Conjoint analysis with textual external information

In market research, we often need statistical methods able to jointly deal with numerical and textual variables. In market segmentation, several tools have been proposed for profiling customers’ behaviours and choices, surveying a sample of potential buyers. The so called full profile method characteristic of Conjoint Analysis sometimes seems too rigid in its experimental structure. Here we propose a procedure aimed at integrating Conjoint Analysis, with textual information achieved by answers to open-ended questions. This procedure improves the understanding of the preference structure and the ideal product definition. An empirical analysis on watch market shows the evidence of this proposal.