Conjoint analysis

Conjoint analysis is a market research method of defining the price of a product or service that relies upon respondents making tradeoffs between potential offers to reveal their preferences.

It provides a quantitative estimate of the contribution that each attribute makes to the purchase decision by varying them over as many levels as is reasonable. This analysis reveals the relative importance of price to other attributes and provides a measure of the sensitivity to each attribute (which can help estimate price elasticity).