Sample interview questions: Can you share an example of a market research project where you used conjoint analysis or choice modeling?
Sample answer:
Example of Conjoint Analysis Project:
- Objective: Determine the optimal combination of features and pricing for a new smartphone.
- Methodology:
- Developed a survey using an orthogonal array design to ensure respondents evaluated all possible combinations of features and prices.
- Each respondent rated their preference for each combination on a 5-point scale.
- Analysis:
- Utilized a hierarchical Bayesian model to estimate the utility scores for each feature and price level.
- Calculated the optimal combination of features and price that maximized overall utility.
- Results:
- Identified the most important features for customers: high-resolution camera, large display, and fast processor.
- Found that customers were willing to pay a premium for a combination of these features.
- Recommended that the company launch a smartphone with these optimal features at the optimal price point to maximize sales and profitability.
Source: https://hireabo.com/job/1_0_13/Market%20Research%20Analyst