Editing Conjoint analysis (section)

===Market research===

One practical application of conjoint analysis in business analysis is given by the following example: A real estate developer is interested in building a high rise apartment complex near an urban Ivy League university. To ensure the success of the project, a market research firm is hired to conduct focus groups with current students. Students are segmented by academic year (freshman, upper classmen, graduate studies) and amount of financial aid received. Study participants are shown a series of choice scenarios, involving different apartment living options specified on six attributes (proximity to campus, cost, telecommunication packages, laundry options, floor plans, and security features offered). The estimated cost to construct the building associated with each apartment option is equivalent. Participants are asked to choose their preferred apartment option within each choice scenario. This forced choice exercise reveals the participants' priorities and preferences. Multinomial logistic regression may be used to estimate the utility scores for each attribute level of the six attributes involved in the conjoint experiment.  Using these utility scores, market preference for any combination of the attribute levels describing potential apartment living options may be predicted.{{Citation needed|date=June 2023}}

The market research approach, Mind Genomics (MG), is an application of Conjoint Analysis (CA). CA is carried out to evaluate consumer acceptance, presenting them with a set of product attributes and assessing their preferences for different attribute combinations by estimating the utility scores for different attribute levels. MG applying CA delves deeper into the psychological and emotional aspects that influence decision-making, assisting in the initial identification of the attributes that are most salient to consumers and helping researchers refine the attributes to be used in CA.<ref>{{Cite journal |last=Porretta |first=Sebastiano |last2=Gere |first2=Attila |last3=Radványi |first3=Dalma |last4=Moskowitz |first4=Howard |date=February 2019 |title=Mind Genomics (Conjoint Analysis): The new concept research in the analysis of consumer behaviour and choice |url=https://linkinghub.elsevier.com/retrieve/pii/S092422441730287X |journal=Trends in Food Science & Technology |language=en |volume=84 |pages=29–33 |doi=10.1016/j.tifs.2018.01.004|url-access=subscription }}</ref>

In a private opinion survey by US-based Populace, they used a method called choice-based conjoint (CBC) analysis to understand how Americans define success. Instead of directly asking people to define success, the survey made respondents choose between different options, simulating real-life decision-making.<ref>{{cite web |title=Success Index: Misunderstanding the American Dream |url=https://ben-a-7aej.squarespace.com/s/Success-Index-Misunderstanding-the-American-Dream |publisher=Populace |access-date=26 September 2024}}</ref>