Case Study Analysis and Solutions

Simulation ID: 515713

Abstract:
Simulation Solution for Marketing Simulation: Using Conjoint Analysis for Business Decisions by Elie Ofek, Olivier Toubia
This simulation is designed to reinforce student understanding and use of one of the most popular market research methods in academia and practice - conjoint analysis. The goal is to provide users with an appreciation of how conjoint analysis output can be relevant in practice, and to provide a highly interactive experience of using conjoint analysis for managerial decision-making. The simulation, delivered entirely online, gives students concrete exposure to key business concepts such as demand curves, segmentation, profit functions, competitive responses, vertical and horizontal differentiation, optimal pricing, niche vs. mass market strategies, product portfolio management, and brand equity. In all cases, the link to conjoint analysis and its output is made explicit. It includes two scenarios: the Green Car exercise and the Over-the-Counter Cold and Flu Medicine exercise. Across these two scenarios, students work on a series of goals and face a host of competitive settings. In order to inform their decisions in each of the settings, students have access to the results of a conjoint analysis study. They can see these results in various ways and can run market simulations (e.g., what would demand in units or sales be for each product and price tested/simulated under various conditions).

Keywords:
Marketing, Marketing Simulation Using Conjoint Analysis for Business Decisions Solution

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