Test your knowledge.Receive immediate feedback.You find all answers in the book. Quiz | Conjoint Analysis /26 50 Quiz | Conjoint Analysis 1 / 26 What evaluation methods result in non-metric measured preferences? Ranking Pair comparison Dollar metric Constant sum scale Rating 2 / 26 Why might the full-profile method in conjoint analysis be considered more realistic than the trade-off method? It involves fewer evaluations by respondents. It leads to metric preference data. It avoids the occurrence of position effects. It reflects how consumers typically make decisions. 3 / 26 Each respondent ranked 15 job descriptions. Below you find the results of the regression analyses for one respondent. What is the preferred job of the respondent? Remark: The reference category is not listed and has a partworth of 0. Check 4 / 26 What is the first step in conducting a conjoint analysis? Estimation of the utility function Design of the experimental study Selection of attributes and attribute levels Evaluation of the stimuli 5 / 26 What model(s) could you use to specify the relation between the attribute levels for the attribute 'sugar content' and its utility contributions? Ideal point model Vector model Partworth model 6 / 26 What is the recommended approach for the number of attributes and attribute levels in conjoint analysis? Use as many attributes as possible to gather comprehensive data Keep attributes and levels to a minimum Include at least 10 attributes with numerous levels for a detailed analysis Utilize a wide range of attributes to capture all possible consumer preferences 7 / 26 What does the range of partworths for an attribute indicate in conjoint analysis? The standardization of utility parameters The relative importance of the attribute The absolute importance of the attribute The number of levels of the attribute 8 / 26 What is the primary difference between the full-profile method and the trade-off method in conjoint analysis? The full-profile method is used for metric data, while the trade-off method is used for ordinal data. The full-profile method presents all attributes simultaneously, while the trade-off method presents only two attributes at a time. The full-profile method involves ranking, while the trade-off method involves rating. The full-profile method is less realistic than the trade-off method 9 / 26 In the context of attribute selection in conjoint analysis, why is it important for attributes to be independent of each other? Independent attributes increase respondents' cognitive effort. Independent attributes make the analysis more complicated. Independent attributes allow for more accurate estimations of partworths. Independent attributes reduce the number of possible stimuli. 10 / 26 What does a value of Kendalls Tau close to 0 mean? Check 11 / 26 In conjoint analysis, what are "stimuli"? The stimuli are the objects or products being evaluated in the analysis. The stimuli are advertisements used to promote products. The stimuli are consumers' reactions to products. The stimuli are sensory cues used in marketing. 12 / 26 In the Ideal Point Model, what does the "ideal point" represent? The average attribute level The highest attribute level The level that respondents consider the most ideal or desirable The lowest attribute level 13 / 26 When should you consider a reduced design for a conjoint analysis? When the number of participants is large When the survey design is complex When the full factorial design includes more than 20 stimuli When you consider just 2 attributes 14 / 26 Which of the following models in conjoint analysis assumes a linear relationship between attribute levels and total utility? Vector Model Mixed Model Ideal Point Model Partworth Model 15 / 26 What is the main criticism of traditional conjoint analysis in relation to predicting consumer behavior? It assumes consumers make choices, which may not reflect real-world decision-making. It relies too heavily on the logit rule for predictions. It does not consider the plausibility of estimated utility parameters. It is computationally complex and time-consuming. 16 / 26 To effectively manage an employer brand, HR managers need an understanding what makes an employer attractive. Therefore, a conjoint study was conducted to elicit young talent’s preferences for certain employer characteristics. In total, 5 attributes with 3 levels each have been considered. How many stimuli would you need for a full factorial design? 243 15 125 17 / 26 Which evaluation method in conjoint analysis involves respondents assigning a numerical value to stimuli, typically on a scale? Dollar metric Rank order Paired comparison Rating scale 18 / 26 What is the primary goal of conjoint analysis? To measure and analyze consumers' preferences for specific objects To analyze consumers' purchasing history To calculate the market share of a product To determine the brand perception of a product 19 / 26 What are the three criteria used to assess the validity of the estimated utility functions in conjoint analysis? Plausibility of the estimated utility parameters, goodness-of-fit, and predictive validity Face validity, significance of utility parameters, and goodness-of-fit Predictive validity, correlation-based measures, and standardized utility parameters Plausibility of the estimated utility parameters, correlation-based measures, and aggregation of results 20 / 26 In a conjoint analysis with 9 stimuli, how many paired comparisons would be required if the paired comparison method were used for evaluation? 9 paired comparisons 27 paired comparisons 18 paired comparisons 36 paired comparisons 21 / 26 How does Choice-Based Conjoint (CBC) analysis differ from traditional conjoint analysis? CBC analysis focuses on evaluating products using metric scales. CBC analysis involves consumers making choices between stimuli. CBC analysis is used only for non-existing products. CBC analysis involves ranking stimuli. 22 / 26 What is a key consideration when selecting attributes and attribute levels for conjoint analysis? The attribute levels should be unrealistic to test consumer preferences. The attributes should be complex to challenge respondents. The attribute levels should be compensatory. The attributes should be relevant to respondents' decisions. 23 / 26 What is one potential drawback of metric evaluation methods, such as rating and dollar metric, in conjoint analysis? They lead to fewer unique evaluations. They require respondents to rank stimuli. They assume that all attribute levels are independent. They may have low reliability due to respondents' difficulty in providing strength-of-preference information. 24 / 26 What is the key assumption of conjoint analysis regarding how consumers form their preferences? Consumers consider each attribute independently. Consumers make choices without considering product attributes. Consumers only focus on the price of the product. Consumers consider all presented attributes jointly when forming preferences. 25 / 26 For what type of attributes do you need to use the partworth model? Metrically scaled attributes Ordinally scaled attributes Nominally scaled attributes 26 / 26 What does the term "partworths" refer to in conjoint analysis? The total number of attributes considered The consumer's overall preference The price of the product The utility value of each attribute level Your score is 0% Restart quiz Learn more…MethodsServiceAbout us ContactFeedbackOrder data etc. GeneralImprintPrivacy notice
