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<p>Stochastic modelling provides a thorough examination of consumer behaviour. In order to evaluate the repeated behaviour, this work combines the Poisson and Weibull distributions into a single statistical distribution, creating a novel method for modelling changes in consumer behaviour. A linear statistical model is constructed using the Dirichlet model parameters to create the transition probability matrix. This study successfully illustrates how brand loyalty may be measured through repeat purchases. Additionally, it develops a thorough framework for the hidden Markov model (HMM) to explain how consumers evolve over time and illustrates how customers switch brands based on probability observed in the dynamics of consumer connections and influencing factors. All of these stochastic models are illustrated with relevant examples.</p>

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Note on applications of stochastic models in consumer behavior theory

  • 期刊论文

  • 发表日期：

    2025年10月6日

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  • Kandukuri Kumaraswamy,
  • N. Ch. Bhatracharyulu

摘要

Stochastic modelling provides a thorough examination of consumer behaviour. In order to evaluate the repeated behaviour, this work combines the Poisson and Weibull distributions into a single statistical distribution, creating a novel method for modelling changes in consumer behaviour. A linear statistical model is constructed using the Dirichlet model parameters to create the transition probability matrix. This study successfully illustrates how brand loyalty may be measured through repeat purchases. Additionally, it develops a thorough framework for the hidden Markov model (HMM) to explain how consumers evolve over time and illustrates how customers switch brands based on probability observed in the dynamics of consumer connections and influencing factors. All of these stochastic models are illustrated with relevant examples.