white paper: Market simulation- applications and misconceptions
As a marketing professional you continuously need to find the best product options for a variety of company objectives such as increase market share, grow profitability, reach revenue targets, add a specific number of new customers etc The most effective marketing research tool to predict market reaction to specific product options is a market simulator. The simulator enables you to conduct what-if scenarios to investigate market response to each of your product options.
The Market Simulator converts survey data from your market research into a more comprehensible and usable format. Within a simulated market scenario your products are introduced and the simulator will report the percentage of respondents projected to choose each product or pricing package.