Choice-Based Conjoint Analysis in Excel

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