Conjoint Analysis in the Real World — Wharton’s Marketing Analytics program
This is Wharton’s Marketing Analytics program’s discussion 2.2 during week two’s module — Advanced Marketing Science via Segmentation and Conjoint Analysis. This module talks about how data can be used to segment your market. How conjoint analysis can be used to make sure you’re selling products that customers actually want. Below are the questions and my thoughts on them.
How might conjoint analysis be difficult to conduct in the real world?
List three challenges you might expect to face and share how you think these challenges could be overcome.
The challenges that might face a frim to conduct conjoint analysis in the real world are the accuracy of data collection, part-worth calculation, and implementation based on hypothesis results.
The accuracy of data collection and part-worth calculation
The accuracy of data collection and part-worths calculation sometimes can be tricky in the real world. Each step is on a hypothesis situation, which means that we cannot ensure its accuracy.
Do customers really know what they want in a product?
Plus, if we are creating something innovative that no one has ever heard of or thought of, it’s very likely to have a situation like “people don’t know what they want until you show it to them.” Once the results come out, the implementation could be even more difficult if it involves people across departments and teams on different levels.
Real-world case studies could be helpful
To overcome the challenges mentioned above, we’d need to are collect more wins and case studies from others in the real world. It would be more persuasive to have enough shreds of evidence supporting the decision and implementation.
