Conjoint Analysis Reflection

As world continue to discover new thing many businesses improve their products and services by developing different features to provide the needs and wants of the costumers. The organizations or companies are competing to meet the standards of the people. They trying to create a good and successful products and services and sell it in a right price.

As what I understand conjoint analysis is one of the techniques used by many businesses to assess or evaluate product and services they offer. It is the best survey method to determine the customers value. And it is used to predict how product recreate or redesign should perform when take in the market. This analysis wants respondents to choose what they like in the real-world base on the realistic product options. We all know that one of the most difficult decisions of an organization or business is pricing a product because the price determine the quality of a product. I’ve learned from the video the importance of conjoint analysis in establishing the price of a products or services. Through conjoint analysis the organizations or businesses able to know the feature of a product that will satisfy the customers with their willingness to pay.

I therefore conclude that conjoint analysis is both beneficial and important in business and consumer since it provides a useful information about the products or services. As the business provides or conduct a survey, the business able to know the side of the costumers about the product, the feature of a product that will satisfy the costumers at the same time they willing to pay. It is also important to the costumer because through conjoint analysis they able to choose what they like about the product through the conjoint features provided and since consumer always want to try something new in affordable price.