Markov Chains Applied to Marketing
Open Access
- 1 February 1964
- journal article
- research article
- Published by SAGE Publications in Journal of Marketing Research
- Vol. 1 (1) , 50-55
- https://doi.org/10.1177/002224376400100109
Abstract
The classical approach to market behavioral analysis rarely uses data provided by the transitional, or switching, habits of the consumer. In this article, the authors have taken types of laundry powders purchased by a housewife to define the state space of a Markov chain. Using this model future purchase behavior is predicted, and statistical inferences on the switching habits are made.Keywords
This publication has 1 reference indexed in Scilit:
- Statistical Inference about Markov ChainsThe Annals of Mathematical Statistics, 1957