Icon

MS-191 Free Trial v05

[Market Simulation] MS-191 Free Trial
Market Simulation (MS-191) - Free TrialShows how a free or discounted Product trial can increase trust in the Brandand raise the Customer's Willingness To Pay (WTP). When the Product againreturns to full Price the sale of the Product will increase. Competitive Story:This simple Market Simulation models the impact of a free trial on CustomerDemand for Spacely Sprockets. Assume that each time a Customer buys SpacelySprockets they increase their appreciation of the value (their WTP) by 20%. Thesimulation takes place over 3 steps. The first step: (1) Spacely charges full Pricefor his Sprockets. The step iteration: (2) Spacely sells his Sprockets for free hopingto induce Customer trial. The third step: (3) Spacely again charges full Price.Customers who tried his Sprockets are now more likely to buy. Define the Willingness To Pay(WTP) of Customers for SpacelySprockets. Step 1: Spacely Sprocketscharges Full Price Step 2: Spacely Sprockets offersFree Trial Step 3: Spacely Sprockets againcharges Full Price Step 1 Customers = 2146Step 2 Customers = 5898Step 3 Customers = 2658Spacely SprocketsCustomer WTPSpacely SprocketsFull PriceCustomers with HighWTP PurchaseIf PurchaseIncrease WTPby 20%Spacely SprocketsFree TrialWTP > 0.0Customers PurchaseIf PurchaseIncrease WTPby 20%Spacely SprocketsFull PriceMore CustomersNow Purchase CustomerDistributions Table Creator Simulate Market Scale Purchased Table Creator Simulate Market Scale Purchased Table Creator Simulate Market Market Simulation (MS-191) - Free TrialShows how a free or discounted Product trial can increase trust in the Brandand raise the Customer's Willingness To Pay (WTP). When the Product againreturns to full Price the sale of the Product will increase. Competitive Story:This simple Market Simulation models the impact of a free trial on CustomerDemand for Spacely Sprockets. Assume that each time a Customer buys SpacelySprockets they increase their appreciation of the value (their WTP) by 20%. Thesimulation takes place over 3 steps. The first step: (1) Spacely charges full Pricefor his Sprockets. The step iteration: (2) Spacely sells his Sprockets for free hopingto induce Customer trial. The third step: (3) Spacely again charges full Price.Customers who tried his Sprockets are now more likely to buy. Define the Willingness To Pay(WTP) of Customers for SpacelySprockets. Step 1: Spacely Sprocketscharges Full Price Step 2: Spacely Sprockets offersFree Trial Step 3: Spacely Sprockets againcharges Full Price Step 1 Customers = 2146Step 2 Customers = 5898Step 3 Customers = 2658Spacely SprocketsCustomer WTPSpacely SprocketsFull PriceCustomers with HighWTP PurchaseIf PurchaseIncrease WTPby 20%Spacely SprocketsFree TrialWTP > 0.0Customers PurchaseIf PurchaseIncrease WTPby 20%Spacely SprocketsFull PriceMore CustomersNow PurchaseCustomerDistributions Table Creator Simulate Market Scale Purchased Table Creator Simulate Market Scale Purchased Table Creator Simulate Market

Nodes

Extensions

Links

Download

To use this workflow in KNIME, download it from the below URL and open it in KNIME:

Download Workflow
Created by: Berlin
Created at: 2018-11-29
On NodePit since: 2021-02-05
Last update: 2024-11-23
Created with KNIME version: v4.3.0

Deploy, schedule, execute, and monitor your KNIME workflows locally, in the cloud or on-premises – with our brand new NodePit Runner.

Try NodePit Runner!