Somewhere in your market research story you're going to have to tell your audience what consumers are actually willing to pay for the product that you've so perfectly positioned in the market. Part of the way you're going to do that is to understand what consumers are willing to pay for features and what combination of features, including your brand name, is the best for your offerings. In this lesson, we are specifically going to introduce conjoint analysis. When we finish this lesson, you'll be able to define conjoint analysis and discuss how conjoint analysis is used for product design. Conjoint analysis is essentially looking at how consumers trade off between different product attributes that they might consider when they're making a purchase in a particular category. It is an approach that determines how each of a product attribute contributes to the consumer's utility. So, specifically, it helps you answer, what's the worth of an attribute and what is the worth of a part of that attribute? There are multiple resources on conjoint analysis that you have access to. It was introduced in the last course of our specialization, quantitative research, and Wikipedia also has a good introduction. Sawtooth Software has a nice overview of conjoint analysis. Apart from that, there are multiple other resources online that will help you understand how conjoint analysis works. But what we're going to talk about is how conjoint analysis plays a role in your market research. Specifically, how conjoint analysis allows you to discover good product designs or profiles. It also tells you what attribute levels a new product should have. So, for example, if you're trying to decide whether to include the best version of a particular feature or not, conjoint analysis helps you answer that question. It also tells you how an attribute or a level should be priced in the market place. It can also tell you the value of your brand name. Finally, it also allows you to determine market shares for various profiles. And it's useful before the actual production or launch of a particular product in the marketplace. Now while we will not carry out an actual conjoint analysis, I will show you how conjoint analysis works and how you can derive inferences from it in the next video.