In this section, we'll discuss how to use the choice simulator to answer some common strategic questions introduced earlier:
•Given a current competitive environment, what product should I offer to maximize interest in my offering?
•What is the relative price sensitivity of different brands? If I raise my price by 10%, how will it affect my brand?
•What portfolio of products can I offer to appeal to different market segments and maximize overall share?
For the examples in this section, we'll assume the following three attributes, measured using three levels each:
Brand:
1 BrandA
2 BrandB
3 BrandC
Style:
1 StyleA
2 StyleB
3 StyleC
Price:
1 $100
2 $150
3 $200
The results reported in this section are fictitious and not based on any particular data set.