Test your knowledge.Receive immediate feedback.You find all answers in the book. Quiz | Conjoint Analysis /26 50 Quiz | Conjoint Analysis 1 / 26 What is the main criticism of traditional conjoint analysis in relation to predicting consumer behavior? It does not consider the plausibility of estimated utility parameters. It is computationally complex and time-consuming. It relies too heavily on the logit rule for predictions. It assumes consumers make choices, which may not reflect real-world decision-making. 2 / 26 What is the key assumption of conjoint analysis regarding how consumers form their preferences? Consumers consider all presented attributes jointly when forming preferences. Consumers consider each attribute independently. Consumers make choices without considering product attributes. Consumers only focus on the price of the product. 3 / 26 What evaluation methods result in non-metric measured preferences? Dollar metric Pair comparison Ranking Rating Constant sum scale 4 / 26 In conjoint analysis, what are "stimuli"? The stimuli are advertisements used to promote products. The stimuli are the objects or products being evaluated in the analysis. The stimuli are sensory cues used in marketing. The stimuli are consumers' reactions to products. 5 / 26 What is a key consideration when selecting attributes and attribute levels for conjoint analysis? The attributes should be relevant to respondents' decisions. The attribute levels should be compensatory. The attributes should be complex to challenge respondents. The attribute levels should be unrealistic to test consumer preferences. 6 / 26 What is the primary goal of conjoint analysis? To analyze consumers' purchasing history To measure and analyze consumers' preferences for specific objects To calculate the market share of a product To determine the brand perception of a product 7 / 26 What does the term "partworths" refer to in conjoint analysis? The consumer's overall preference The price of the product The utility value of each attribute level The total number of attributes considered 8 / 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, correlation-based measures, and aggregation of results Plausibility of the estimated utility parameters, goodness-of-fit, and predictive validity Predictive validity, correlation-based measures, and standardized utility parameters Face validity, significance of utility parameters, and goodness-of-fit 9 / 26 Which of the following models in conjoint analysis assumes a linear relationship between attribute levels and total utility? Vector Model Mixed Model Partworth Model Ideal Point Model 10 / 26 What is the first step in conducting a conjoint analysis? Selection of attributes and attribute levels Evaluation of the stimuli Estimation of the utility function Design of the experimental study 11 / 26 In a conjoint analysis with 9 stimuli, how many paired comparisons would be required if the paired comparison method were used for evaluation? 27 paired comparisons 36 paired comparisons 18 paired comparisons 9 paired comparisons 12 / 26 When should you consider a reduced design for a conjoint analysis? When the full factorial design includes more than 20 stimuli When the survey design is complex When you consider just 2 attributes When the number of participants is large 13 / 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 14 / 26 Which evaluation method in conjoint analysis involves respondents assigning a numerical value to stimuli, typically on a scale? Dollar metric Rank order Rating scale Paired comparison 15 / 26 What is the primary difference between the full-profile method and the trade-off method in conjoint analysis? The full-profile method presents all attributes simultaneously, while the trade-off method presents only two attributes at a time. The full-profile method is used for metric data, while the trade-off method is used for ordinal data. 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 16 / 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 allow for more accurate estimations of partworths. Independent attributes reduce the number of possible stimuli. Independent attributes make the analysis more complicated. 17 / 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 18 / 26 What does a value of Kendalls Tau close to 0 mean? Check 19 / 26 What does the range of partworths for an attribute indicate in conjoint analysis? The number of levels of the attribute The absolute importance of the attribute The relative importance of the attribute The standardization of utility parameters 20 / 26 How does Choice-Based Conjoint (CBC) analysis differ from traditional conjoint analysis? CBC analysis involves consumers making choices between stimuli. CBC analysis is used only for non-existing products. CBC analysis focuses on evaluating products using metric scales. CBC analysis involves ranking stimuli. 21 / 26 Why might the full-profile method in conjoint analysis be considered more realistic than the trade-off method? It leads to metric preference data. It involves fewer evaluations by respondents. It avoids the occurrence of position effects. It reflects how consumers typically make decisions. 22 / 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 23 / 26 For what type of attributes do you need to use the partworth model? Nominally scaled attributes Metrically scaled attributes Ordinally scaled attributes 24 / 26 What is one potential drawback of metric evaluation methods, such as rating and dollar metric, in conjoint analysis? They require respondents to rank stimuli. They lead to fewer unique evaluations. They assume that all attribute levels are independent. They may have low reliability due to respondents' difficulty in providing strength-of-preference information. 25 / 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 26 / 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. 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