The model of management of herd behavior of consumers in the product markets based on a reflexive approach have been proposed and substantiated. The model of reflexive management of herd behavior of consumers at product sales markets takes into account the impact on the decision-making process by consumers of information about the number of consumers who have already bought the product. The likelihood of manifestation of herd behavior by a consumer is based on such characteristics as individual personality characteristics, awareness, limited time for making a decision. The proposed model can be used to get the required number of customers, increase volume of sales and generate additional financial profit based on low-cost methods of reflexive management. Promising areas of research have been identified.
reflexive management, consumer behavior, management of herd behavior of consumers, reflexive models, consumer irrationality, product sales market
Cite this paper
Svitlana Turlakova, Yana Shumilo. (2020) Modelling of Management of Herd Behavior of Consumers at Sales Markets Based on Reflexive Approach. International Journal of Economics and Management Systems, 5, 296-300
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