Which of the following statements is true of conjoint analysis?
A) It is a simple method for ranking objects or ideas on a number of different dimensions.
B) It is used by managers to compare their desired balance of projects with their actual balance of projects.
C) It requires the creation of a hypothetical efficiency frontier.
D) It is most commonly used to assess the relative importance to customers of different product attributes.

Question

Quizplus · Accepted Answer

Conjoint analysis is a marketing research technique that is most commonly used to assess the relative importance of different product attributes to customers. It involves presenting hypothetical product profiles to respondents and asking them to indicate their preferences or likelihood of purchase based on different attribute combinations. This allows for the identification of the most desirable combination of attributes and the estimation of the relative importance or utility of each attribute.

Which of the Following Statements Is True of Conjoint Analysis