individual attributes from there. A full factorial and a fractional factorial design is used. An Excel template for this example is available from the author.
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Text Comments (41)
ACCOUNTING ON TIPS (2 days ago)
Excellent Thnx professor
Neelu Chaudhary (15 days ago)
Excellent
Lisa Black Cat (1 year ago)
Excellent presentation. Concise and to the point. No BS. thank you
Tony Yu (1 year ago)
Really simple explanation, thx
Chyngyz Isakov (2 years ago)
Is there any free software to perform this task?
Shyam Tanna (2 years ago)
hello, I am doing a research and the my scenario is I have, 6 attributes and each attributes with 5 levels ,so that is 15,625 combinations in full factorial. How do I go for solving it , and what should be my values for 5 levels (i.e -1,0,+1 ....etc )? And also full factorial makes it difficult for me to get ranks from respondants, so which conjoint method is best suited for my scenario or should I switch to AHP or LGPM ?
Shyam Tanna (2 years ago)
Thanks a lot Professor .
Klaus G (2 years ago)
I am very familiar and prefer AHP. You can find information and a free SW and Excel template on my website. bpmsg dot com
Shyam Tanna (2 years ago)
Any suggestion of methods which can used in place of conjoint ? like LGPM or AHP
Klaus G (2 years ago)
Maybe conjoint analysis is not the best method for your project. levels could be -2, -1, 0, 1, 2, but the problem seems to be, how to reduce the number of combinations.
Merany Rae (2 years ago)
Thank you so much for this video. You teach wonderfully.
Merany Rae (2 years ago)
Oh, I'm a 2nd year graduate student learning data analytics. You've explained in 10 minutes, what took 5 hours of lecture. Your instruction was clear and concise. Thanks again.
Nathan Alder (2 years ago)
Thanks professor!
Hemant Urdhwareshe (2 years ago)
I like the simplicity and clarity. The visuals are also very good. Thanks for uploading.
Loizides George (2 years ago)
Klaus Many thx I love your video on stated preference conjoint analysis! I ve just visited your page can't donate due to tim€ :) However if you or other team member visits #Cyprus Consider you have free accommodation in the region I promote Reg g
devendra lodha (2 years ago)
Really the Great Explanation for Conjoint Analysis with the Practical Example
BPMSG (3 years ago)
For 3 levels you could use -1, 0, +1 for example. But more than two level it becomes quite complex
Fendy Purnomo (3 years ago)
If the levels is more than 2 how do you assign the values for the matrix? In this case it was -1, +1 to distinguish between them, isn't it?
jpaokx (3 years ago)
So, finally, which product should the customer choose? I see that there is a lot of explanation which didn't end up with the solution!
Klaus G (3 years ago)
+jpaokx Conjoint analysis is not about which product the customer chooses, but to find out which features (attributes) of the product impact customer's decision to buy, i.e. the part worth utilities. If you want to solve a problem, like which product to buy based on a list of criteria, you can use a decision making method as AHP (Analytic Hierarchy Process). See my other videos.
Srikanth Guhan (3 years ago)
Das ist sehr gut! Vielen Dank.
Winnie The Pooh (4 years ago)
Vielen Dank, thank you very much! Very descriptive video
Jakob.P.Helm (4 years ago)
Thanks for explaining! 
Vincent Sanden (5 years ago)
Great explanation!
BPMSG (5 years ago)
Coinjoint analysis is based on the ranking of alternatives with combined attributes (product features). It helps you to break down the combination of attributes into preferences for each individual attribute (part worth utilities), not the other way around.
Ronak Kumar (5 years ago)
Thanks you so much. Can we decide which attributes combination is best out of 8 with the help of conjoint analysis?I understand ranking will give us the result. But its a stated result by customers. Can we have buyer best preferred combination without using ranking?
BPMSG (5 years ago)
This has to be decided by a group of customers, they have to do the ranking first. With conjoint analysis you can then find out, which individual product attribute (in my example color, memory or delivery time) is the most important.
Ronak Kumar (5 years ago)
Can you please explain out of 8 possible attributes combinations, which combination is most preferred so that we can use for our product(smart phone) building strategy?
BPMSG (5 years ago)
You are welcome. Thanks for the feedback. Feel free to visit my website bpmsg dot com.
BPMSG (6 years ago)
Habe im Moment keine konkreten Plaene, das Video zu uebersetzen, bedeutet ziemlichen Zeitaufwand. Ich nehme die Anregung aber gerne als Feedback auf. Falls noch mehr Viewer den gleichen Wunsch aeussern, koennte ich das ins Auge fassen.
politologe (6 years ago)
Könnten Sie das Video freundlicherweise auch auf deutsch anbieten? Vielen Dank!
Paula Souza (6 years ago)
Thank you so so much!! I´m from Brasil and this is my last year in college. I was with problems to understand the conjoint analisys to make my final work for college conclusion. Without this work, I could not reach the required score. After a lot searching and reading several books, your explanation was the onlyone that I understood perfectly. I´ll be forever grateful!
Ihwan Ghazali (6 years ago)
one more question, it should be described by cube or can be described by other shape? thank you very much
Ihwan Ghazali (6 years ago)
thanks very much brow...I understand know all of the presentation...
BPMSG (6 years ago)
As you have to rank the alternatives from 1 to 8, the constant is the average of {1,2,...8} = 4.5
Ihwan Ghazali (6 years ago)
Y= 4,5 - 0,5 X color - 2 x memory - 1 x delivery... can you explain to me how you get 4,5 please? thanks very much
BPMSG (6 years ago)
You code memory also 1,-1. It becomes more complex when you have more than 2 levels, because the number of possible combinations will increase rapidity. Then you could code -1, 0, 1 etc.
Meyapp (6 years ago)
Fantastic!
BPMSG (6 years ago)
You are welcome! More info also on my blog bpmsg.com (slides and an example in Excel)
Sasha S (6 years ago)
Info on conjoint analysis is really hard to find. Thanks for simplifying!

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