CHOICE-BASED CONJOINT ANALYSIS
A Choice-Based Conjoint Analysis (CBC) helps figure out what people like and how much they’re willing to pay for it. In CBC, people are asked to pick between different products and say which one they prefer. This helps see what factors are important to them, like the brand, price, or features of a phone, and how these affect their decision to buy.
BENEFITS OF CBC:
An easy-to-use tool that simulates the market in real-time. It’s designed for people who want to understand how things might go in the market. It already has some analyses ready for different questions you might have.
APPLICATIONS OF CBC
What price would maximize sales for a new product?
In this situation, the best price for the energy drink AMP is $1.39. This price gives the highest chance that people will buy it, around 15%.