Advertising Competition in a Dynamic Oligopoly with Multiple Brands

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Consumer Market Behavior and Pricing Merger and Competition Analysis Supply Chain and Inventory Management

Abstract

A model is developed that allows the derivation of feedback Nash equilibrium advertising strategies for oligopolistic competitors. The model is an extension of a modified Vidale-Wolfe model that incorporates multiple brands per competitor. The resulting expressions of feedback advertising strategies are combined with those for sales dynamics in an empirical model that is applied to the carbonated soft drink market, which involves three primary competitors and five primary brands. The research provides the following contributions: A modification of the Vidale-Wolfe model is extended to allow dynamic analysis of an oligopoly in which the competitors each offer multiple brands. The model extension permits the derivation of a feedback Nash equilibrium. The determination of a feedback Nash equilibrium enhances empirical analysis by allowing an expanded empirical model that includes the explicit modeling of endogenous advertising along with demand relationships.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1995Building Strong Brands 1982Formulation and estimation of dynamic models using panel data 1981Estimation of Dynamic Models with Error Components 1996‘Building Strong Brands’1997The Long-Term Impact of Promotion and Advertising on Consumer Brand Choice 1957An Operations-Research Study of Sales Response to Advertising 2004Differential Games in Marketing

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