An agent-based modeling approach for understanding drivers of consumer decisions on foreign vs domestic products: case study of a local refrigerator market

Danaye, N, Kian, R ORCID: https://orcid.org/0000-0001-8786-6349 and Colmekcioglu, N, 2022. An agent-based modeling approach for understanding drivers of consumer decisions on foreign vs domestic products: case study of a local refrigerator market. International Journal of Information Technology and Decision Making. ISSN 0219-6220

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Abstract

Despite extensive studies on consumer behavior and decision-making, the social influence of consumers on each other has not been widely investigated. To incorporates such interactions, in this study we propose and apply an agent-based simulation model where consumers are defined as agents. The purchase behavior of each agent is characterized as a function based on the concept of the black-box model for consumer behavior.

In particular, we investigate the effect of consumers' social network and its interaction with the marketing mix parameters (4Ps). A case study of household appliances in a local market is used to demonstrate how the dynamics of preferences between domestic and foreign brands occurs. The simulation model is used to examine the effect of eight scenarios related to these interactions. The obtained results are compared and the most important factors are determined as product features and price.

Item Type:	Journal article
Publication Title:	International Journal of Information Technology and Decision Making
Creators:	Danaye, N., Kian, R. and Colmekcioglu, N.
Publisher:	World Scientific Pub Co Pte Ltd
Date:	24 August 2022
ISSN:	0219-6220
Identifiers:	Number Type 10.1142/s021962202250064x DOI 1601312 Other
Rights:	Electronic version of an article published in International Journal of Information Technology & Decision Making, 2022, 10.1142/S021962202250064X © World Scientific Publishing Company, https://www.worldscientific.com/worldscinet/ijitdm
Divisions:	Schools > Nottingham Business School
Record created by:	Laura Ward
Date Added:	23 Sep 2022 10:20
Last Modified:	24 Aug 2023 03:00
URI:	https://irep.ntu.ac.uk/id/eprint/47096

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