New Way To Measure Consumer Judgments—Green and Wind 1. What is conjoint analysis? What are the common applications and limitations of conjoint analysis? How can we overcome them? Conjoint analysis is a statistical technique used in market research to determine how people value different features that contribute to an individual product or service. Common applications: Conjoint analysis provides valuable information for R&D department such as functions, characteristics, designs, and verbalized descriptions of new services or products. Companies can improve their currents services or products or create new ones based on conjoint analysis in order to meet customer’s need and compete more effectively. Limitation: It is difficult to apply this method in reality because information it bring to companies is many, various and complex. Companies cannot create a service or product that contains all of features conjoint analysis provide. Companies needs experts who can analyze this information to find out what features are really necessary to put into their products and services. To overcome: Companies should invest on research marketing by using pilot survey to improve the designs of researches, training lecturing employees and researchers, and hiring experts in specific areas. Besides, companies should identify what their target market or segment are and what can help them differ from rivals based on information from conjoint analysis. 2. Why marketers should study multivariate analysis techniques? Define/elaborate various techniques we discussed in the class and explain how they help marketers make “informed decisions.