This is a hands-on, practical full-day software training covering the depth of features and settings available within Sawtooth's choice simulator, also known as the market simulator. That’s why we call this an A-Z training!
Come learn how market simulations can tackle business questions and find near-optimal solutions (e.g., pricing, product configurations, targeting specific segments) with realism and specificity to the competitive effects in the marketplace as well as the variety of consumer preferences. Conducting market simulations is the important next step beyond just computing and summarizing utility scores that you need to extract the most value from your conjoint analysis studies.
Sawtooth's Windows-based desktop choice simulator is fully integrated within the Lighthouse Studio platform, and is also available for analysts or clients as a standalone software product. In this workshop, we’ll discuss:
The pros/cons of the different market simulation models (first choice, share of preference, randomized first choice)
IIA (the “red-bus/blue-bus” issue) and how to reduce its ill effects
Setting up segmentation variables and weights
Interpolation and extrapolation of continuous attributes
Data reporting options, including shares of preference, revenues, profits, and costs
Adjusting the scale factor (exponent—flatness or steepness of the simulated shares of preference)
Adjusting the model to account for differential product distribution and also awareness
Calibrating the market simulator to predict actual market shares (and the challenges involved)
Product optimization searches, including multi-objective genetic algorithms (MOGA)
Exporting/creating client simulators in Excel
Solve for share function (to find the price that achieves a target share of preference result for the client’s product offering)
Automating the computation of robust simulation-based Willingness to Pay (WTP) measures
And much more!
Go beyond the basics of choice modeling and add key methodologies to your toolbox in this one-day, hands-on training. For this new course, being taught for the first time at this event, we’ve assembled the advanced analytical tools that we have found to be the most useful and most commonly applied in our market research and decision sciences work.
Through a combination of instruction and hands-on practice, attendees will master multiple techniques including:
Relevant Items and Bandit MaxDiff designs for complex MaxDiff applications
TURF search for optimization problems
Needs-based segmentation using Latent Class MNL
Clustering using both K-means and Latent Class approaches
Key-Drivers Analysis for understanding respondent behaviors
Van Westendorp PSM for solving pricing problems
Sensitivity Analysis for getting deeper insights from your conjoint models
Simulation Search procedures for finding optimal product designs
Our instructors will walk you through hands-on practice with exercises pulled from their own projects and experiences. Most techniques will be performed using the Sawtooth suite of software products which will be provided to attendees while a few methods will require us to use free, third-party software tools.
Don’t miss this opportunity to pick up some skills and widen your own area of research expertise!
