Synopses & Reviews
Synopsis
Excerpt from Managing Market Share When, Consumers Seek Variety
We consider the managerial implications of a first-order Markov model of variety-seeking behavior. Construing the resulting equilibrium probabilities as expected choice shares. We examine the stability of these shares relative to changes in variety-seeking intensity. Brand preferences. And perceptions of shared features. Complete model solutions are presented for two and three brand cases; in the n - brand case. Approximations are analyzed. We find. Regardless of the number of brands considered. That smaller preference brands tend to benefit most from variety-seeking and should try to appear unique; conversely. Dominant brands benefit by subsuming the unique features of their smaller competitors. These theoretical results are illustrated by an empirical example. Analyzing the soft-drink consumption histories of variety - seeking.
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