Hello everyone,
for my Masters thesis im conducting a CBC on vinyl records. After a brainstorming session with 20 vinyl buyers these attributes will be part of my CBC:
Condition of the record
Condition of the cover
Limitation
Color
Additional Gimmicks (like Posters)
Edition (first press, repress)
Almost everyone in the brainstorming session mentioned price as an important attribute. But concerning different price levels in different genres there´s simply no way to find an average price suiting for every genre. Is there a way to solve this problem? Thanks in advance
Best Wishes
Daniel
The answer of your question is Yes. Because 'Conjoint Analysis' is a market research technique in which respondents are asked to make decisions based on trade-offs between various product or service attributes/features. This is commonly accomplished by awarding a rank on a scale of upper and lower limits labeled 'Most Preferred' and 'Least Preferred,' respectively.
Here's one suggestion:
[1] Use price. Otherwise, the responses will not be realistic.
[2]] As you introduce the conjoint survey to respondents, develop a scenario which describes the genre of the music. Then, vary prices in a way that is suitable for the genre. If you wish, vary the genre across different sets of respondents. Then, see if price response differs by genre.
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