Eight (8) new Scientific Strategy nodes became available for the Market Simulation (Community Edition) in KNIME 3.7. Those new nodes include:
- Bundle Generator Node
- Price War Node
- Scale Distributions Node
- Scale Purchased Node
- Scale Demographic Node
- Tune Market Node
- Demand Curve Node
- Price Sensitivity Node
Bundle Generator Node
The Bundle Generator node aggregates together a Bundled Product from a selection of individual Products.
Price War Node
The Price War node sets Maximizing Prices for each Competitor’s Products then dynamically reacts to the Price adjustments of the other Competitors.
Scale Distributions Node
The Scale Distributions node scales the Willingness To Pay (WTP) Customer Distributions for select Products until a target Market Share is reached.
Scale Purchased Node
The Scale Purchased node scales the Willingness To Pay (WTP) of individual Customers depending upon the Product they Purchased.
Scale Demographic Node
The Scale Demographic node scales the Willingness To Pay (WTP) of individual Customers after being split by a Demographic or Nominal Attribute.
Tune Market Node
The Tune Market node is designed to take incoming Product-level Customer Distributions and quickly tune them to create Product-level Willingness To Pay (WTP) Distributions.
Demand Curve Node
The Demand Curve node generates the Demand Curve for a set of Products and identifies the ‘Profit Maximizing Price’ for each Product by Brand, Store, Location, Family, Category, and Platform.
Price Sensitivity Node
The Price Sensitivity node measures the sensitivity of every Product in the Market to a change in Price by every other Product in the Market.
The Scale Distributions node is designed to take Willingness To Pay (WTP) Customer Distributions for Products from the Input WTP Matrix and scale them by either a fixed amount or until a target Market Share is reached.
The Scale Demographic node changes the Willingness To Pay (WTP) values of all Customers who have been split by demographic or other criteria. The Scale Demographic node typically sits downstream of the KNIME 'Row Splitter' which splits Customers into a 'Top WTP Matrix' and 'Bottom WTP Matrix' - both of which can then be scaled.
The Tune Market node is designed to take raw Customer Distributions for Products found in the Market and quickly tune them to create a Willingness To Pay (WTP) Matrix. The WTP Matrix quantifies the maximum Price that each Customer would pay for each Product in the Market.