Question

Detailed note on conjoint and discriminant analysis

Answer 1

Explanation:

Conjoint analysis is a statistical technique that helps in forming subsets of all the possible combinations of the features present in the target product. These features used determine the purchasing decision of the product. ... The process of conjoint analysis has found its applications in various disciplines.

Answer 2

Conjoint and discriminant analysis are statistical analysis.

Explanation:

• Discriminant analysis is used to analyze the relations between a non metric dependent variable and a metric or an independent variable. It is based on the accuracy rate and ability to predict the known group of variables within dependent categories.  

• Conjoint analysis is a statical tool that has features that help to determine the purchase decision of the target product.  

• It's commonly used in market research to determine how people value different products differently. It can influence the choice of decision making. It is also based on the ranking, rating of attributes.

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