Choice-Based Conjoint Analysis in Excel
Originally published: 21/01/2021 17:11
Publication number: ELQ-13270-1
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Choice-Based Conjoint Analysis in Excel

Identify utility and importance of products' characteristics and market share of prospective products.

Description
Choice-based conjoint analysis identifies the preferences of potential customers and customers regarding specific characteristics of a product. With these preferences, we can both identify the most important characteristics of a product and calculate the market share of new prospective products. Compared to the traditional Conjoint Analysis, this model shows better results because it represent a more similar situation to the reality: the interviewee has to choose among several options to buy.

This tool will allows you to:

- define the design of the survey: number of possible products, combination of products per question, and combination of questions for the survey. The tool uses a mix of random and probability methods using the principles of utility balance (it is recommended not to show very different products in one question), minimum within-task overlap (important if you have a large number of combinations), orthogonality (uniform repetition of pairs of levels), and level balance (each level appears a similar number of times in the survey). The tool also suggest you a minimum sample size for the survey.

- fill the results of the survey and automatically perform a conditional multinomial logit analysis using Solver in order to get the necessary coefficients to calculate levels' utility, attributes/characteristics' importance, and market share of new or hypothetical products.

Limitations:
- up to 5 attributes (characteristics) each with up to 5 levels
- up to 5 products per question
- up to 20 questions per survey

Requirements: you need Excel 2016 or later version. Besides, you need to enable macros and activate the free Solver add-in

This Best Practice includes
1 Excel template

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Further information

you need to define the questions of a survey for a choice-based experiment and analyze the data using a coice-based conjoint analysis

This tool doesn't design the actual survey, you will need to do it using a different tool such as SurveyMonkey or Google Forms

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