Question

Company ABA showed its customers products with various combinations of features and attributes, with price being one of them. Its customers were asked: "Which combination do you prefer most, next most, etc.?" What type of study did Company ABA conduct?

Answer 1

Answer:

The correct answer is conjoint analysis.

Explanation:

Joint analysis is a technique used in market research to obtain the value that a group of interviewees assigns to each attribute of an object, and is a statistical measure of consumer attitude that quantifies the relative impact of a combination of attributes of a product on your purchase decision, comparing with similar combinations.

Answer 2

Answer:

conjoint analysis

Explanation:

A conjoint analysis is a marketing research tool developed in the 1970s and used primarily to determine which product attributes (feature, function, benefits) do customers value most and which ones they value less and would be willing to trade or give up in order to get more of an attribute that they really like.

E.g. some products try to satisfy too many needs and have an excess number of features that many people do not use, and simply make them more expensive. Smart TVs exist since 2005, back then they were called internet TVs. But that internet connecting function was extremely expensive, so customers didn't buy them. The whole concept had to change because consumers didn't like the product and it took a national conjoint analysis to show that TV manufacturers messed up. They had to change the name and offer features that people wanted along with services that could be used. The old name was discarded because consumers associated internet TVs with expensive and useless products, so now we have smart TVs that everyone uses and needs. This research showed that back in 2009, less than 30% of the people that bought them actually tried to connect them to the internet, and they were extremely expensive because of this and other recording features that were actually eliminated to focus on what customers really wanted.