Researchers from Hong Kong University of Science and Technology and University of Maryland at College Park published a new paper in the Journal of Marketing that examines product-markets from the perspective of consumers’ perceptions of brands instead of from purchase data.
The study, forthcoming in the Journal of Marketing, is titled “Identifying Market Structure: A Deep Network Representation Learning of Social Engagement” and is authored by Yi Yang, Kunpeng Zhang, and P. K. Kannan.
Firms compete to satisfy consumers’ specific needs. The market and the competing products comprise a “product-market” with a boundary. Identifying the product-market boundary and examining the strength of competition among brands within the product-market have long been important issues for managers. It has implications for product design, product positioning, new customer acquisition, and pricing and promotion decisions. Rapid changes to the competitive environment, however, have made identifying product-market boundaries increasingly challenging. The traditionally defined SIC and NAICS classification codes may not be adequate, and especially not for capturing consumers’ perceptions of and preferences for brands.
Technological advances change product-market boundaries. For example, film cameras gave way to digital cameras, then the digital camera product-market was upended by technological developments in smartphones. Similarly, Ford recently introduced its F-150 Lightening electric pick-up...
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