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A dynamic discount pricing strategy for viral marketing
Xiang Zhong1, Juan Zhao1, Lu-Xing Yang2
1School of Big Data & Software Engineering, Chongqing University, Chongqing, 400044, China.
Plos One
|December 29, 2018
Summary
This study develops a cost-effective dynamic discount pricing strategy for viral marketing campaigns using an optimal control approach. The research provides insights into maximizing marketing profit through dynamic pricing models.
Area of Science:
- Marketing Science
- Operations Research
Background:
- Viral marketing is a prevalent but theoretically underdeveloped marketing strategy.
- Effective dynamic pricing is crucial for optimizing viral marketing campaign profitability.
Purpose of the Study:
- To develop a cost-effective dynamic discount pricing strategy for viral marketing.
- To address the lack of theoretical frameworks in viral marketing strategy.
Main Methods:
- Modeling viral marketing as an optimal control problem using a novel word-of-mouth propagation model.
- Presenting and solving the optimality system for the optimal control problem.
- Deriving dynamic discount pricing strategies through solving optimal control models.
Main Results:
- The optimal control problem admits a unique optimal control.
- Specific optimal dynamic discount pricing strategies were obtained for various models.
- Analysis of factors influencing maximum marketing profit was conducted.
Conclusions:
- The study provides a theoretical foundation for dynamic discount pricing in viral marketing.
- The derived strategies offer insights for enhancing marketing profit in viral campaigns.
- This research contributes to a better understanding of viral marketing dynamics and optimization.
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