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Techniques (Quantitative)
- Conjoint analysis Conjoint Analysis is an advanced and well- proven market research technique that helps to simulate indirectly how people make decisions and what they really value in the products, services and trade-offs they make or prepare to make in their decision-making. Conjoint analysis is perfect for answering questions such as "Which should we do, build in more features, or bring our prices down?" or "Which of these changes will hurt our competitors most?" The model was developed in the 1960s; the model assumes that the preference ("likeability") for a product is the weighted sum of how well the product performs ("scores") on a number of attributes.
- In our world of pharmaceutical products a doctor's preference for a product would be the product's score on product attributes of, say, efficacy, safety, ease of administration and price, with each score given a weight according to how important the attribute is. Depending on the objectives of a project, we at LSD would use most appropriate conjoint technique:
- ACA - Adoptive Conjoint Analysis is a computer- based data capture. The term "adaptive" refers to the fact that the computer-administered interview is customised for each respondent. Data are analysed as the interview progresses, and questions are chosen likely to reveal the most about the respondent's values in the shortest time. ACA is an excellent alternative to full-profile conjoint when you have a large number of attributes. This paper provides a description of the adaptive technique, including technical details.
- CBC - Choice-Based Conjoint" Analysis (CBC) is a computer-based software for conducting choice-based conjoint studies. The main characteristic distinguishing choice-based conjoint analysis from other types is that the respondent expresses preferences by choosing concepts from sets of concepts, rather than by rating or ranking them.
- Discreet choice - Discrete Choice Analysis is a powerful method for predicting the choices that consumers/doctors will make when presented with alternatives. When presented with distinct options, consumers will choose the direction that is the most likely representative of their purchase decisions.
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