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2 months ago
Define conjoint analysis and identify the reason why marketers use this concept in market testing.
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Marketing Management
Edition: 13th
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Consumers' preferences for alternative product concepts can be measured through conjoint analysis, a method for deriving the utility values that consumer attach to varying levels of a product's attributes. The fact that marketers can note consumer's preferences for alternatives makes this a valuable tool to marketers. Also, management can identify the most appealing offer and its estimated market share and profit.
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