Advance Methods Flashcards
1
Q
Conjoint Analysis
A
Method to figure out how people value different features that make up a product or service
Predict how people make complex choices by asking them to make trade-off decisions
Shows them combinations of features and asks them to choose or rank their preferences.
2
Q
Example Conjoint Analysis
A
Example:
If you were designing a new smartphone, you might test combinations like:
Long battery life + High camera quality + Medium price
Medium battery life + Best camera quality + High price
etc
3
Q
Cluster Analysis
A
Categorized similiar items into into similar groups based on a set of variables considered
4
Q
Types of clustering methodologies
A
K-means clustering (aka. centroid clustering)
Hierarchical Clustering (aka. connectivity cluster)
