Node Description
Goal Seek Node
The user may define a range of Goals for a number of Products in the Market. For example, the user may wish to increase Revenue and Market Share for the Products sold by a given Store while retaining the existing level of Profitability.
The Goal Seek node makes iterative Price adjustments to each of the Products in the user-defined ‘Price Change Product Set’. The Goal Seek node then predicts how Customers in the Market will react to the changed Market Conditions.
This Premium Node is not available as part of the free Community Edition. Premium Nodes help clean and connect real-world data to Market Simulations, and provide advanced Market Science analysis. Note that these descriptions are often deliberately vague.
Downloads
Goal Seek
The Goal Seek node is designed to manipulate the Prices of a selection of Products in order to reach a set of user-defined Goals. Goals can be set for ‘Quantity’, ‘Share’, ‘Revenue’, ‘Margin’, or ‘Profit’ levels. For example, the user may wish to increase Revenue and Market Share for the Products sold by a given Store while retaining the Store’s existing level of Profitability.
Inputs
Input Product Array
The set of Products that define the Market. Each row corresponds to a Product that competes for customers in the Market.
Input Target Parameters
The set of individual Sub Goals defined by the user. Each row corresponds to a Product output Parameter that is impacted by Prices in the Market.
Input WTP Matrix
The Willingness To Pay (WTP) Customer Distribution matrix for each Product column in the Market by each Virtual Customer row. The total number of Virtual Available Customers is equal to the number of rows in the WTP Matrix.
Node
Configuration
The user can select the set of Products that will incrementally change Price in order to move the Market towards the users Goal. The ‘Price Change Product Set’ may or may not include the Focus Product, other Products with the same Brand, Store, Location, Family, Category, or Platform as the Focus Product, and Products that are top Competitive Rivals with the Focus Product. The degree of Competitive Rivalry is determined by the sensitivity the Focus Product has to a change in Price by the other Products in the Market.
Outputs
Output Product Array
The predicted Market Condition results from the Goal Seek node after changing Prices in the ‘Price Change Product Set’.
Output Target Parameters
The set of individual Sub Goals defined by the user, alongside the predicted results after the Goal Seek node changed the Market Conditions.
