Let's assume that you have a target share that you are trying to match, and would like the simulator to find the specific price that will result in the product having that share. This can often happen when doing Willingness-to-Pay calculations.
For example, what price of BrandB would be required to match BrandA's share? You use the Choice Simulator to define two products:
Product Specifications:
Product Name Brand Style Price
"BrandA" 1 1 1
"BrandB" 2 2 =solveforshare(50)
The SolveForShare() function can be used to find the value which results in the specified share. =solveforshare(50) specifies that BrandB should have 50% share (since there are only two products, BrandA's share should also be 50%). When you run the simulation, the following shares of preference are displayed:
Shares of Preference for Products:
BrandA 50.0
BrandB 50.0
The price value for BrandB will also be displayed:
Price:
BrandA 1
BrandB 3.2