We provide additional material for each method to ease the understanding and to improve your learning experience.
Conjoint analysis and choice-based conjoint (CBC) analysis
Conjoint analysis measures and estimates consumers’ preferences for objects (e.g., chocolate truffles, e-reader). When we gather consumers’ preferences with the help of ordinal or metric scales, we refer to the traditional conjoint analysis. If we ask consumers to make choices, we speak of choice-based conjoint (CBC) analysis.
Ultimately, we would like to find out how important specific attributes (e.g., flavor, display size) are, and what attribute levels (e.g., vanilla, 6 inches) consumers prefer.