Social Dynamics of Consumer Response: A Unified Framework Integrating Statistical Physics and Marketing Dynamics
<|reference_start|>Social Dynamics of Consumer Response: A Unified Framework Integrating Statistical Physics and Marketing Dynamics: Comprehending how consumers react to advertising inputs is essential for marketers aiming to optimize advertising strategies and improve campaign effectiveness. This study examines the complex nature of consumer behaviour by applying theoretical frameworks derived from physics and social psychology. We present an innovative equation that captures the relation between spending on advertising and consumer response, using concepts such as symmetries, scaling laws, and phase transitions. By validating our equation against well-known models such as the Michaelis-Menten and Hill equations, we prove its effectiveness in accurately representing the complexity of consumer response dynamics. The analysis emphasizes the importance of key model parameters, such as marketing effectiveness, response sensitivity, and behavioural sensitivity, in influencing consumer behaviour. The work explores the practical implications for advertisers and marketers, as well as discussing the limitations and future research directions. In summary, this study provides a thorough framework for comprehending and forecasting consumer reactions to advertising, which has implications for optimizing advertising strategies and allocating resources.<|reference_end|>
@article{marin2024social,
    title={Social Dynamics of Consumer Response: A Unified Framework Integrating
  Statistical Physics and Marketing Dynamics},
    author={Javier Marin},
    journal={arXiv preprint arXiv:2404.02175},
    year={2024},
    archivePrefix={arXiv},
    eprint={2404.02175},
    primaryClass={physics.soc-ph cs.LG q-fin.GN}
}