Market Simulation nodes by Scientific Strategy for KNIME - Community Edition version 4.3.1.v202102181051 by Decision Ready, LLC
The Geographic Shredder node compares the Geographic Location of each Customer against the Location at which each Product is available. It will then shred those Products that are not available from the Customer's Consideration Set by setting their WTP to zero.
The Location of each Customer can be pre-defined upstream by setting the 'Location' column of the Input WTP Matrix. If this 'Location' column is missing, the node will first generate this column by placing each Virtual Customer in a geographic 'Location' according to its 'Population' as defined in the 'Input Customer Locations' table. Customers can be located in different cities across the country, or in different districts within a city. Customers can also be Located at the different online Location they prefer to shop. Customers can be systematically located in blocks, or can be randomly scattered across all locations according to the relative populations at each.
A Simulate Market node assumes, by default, that all Customers have access to all Product offerings. But this usually does not reflect the reality of the Market. A real-world Customer may never travel to an inconvenient Location to buy a Product as the 'Lost Value' may be prohibitively high, or the Customer may not be aware of that Product's existence.
Note that the Geographic Shredder node disregards the Customer's first Top Choice. While the Demand Shredder node will always retain the Customer’s Top Choice, the Geographic Shredder considers only the Location of the Customers and Products. By shredding the Customer’s Top Choice, the results of an upstream Tuning Algorithm can be significantly impacted by a Geographic Shredder node. A downstream Simulate Market node will yield different results after the WTP Matrix has been shredded than before.
Hence, unlike the Demand Shredder node, the Geographic Shredder node is best located upstream of a Market Simulation Tuning node before the final WTP Matrix values have been calculated.
Alternatively, the Demand Shredder node can be used to shred Products by Location. This guarantees the Customer will be able to purchase their Top Choice, and allows the node to be located downstream to preserve the upstream Tuning of an Input WTP Matrix. This also allows the Customer to shop at several Locations. But this does not guarantee the Population of each Location.
The Geographic Feature node is another alternative. The Geographic Feature node calculates the 'Lost Value' of each Product due to shipping cost and delay from the perspective of each Virtual Customer. This gives each Customer a wider Consideration Set, but penalizes the value of Products sold at inconvenient Locations.
To use this node in KNIME, install Market Simulation nodes by Scientific Strategy for KNIME - Community Edition from the following update site:
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