Building a discrete-choice model is generally not the final step in a typical engagement. Most researchers convert a model into a simulator. This powerful tool allows marketers to configure a marketplace with various products, then assess which products might attract the greatest potential share. Normally building a simulator is a time-consuming and tedious process, taking as much as a week. The Simulator Wizard completely automates this process, taking the output from most discrete-choice estimation programs and creating an Excel-based simulator in seconds.
Calculations for:
- Diffusion
- Relative importance of attributes
- Importance of levels within attributes
- Willingness to pay
- Projected market share and revenues
In 60 seconds!
Simulator Wizard Benefits
- Translates esoteric statistical output into a form that product managers can use to make critical decisions
- Gives managers a powerful tool for pricing and positioning their product or service in a competitive marketplace
- Use of Excel allows extensive customization to suit individual requirements
- Typically pays for itself in one project
- Automatic calculation of key measures such as price elasticity and best product save considerable time
Simulator Wizard Features
General features
- Quickly builds an Excel-based market simulator that non-technicians can use
- Reads all major types of statistical output files directly; no transcription required
- Makes us of Design Wizard and Data Wizard workbooks, if available
- Inputs and outputs appear on the same screen; no scrolling is necessary
- Marketplace is entered with drop-down lists; market share appears instantaneously
- Instructions for use appear in comments
- Track Changes button facilitates scenario comparison
- Ability to analyze sub-segments of the population
- Calculates potential market share, sales and revenue
Reads output from popular estimation packages
- Latent Gold Choice
- Kenneth Train's Mixed Logit routines in Gauss
- Limdep NLOGIT
- Sawtooth Software's CBC/HB
- Biogeme
- XlStat's Conjoint program
- R's mlogit library
- R's RSGHB library
Support for complex specifications
- Nested logit models
- Latent-class choice models
- Revealed-preference models
- Mixed-logit / Random-parameters models
- Hierarchical-Bayes models
Automatic re-weighting of survey data
- Census variables are automatically detected
- Census data tables and re-weighting cells are automatically added to the simulator
- As an option, the Wizard will automatically weight results to the most recent Census tables
- Include your own weights or choose not to weigh
Included Census tables
- Age and income for households
- Age, gender, income and education for persons
- Age, marital status and number of children for families
- Revenue and employees for businesses
- Age and gender for US, Australia, UK, France, Germany, Italy and Spain
Special features
- Diffusion model forecasts adoption over time
- Price curves sheet generates demand curves and market share charts
- Feature importance sheet calculates elasticities, relative importance and willingness to pay
- Scenario saver sheet stores marketplace scenarios
- One-click optimization of product offering in a competitive setting
Extensibility
- Using Excel as a platform facilitates incorporation of external data or analysis
- A button click instantly adds formulas for fixed costs, variable costs and unit profit
Purchase comes with a half-day of consulting, which can be used for customization.
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Help Files
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Software Requirements
- Microsoft Windows® operating system
- Microsoft Excel® 2000 or later