Capitalizing on Game Theory for Optimal Marketing Decision in Service Industry: Evidence From Telecommunication Industry in Nigeria
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Abstract
Description
This article aims to capitalize on game theoretic techniques for optimal service marketing decision based on existing
literature review. The study collated relevant literature and reviewed the relationship that exists between game theory
and marketing mix—product, price, place, and promotion within the Telecommunication industry. Using the game theory
techniques—prisoner’s dilemma, Cournot model, Bertrand model, quasi-game model, Stackelberg model for making
marketing decisions—the article shows that there is a consensus among scholars that game theoretic techniques facilitate
product, pricing, promotion, and distribution decision in the service industry. In addition, an integrated marketing mix model
was developed to support this study.
Keywords
H Social Sciences (General), HG Finance