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Choice Based Conjoint Analysis

In: Business and Management

Submitted By jaydash
Words 1549
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CHOICE BASED CONJOINT ANALYSIS
SUBMISSION: JAYAJIT (JAY) DASH

Concept:
Pursuant to our Group Project (the evaluation of means to sustain the growth of Bose® - a successful, mature business), this exercise was a multinomial logit simulation: collecting consumer preferences for the objective determination of characteristics for a profit maximizing new-product. Our envisioned product is a modular speaker system from the house of Bose®. These are speakers and amplifiers that one can develop a collection of over time, that operate wirelessly and communicate with each other, that can be used at home (as part of a hi-fi unit), or can be detached and taken as a self-powered wireless companion to a party outdoors.

Description of Design:
As a group we first defined the attributes that we wanted to understand customer preference around. Some immediate questions were:

“What price point?” “Would a classic design aesthetic be preferred over modern, edgy lines?” “How exceptional must sound quality be?” “How important will interoperability and connectivity be for consumers as we increasingly move into an internet-of-things world?” And finally, “Can we get a sense of the kind of names that might resonate better?”
From an experimental design perspective, we were conscious that we should rather have more attributes than levels. We get more bang-for-buck this way, as adding levels is multiplicative, but adding factors can be exponential. Accordingly, we zeroed in on 5 attributes (PRICE, SOUND QUALITY, STYLE, INTEROPERABILITY, & BRAND NAME) with varying levels (as can be seen in the adjoining schematic). For price, we were sure we wanted 3 levels so that we could get a concave/convex graph. In a full factorial experiment, this design would have led to a maximum of 108 choice sets – a level that would be taxing for respondents. On the other end, using the fractional…...

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