Markov Analysis, marketing problems
The Markov Analysis is a method of analyzing the current movement of some variable in an effort to predict the future movement of the same variable. The analysis was developed by Russian mathematician A. Markov early in 20th century. He first used it to describe and predict the behavior of gas particles in closed container. As a management tools, the Markov analysis has been used in the last few years mainly as a marketing aid for examining and predicting the behavior of consumers in terms of their brand loyality and their switching from on brand to another. A full treatment of the application of Markov Analysis to managerial decision making would require an extensive background in mathematics. This technique however can be most favorably applied to marketing problems.
Specification of Markov Analysis
a. This analysis is used mainly marketing problems,
b. Marketing aid for examining and predicting the behavior of consumers in terms of their brand loyality and their switching from on brand to another
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