PRODUCT INTRODUCTION MODEL IN PEER SOCIAL NETWORK
Seeded word-of-mouth is one of the most popular marketing strategies that entrepreneurs and companies use, to introduce their products to a market. Seeded word-of-mouth processes start with the acquirement of seeds, which is the first customers of a product. This marketing strategy utilizes the f...
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| Format: | Final Project |
| Language: | Indonesia |
| Online Access: | https://digilib.itb.ac.id/gdl/view/42428 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | Seeded word-of-mouth is one of the most popular marketing strategies that
entrepreneurs and companies use, to introduce their products to a market. Seeded
word-of-mouth processes start with the acquirement of seeds, which is the first
customers of a product. This marketing strategy utilizes the fact that a behavior
could spread from one individual to another by social interactions which take
place in the connection between said individuals. Some studies found that the
most effective connections of individuals to spread a behavior is connections
between peers, i.e. connections formed between similar individuals, measured by
the similarity of their personal qualities (social status, economical condition, age,
gender, race, geography, and many more). Product testimonies from peers are said
to be far more effective than any other traditional advertisements. In the process
of seeded word-of-mouth marketing, the most exhaustive and expensive part of
the marketing is obviously seed acquirement. For that reason, it is best for an
entrepreneur or a company to be able to approximate the minimal amount of seeds
that they need to be able to reach their marketing target. In this Final Project, a
model of seeded word-of-mouth marketing process will be built to approximate the
amount of seeds needed to reach a certain marketing target. This model will be
composed of two sections. In the first section of the model, a social network based
on the similarity of its agents will be built with random geometric graph, a network
topology model. In the second section of the model, a seed choosing process will
be executed, followed by complex contagion process, a contagion spreading model
for behavior spread. This constructed model will also be applied to a real case of
product marketing, where the value of the parameters from the model is chosen to
mimic the conditions of said case. Next, an analysis of parameters will be carried
out to understand the effects that each of the parameters have on the output of the
model. |
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