When to Use It: 

You want to test a range of possible hypothetical scenarios on customers in settings that you cannot test in the field. Conjoint and Max-diff fall under this umbrella.

What It Tells You: 

What factors lead to desired consumer choices, e.g:

• Price sensitivity
• Which potential product features are most promising
• Which ways of describing a product are most appealing
  

Common Data Sets: 

Carefully designed survey instrument.

Statistical Methods: 

• Conjoint
• Max-diff
• Algorithmic experimental design
• Multinomial logistic regression