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Optimal Promotional Effort Policy in Innovation Diffusion Model Incorporating Dynamic Market Size in Segment Specific Market
International Journal of Mathematical, Engineering and Management Sciences Pub Date : 2020-08-01 , DOI: 10.33889/ijmems.2020.5.4.055
Sunita Mehta , Kuldeep Chaudhary , Vijay Kumar

Due the increasing globalization of market and diverse consumer groups, market segmentation becomes an ever more important concept in current market scenario. After market segmentation, firms use the available promotional strategies to target market. In this paper, we present a model of determining the optimal dynamic promotional policies for a product in segmented market incorporating dynamic market size, where sales is assumed to be evolved through mass and differentiated promotion. Mass promotional effort is allowed in whole market with a fixed spectrum for each segment while differentiated promotion is targeted to each segment independently. The optimal promotional effort policy for each segment is obtained by applying maximum principle. Numerical illustrations are provided to show the effectiveness of the proposed method and solution procedure by discretizing the optimal control model. Furthermore, sensitivity analysis of the discount rate parameter is carried out and presented. KeywordsMaximum principle, Dynamic potential market, Differentiated promotion, Mass promotion.

中文翻译:

细分市场中具有动态市场规模的创新扩散模型的最优促销努力策略

由于市场的全球化和多样化的消费群体的日益增多,在当前市场情况下,市场细分变得越来越重要。市场细分后,公司使用可用的促销策略来瞄准市场。在本文中,我们提出了一种模型,该模型确定了结合动态市场规模的细分市场中产品的最佳动态促销政策,其中假定销售额是通过大规模促销和差异促销来演变的。允许在整个市场中针对每个细分市场进行固定范围的大规模促销,而针对每个细分市场分别进行差异化促销。通过运用最大原则获得针对每个细分市场的最佳促销工作策略。通过离散化最优控制模型,提供了数值说明,以显示所提出的方法和求解过程的有效性。此外,还对折现率参数进行了敏感性分析。关键字:最大原则,动态潜在市场,差异化促销,大规模促销。
更新日期:2020-08-01
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