For pharmaceutical companies, understanding precisely how stakeholders, and by extension, markets, value different elements of the product and service mix, means product development can be optimised to give the best balance of attributes or value for prices the market is willing to pay. This will result in different products produced for different segments (or unmet needs) aiming to maximise the value the stakeholder gets from the products or services the company offers.
Conjoint analysis helps determine what combination of a limited number of attributes is most influential on stakeholder choice or decision making. It can be a very useful tool for decision-making. However, it is often misunderstood and misused. Here are the 15 key questions to help to decide if (i) a conjoint analysis is the right tool, for a particular job, and (ii) how to get the best from one. Read more