Advances in Economics, Management and Political Sciences

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Proceedings of the 7th International Conference on Economic Management and Green Development

Series Vol. 32 , 10 November 2023


Open Access | Article

Consumer and Marketing Research Using the Monte Carlo Simulation

Xiangyuan Huang * 1
1 Guanghua Cambridge International School

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 32, 35-41
Published 10 November 2023. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Xiangyuan Huang. Consumer and Marketing Research Using the Monte Carlo Simulation. AEMPS (2023) Vol. 32: 35-41. DOI: 10.54254/2754-1169/32/20231561.

Abstract

In order to conduct consumer-related research and develop marketing strategies to outperform rival businesses, Monte Carlo simulation, a technique that was first employed in nuclear weapons and has subsequently been used in other physics-related domains, is described in this study. The literature on using Monte Carlo simulation for market and customer-related research and suggestions is summarized in two parts in this paper. The first section discusses the role of Monte Carlo simulations in customer research, outlining the various factors that affect consumers' decisions to purchase goods and services, and the second section discusses the specific help that Monte Carlo simulations can offer businesses, particularly in terms of measuring markets and creating effective marketing strategies. The paper also offers several applicable examples to describe certain elements in the middle of the text. Eventually, it is argued that Monte Carlo simulation, when used in conjunction with other techniques, can assist businesses in comprehending the market's costs and unpredictability and in developing effective marketing strategies.

Keywords

Mente Carlo simulation, marketing, customer research, marketing strategies

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Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 7th International Conference on Economic Management and Green Development
ISBN (Print)
978-1-83558-085-1
ISBN (Online)
978-1-83558-086-8
Published Date
10 November 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/32/20231561
Copyright
© 2023 The Author(s)
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated