Diffusion Modeling Based on Customer's Review and Product Satisfaction

The purpose of this paper is to determine the internal/external factors that lead to fluctuation in marketplace. Before introducing new products in the market, organization needs proper understanding of the market which can be realized through sound mathematical modeling and scientific decision making tools. The objective is as follows: market size is determined by the number of customers a product is flanked by; therefore, it becomes critical to understand satisfaction of demanders as one of the metric for measuring performance of the product. In this paper, the authors have discussed how the adoption takes place in accordance with the market fluctuation. For this purpose, they have developed four different methodical frameworks to help the management to estimate sales due to varying behaviour of market (as per reviews about the product). Analysis and validation has been done on two different real life datasets. Weighted Criteria Value Approach (WCVA) has been applied to rank the models by using several goodness of fit collectively.