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MS-196 Learning Curves v05

[Market Simulation] MS-196 Learning Curves
Market Simulation (MS-196) - Learning CurvesSimulates how Customers overcome their mistrust of Products and move upthe 'Learning Curve' as they become more familiar with the Brands and Features within the Category. Competitive Story:This Market Simulation is designed to model Customers being introduced to anew Category of headache medicine (based on Acetaminophen). At first,Customers deeply mistrust all of the Products and Brands in the Category -especially the "Ultra Strength" Products. But over time their familiarity with theCategory grows and their mistrust dissipates. If they buy a Brand then their trust ofall the Products in that Brand increases. If they buy Regular Strength then theirwillingness to try the Ultra Strength also increases. All the headache medicinesare made with Acetaminophen - only the Brand and dosage differ. Step 1: Define the Products andthe Customer Willingness ToPay (WTP) for all of the Features. Step 2: Iterate the MarketSimulation so that Customersbecome more familiar with theBrands and Product Strength. Step 3: If the Customerpurchased a Headache MedicineProduct then reduce theirMistrust of related Products. Step 5: Update the Feature WTPMatrix and feed the increasedWTP values back to thebeginning of the loop. Step 4: Decrease the Mistrust ofthe new Product Category for allof the Customers. Step 6: Predict how CustomerPurchase Patterns might changeover time.Medicine Brandsand FeaturesFeatureWTP MatrixPredict ProductPurchasedIterate NextPurchase ChoiceIncrease Trust ofPurchased BrandCollect ResultsLoop Feature WTPTrack CustomerPurchase HistoryIncrease Trust ofPurchased FamilyRegular / UltraFeatureTableProductFeaturesCustomerWTP MatrixIncrease Trust ofPurchased CategoryAcetaminophenTop: ProductsBottom: FeaturesIncrease Trust ofPurchasedUltra StrengthCustomerShopping CartsSelect SingleCustomerCustomer WTPOver TimeJoin Featureand Product WTP Table Creator CustomerDistributions Simulate Market RecursiveLoop Start Scale Purchased Recursive Loop End RowID Scale Purchased Table Creator Feature TableTo List Product Generator Scale Purchased Column Splitter Scale Purchased GroupBy Row Splitter Line Chart(JFreeChart) Column Appender Market Simulation (MS-196) - Learning CurvesSimulates how Customers overcome their mistrust of Products and move upthe 'Learning Curve' as they become more familiar with the Brands and Features within the Category. Competitive Story:This Market Simulation is designed to model Customers being introduced to anew Category of headache medicine (based on Acetaminophen). At first,Customers deeply mistrust all of the Products and Brands in the Category -especially the "Ultra Strength" Products. But over time their familiarity with theCategory grows and their mistrust dissipates. If they buy a Brand then their trust ofall the Products in that Brand increases. If they buy Regular Strength then theirwillingness to try the Ultra Strength also increases. All the headache medicinesare made with Acetaminophen - only the Brand and dosage differ. Step 1: Define the Products andthe Customer Willingness ToPay (WTP) for all of the Features. Step 2: Iterate the MarketSimulation so that Customersbecome more familiar with theBrands and Product Strength. Step 3: If the Customerpurchased a Headache MedicineProduct then reduce theirMistrust of related Products. Step 5: Update the Feature WTPMatrix and feed the increasedWTP values back to thebeginning of the loop. Step 4: Decrease the Mistrust ofthe new Product Category for allof the Customers. Step 6: Predict how CustomerPurchase Patterns might changeover time.Medicine Brandsand FeaturesFeatureWTP MatrixPredict ProductPurchasedIterate NextPurchase ChoiceIncrease Trust ofPurchased BrandCollect ResultsLoop Feature WTPTrack CustomerPurchase HistoryIncrease Trust ofPurchased FamilyRegular / UltraFeatureTableProductFeaturesCustomerWTP MatrixIncrease Trust ofPurchased CategoryAcetaminophenTop: ProductsBottom: FeaturesIncrease Trust ofPurchasedUltra StrengthCustomerShopping CartsSelect SingleCustomerCustomer WTPOver TimeJoin Featureand Product WTPTable Creator CustomerDistributions Simulate Market RecursiveLoop Start Scale Purchased Recursive Loop End RowID Scale Purchased Table Creator Feature TableTo List Product Generator Scale Purchased Column Splitter Scale Purchased GroupBy Row Splitter Line Chart(JFreeChart) Column Appender

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Created by: Berlin
Created at: 2018-11-27
On NodePit since: 2021-02-05
Last update: 2024-04-27
Created with KNIME version: v4.3.0

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