Marketplace Simulations: Product Design And Market Response Functions

The Product Design and Market Response Functions microsimulation is designed for undergraduate and graduate marketing courses, or any business course with a component of product design. It builds on the concepts introduced in the Fundamentals of Product Design microsimulation.
Challenge your students to use the concept of market response functions to design the perfect backpack for the college student customer segment. Students will start by learning what a market response function is and exploring the most common market response functions. They will identify the market response functions of several product features across different product categories. They will learn how to interview potential customers to determine their preferences and how to gather data about customer behavior. They will use this data to deduce market response functions for product features. In the final challenge, students apply what they learned in a practical business scenario. They use market response functions to pick the best components for a backpack that will maximize customer satisfaction.
Product Design and Market Response Functions is part of the Marketplace microsimulations ecosystem. The bite-sized format, quick delivery, and self-paced structure maximize students' focus, engagement, and knowledge retention. Marketplace microsimulations are versatile and can be scheduled to align with relevant topics as they are introduced throughout the course. They can be used in a flipped classroom model as self-study prior to a class session, or in class to prompt rich discussion.
The Product Design and Market Response Functions microsimulation is also available in the Product Design bundle.
This product was designed and developed to comply with WCAG 2.1 AA standards.