Agent based simulation of word-of-mouth phenomena in FMCG markets

Authors:
Filippo Neri
Affiliations:
University of Piemonte Orientale, DSTA, Alessandria AL, Italy
Venue:
ICCOMP'05 Proceedings of the 9th WSEAS International Conference on Computers
Year:
2005

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Abstract

The relevance of FMCG markets in everyday life and of the buying choices of each consumers makes a challenging and interesting field for deploying and studying agent based models. In this paper an agent based tool for analysing markets behaviour under several rate of information diffusion is described. This methodology allows for the study of tradeoffs among several variables of information like product advertisement efforts, consumers' memory span, and passing word among friends in determining market shares. Insights gained by using this approach on an hypothetical economy are reported.