A First Word on Terminology
Unfortunately,
market researchers often misuse the word "conjoint." They
tend to refer to discrete choice analysis as “conjoint analysis,”
which creates confusion and misunderstandings at best, and the use
of a wrong methodology at worst, because the client and the researcher
are not correctly communicating. Sometimes they qualify the former
as choice-based conjoint. A conjoint analysis is based on preference ratings for a single product configuration, while discrete choice analysis is an analysis of a choice from two or more product configurations. A choice-based conjoint model allows the researcher to estimate share concepts (e.g., market share, share of preference, share of wallet or budget). In this chapter, ...
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