MARKET INTRODUCTION AND DIFFUSION OF NEW PRODUCTS: RECENT DEVELOPMENTS IN AGENT-BASED MODELING

Market introduction and diffusion of new products is complex and multifaceted since it involves spatially dispersed customers with individual preferences who may be exposed to a wide range of influences including word-of-mouth communication within a social network. During the past decade agent-based modeling approaches for simulating this process have become increasingly popular, because they not only capture the customers' behavior more realistically, but also allow for new insights for innovation management. The aim of this work is to provide an overview of recent developments, to discuss challenges, and to highlight promising directions for future research.