Question
is a statistical analysis used to understand how customers value different combinations of features and
price points related to products or services
Correlation
Conjoint
Pre/post
A/B testing
price points related to products or services
Correlation
Conjoint
Pre/post
A/B testing
Ask by Medina Best. in the United States
Mar 20,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The statistical analysis used is Conjoint Analysis.
Solution
The statistical analysis used to understand how customers value different combinations of features and price points related to products or services is called Conjoint Analysis.
Here’s a brief explanation of the options provided:
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Correlation: This measures the relationship between two variables but does not specifically analyze customer preferences for combinations of features and prices.
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Conjoint: This is the correct answer. Conjoint analysis helps in understanding how customers value different attributes (features) and their levels (price points) by presenting them with various combinations and analyzing their preferences.
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Pre/post: This typically refers to studies that compare data before and after a certain event or intervention, not specifically focused on feature and price combinations.
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A/B testing: This is a method used to compare two versions of a product or service to determine which one performs better, but it does not analyze the value of different combinations of features and prices in the same way that conjoint analysis does.
Thus, the answer is Conjoint.
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Simplify this solution Bonus Knowledge
Conjoint analysis is a clever tool used by marketers and product developers to dissect customer preferences. It involves presenting potential customers with various combinations of product features and price points to discover what truly makes them tick. By analyzing choices, businesses can optimize their offerings to match customers’ desires, sometimes even uncovering hidden gems of insight that lead to innovative products!
Speaking of real-world applications, many companies like PepsiCo and Procter & Gamble have used conjoint analysis to fine-tune their product lines. This approach not only saves time and resources but also ensures that the final offer resonates with target consumers. With real-life applications ranging from food products to tech gadgets, it proves that understanding customer value is key to staying competitive and successful in any industry!
