Conjoint analysis is a market research technique used to understand how consumers make decisions by analyzing their preferences for different product features. It involves presenting consumers with a series of hypothetical product profiles and asking them to choose their preferred option. By systematically varying the features and prices of the products, conjoint analysis can determine which features are most important to consumers and how much they are willing to pay for them. This information can then be used to develop and optimize products and pricing strategies that align with consumer preferences and drive sales.