Dynamic pricing and advertising in the presence of strategic consumers and social contagion: A mean-field game approach

•We propose a new product diffusion model for a two-segment market.•We consider social influences and consumer strategic behavior for adoption timing.•The firm controls pricing and advertising policies in a mean-field Stackelberg game.•The level of penetration pricing depends on consumers heterogeneity and interaction.•The firm earns higher profit when the market is populated by conformists consumers.