Conjoint analysis

Our definition of Conjoint Analysis: 

A quantitative research technique that reveals preferences for product attributes and values -generally including price and/or brand. Conjoint analysis is generally composed of three components: research design, fielding, and simulation.

Through the conjoint research design, the total number of combinations between product attributes, say N, (i.e., brand, color, engine size, price) and their corresponding "levels," say M, (i.e., for color: white, red, blue) is significantly reduced below N*M. This approach enables a respondent to be exposed to a limited set of questions (generally 10 to 20) that represent all possible N*M combinations.

During the fielding process, respondents either rate or rank each card or potential product. And finally, using the collected data, the researcher can simulate or evaluate all N*M combinations-attempting to create the ideal product.