Can benefit-based conjoint analysis benefit product design?
LinkedIn, January 31, 2017
In a post on LinkedIn, Principal Rene Befurt of Analysis Group summarizes a Marketing Science article introducing a significant development in the field of conjoint analysis. Commenting on “Benefit-Based Conjoint Analysis,” by Dong Soo Kim, Roger A. Bailey, Nino Hardt, and Greg M. Allenby, Mr. Befurt describes the new methodology and touches on its potential effects on the practice of conjoint analysis and market research. The new approach focuses on analysis of the consumer's perceived value of the benefits of a product's features, rather than the traditional analysis of the technical attributes of the features themselves. This shift, for example, can allow practitioners to make better allocation and investment decisions in early-stage R&D, or determine the attributes on which firm should spend advertising dollars to create maximum value.
Mr. Befurt's commentary is published in his role as a Marketing Sciences Ambassador, an initiative of the journal Marketing Science to promote increasing awareness of leading-edge academic research among practitioners.