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Modeling the impact of social media on the adoption of a new product by customers

Marketers and entrepreneurs need to keep up with the fast-paced changes that are happening in the business environment, or they might face the risk of becoming obsolete in the rapidly changing business environment. It is long gone the days when a conventional business model used to help grow fast an...

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Detalles Bibliográficos
Autores principales: Maurya, Jyoti, Goyal, Kanishka, Misra, A.K.
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9712692/
https://www.ncbi.nlm.nih.gov/pubmed/36467328
http://dx.doi.org/10.1016/j.mex.2022.101932
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author Maurya, Jyoti
Goyal, Kanishka
Misra, A.K.
author_facet Maurya, Jyoti
Goyal, Kanishka
Misra, A.K.
author_sort Maurya, Jyoti
collection PubMed
description Marketers and entrepreneurs need to keep up with the fast-paced changes that are happening in the business environment, or they might face the risk of becoming obsolete in the rapidly changing business environment. It is long gone the days when a conventional business model used to help grow fast and get success. With the emergence of social media, the role of consumer-to-consumer communication about the new products and the firms that produce them has been highly magnified in the marketplace. Social media advertisements are promising tools that affect the adoption of a new product. In this paper, a non-linear mathematical model is introduced for this study. To perceive the impact of social media advertisements on the adoption of a new product, we have considered three dynamic variables; namely, (i) non-adopting population, (ii) adopting population, and (iii) social media advertisements. The stability theory of differential equations has been used to study the model analytically. The computer generated figures are drawn in support of derived analytical results for a particular set of parameter values. • We have proposed and analyzed an nonlinear mathematical model to study the impact of social media advertisements on adoption of new product. • We have considered three dynamical variables; namely, non-adopting population, adopting population, and social media advertisements. • The stability theory of differential equations has been used to study the model analytically.
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spelling pubmed-97126922022-12-02 Modeling the impact of social media on the adoption of a new product by customers Maurya, Jyoti Goyal, Kanishka Misra, A.K. MethodsX Method Article Marketers and entrepreneurs need to keep up with the fast-paced changes that are happening in the business environment, or they might face the risk of becoming obsolete in the rapidly changing business environment. It is long gone the days when a conventional business model used to help grow fast and get success. With the emergence of social media, the role of consumer-to-consumer communication about the new products and the firms that produce them has been highly magnified in the marketplace. Social media advertisements are promising tools that affect the adoption of a new product. In this paper, a non-linear mathematical model is introduced for this study. To perceive the impact of social media advertisements on the adoption of a new product, we have considered three dynamic variables; namely, (i) non-adopting population, (ii) adopting population, and (iii) social media advertisements. The stability theory of differential equations has been used to study the model analytically. The computer generated figures are drawn in support of derived analytical results for a particular set of parameter values. • We have proposed and analyzed an nonlinear mathematical model to study the impact of social media advertisements on adoption of new product. • We have considered three dynamical variables; namely, non-adopting population, adopting population, and social media advertisements. • The stability theory of differential equations has been used to study the model analytically. Elsevier 2022-11-21 /pmc/articles/PMC9712692/ /pubmed/36467328 http://dx.doi.org/10.1016/j.mex.2022.101932 Text en © 2022 The Author(s) https://creativecommons.org/licenses/by-nc-nd/4.0/This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
spellingShingle Method Article
Maurya, Jyoti
Goyal, Kanishka
Misra, A.K.
Modeling the impact of social media on the adoption of a new product by customers
title Modeling the impact of social media on the adoption of a new product by customers
title_full Modeling the impact of social media on the adoption of a new product by customers
title_fullStr Modeling the impact of social media on the adoption of a new product by customers
title_full_unstemmed Modeling the impact of social media on the adoption of a new product by customers
title_short Modeling the impact of social media on the adoption of a new product by customers
title_sort modeling the impact of social media on the adoption of a new product by customers
topic Method Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9712692/
https://www.ncbi.nlm.nih.gov/pubmed/36467328
http://dx.doi.org/10.1016/j.mex.2022.101932
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