The Statistical Relationship between Product Life Cycle and Repeat Purchase Behavior in Convenience Stores(Financial and Consumer Markets,Econophysics-Physical Approach to Social and Economic Phenomena-)
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The density function of product life cycles in convenience stores is found to follow the Weibull distribution. To clarify the parameters that determine these life cycles, we introduce the conditional market share-defined as the probability that a product is selected by customers only if it had been previously purchased-and the market share without any conditions. The product life cycle is more strongly correlated with the conditional market share of the product than with the latter type of market share.