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Problem Setting

In: Applied Conjoint Analysis

Author

Listed:
  • Vithala R. Rao

    (Cornell University)

Abstract

Several interdependent decisions are involved in the formulation of a marketing strategy for a brand (of a product or service). These include not only decisions about the product’s characteristics but also its positioning, communication, distribution, and pricing to chosen sets of targeted customers. The decisions will need to be made in the wake of uncertain competitive reactions and a changing (and often unpredictable) environment. For a business to be successful, the decision process must include a clear understanding of how customers will choose among (and react to) various competing alternatives. It is well accepted in marketing that choice alternatives can be described as profiles on multiple attributes and that individuals consider various attributes while making a choice. While choosing, consumers typically make trade-offs among the attributes of a product or service. Conjoint analysis is a set of techniques ideally suited to studying customers’ choice processes and determining tradeoffs.

Suggested Citation

  • Vithala R. Rao, 2014. "Problem Setting," Springer Books, in: Applied Conjoint Analysis, edition 127, chapter 0, pages 1-36, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-87753-0_1
    DOI: 10.1007/978-3-540-87753-0_1
    as

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