Summary
The model of consumer behavior relates advertising effort to attitude changes and consumer purchases, using a nonstationary Markov process. An 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.
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© 1976 Springer-Verlag Berlin Heidelberg
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Lipstein, B. (1976). A Mathematical Model of Consumer Behavior. In: Mathematical Models in Marketing. Lecture Notes in Economics and Mathematical Systems, vol 132. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51565-1_12
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DOI: https://doi.org/10.1007/978-3-642-51565-1_12
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-07869-2
Online ISBN: 978-3-642-51565-1
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