A Mathematical Model of Consumer Behavior
Open Access
- 1 August 1965
- journal article
- research article
- Published by SAGE Publications in Journal of Marketing Research
- Vol. 2 (3) , 259-265
- https://doi.org/10.1177/002224376500200305
Abstract
A mathematical model is presented of consumer behavior in the marketplace under advertising stimulation. The model relates advertising effort to attitude changes and consumer purchases, using a nonstationary Markov process. A new analytical method of handling nonstationary stochastic matrices is developed. The behavior of brand shares under different market conditions is considered along with numerical examples of how the model operates.Keywords
This publication has 2 references indexed in Scilit:
- The Dynamics of Brand Loyalty: A Markovian ApproachOperations Research, 1962
- Nonnegative Square MatricesEconometrica, 1953