Optimal promotion planning for a product launch in the presence of word-of-mouth
Marketing managers concern that Word-of-Mouth (WOM) can affect the efficiency of sales promotion policy. Sales promotion might also amplify the strength of WOM which further complicates decision-making. In this study, we deploy an agent-based simulation optimization framework to find an efficient sa...
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| Vydáno v: | Journal of retailing and consumer services Ročník 64; s. 102821 |
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| Hlavní autoři: | , , |
| Médium: | Journal Article |
| Jazyk: | angličtina |
| Vydáno: |
Elsevier Ltd
01.01.2022
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| Témata: | |
| ISSN: | 0969-6989, 1873-1384 |
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| Abstract | Marketing managers concern that Word-of-Mouth (WOM) can affect the efficiency of sales promotion policy. Sales promotion might also amplify the strength of WOM which further complicates decision-making. In this study, we deploy an agent-based simulation optimization framework to find an efficient sales promotion plan in the presence of WOM for launching re-purchasable products. In this model, consumers' purchase decisions are influenced by price history, availability and satisfaction of the consumers, and positive/negative WOM. We show that taking WOM on board while determining the promotion plan can significantly increase the net present value. However, amplifying WOM might damage the firm's profit for some product categories. |
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| AbstractList | Marketing managers concern that Word-of-Mouth (WOM) can affect the efficiency of sales promotion policy. Sales promotion might also amplify the strength of WOM which further complicates decision-making. In this study, we deploy an agent-based simulation optimization framework to find an efficient sales promotion plan in the presence of WOM for launching re-purchasable products. In this model, consumers' purchase decisions are influenced by price history, availability and satisfaction of the consumers, and positive/negative WOM. We show that taking WOM on board while determining the promotion plan can significantly increase the net present value. However, amplifying WOM might damage the firm's profit for some product categories. |
| ArticleNumber | 102821 |
| Author | Modarres, Mohammad Bigdellou, Saeide Aslani, Shirin |
| Author_xml | – sequence: 1 givenname: Saeide orcidid: 0000-0001-9546-9722 surname: Bigdellou fullname: Bigdellou, Saeide email: saeide.bigdellou@ie.sharif.edu organization: Department of Industrial Engineering, Sharif University of Technology, Tehran, 11365/8639, Iran – sequence: 2 givenname: Shirin orcidid: 0000-0002-6012-5951 surname: Aslani fullname: Aslani, Shirin email: sh.aslani@sharif.edu organization: Graduate School of Management and Economics, Sharif University of Technology, Tehran, 11365/8639, Iran – sequence: 3 givenname: Mohammad surname: Modarres fullname: Modarres, Mohammad email: modarres@sharif.edu organization: Department of Industrial Engineering, Sharif University of Technology, Tehran, 11365/8639, Iran |
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| Keywords | Agent-based modeling and simulation Sales promotion optimization Word-of -mouth |
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| Title | Optimal promotion planning for a product launch in the presence of word-of-mouth |
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