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MARKOV MODELS IN CALCULATING CLV

Year 2013, Volume: 2 Issue: 2, 127 - 142, 06.05.2015

Anna Decewıcz

Abstract

The  paper  presents  a  me hod  of  calculating  customer  lifetime  value and  finding optimal remarketing  strategy  basing on Markov model  with  short-term memory of  client's activity. Furthermore, sensitivity analysis of optimal strategy is conducted for two ty pes of retention rate functional form defining transitin probabilities

Keywords

-

References

  • Bauer, H.H., Hammerschmidt M. (2005). Customer-Based Corporate Valuation. Management Decision 43, 331-348.
  • Berger, P.D., Nasr N.J. (1998). Customer Lifetime Value: Marketing Models and Applications. Journal of Interactive Marketing 12, 17-30.
  • Bhat, N. (1984). Elements of Applied Stochastic Processes, Wiley&Sons.
  • Blattberg, R.C., Deighton J. (1996). Manage Marketing by Customer Equity. Harvard Business Review, 136-144.
  • Blattberg, R.C., Kim B.D., Neslin S.A. (2008). Database Marketing: Analyzing and Managing Customers, Springer.
  • Bozzetto, J. F., Tang L., Thomas L.C., Thomas S. (2000). Modeling The Purchase Dynamics of Insurance Consumer using Markov Chain, Working paper.
  • Ching, W.K., Ng M.K., Wong K.K., Altman E. (2004). Customer Lifetime Value: Stochastic Optimization Approach. Journal or The Operational Research Society 55, 860-868.
  • Dwyer, F.R. (1989). Customer Lifetime Valuation to Support Marketing Decision Making. Journal of Direct Marketing 3, 8-15.
  • Islam, M.A., Sultan K.S. , Chowdhury R.I. (2009). Estimation and Tests for A Longitudinal Regression Model Based on The Markov Chain. Statistical Methodology 6, 478-489.
  • Kalbfleisch, J.D., Lawless J.F. (1985). The Analysis of Panel Data under A Markov Assumption. Journal of the American Statistical Association 80, 863-871.
  • Kotler, Ph. (2005). Marketing. REBIS, Poznań.
  • Kozielski, R. (2008). Wskaźniki marketingowe, Wolters Kluwer Polska.
  • Kumar, V. (2010). Zarządzanie wartością klienta, Wydawnictwa Profesjonalne PWN.
  • Ma, M., Li Z., Chen J. (2008). Phase-Type Distribution of Customer Relationship with Markovian Response and Marketing Expenditure Decision on The Customer Lifetime Value. European Journal of Operational Research 187, 313-326.
  • Pfeifer, P.E. (1999). On The use of Customer Lifetime Value as A Limit on Acquisition Spending. Journal of Database Marketing 7, 81-86.
  • Pfeifer, Ph.E., Carraway R.L. (2000). Modeling Customer Relationships as Markov Chains. Journal of Interactive Marketing” 14, 43-55.
  • Prinzie, A., Van den Poel D. (2006). Investigating Purchasing-Sequence Patterns for Financial Services using Markov, MTD and MTDg Models. European Journal of Operational Research 170, 710-734.
  • Rószkiewicz, M. (2002). Narzędzia Statystyczne w Analizach Marketingowych. Wydawnictwo C.H. Beck, Warszawa.
  • Schmittlein, D.C., Morrison D.G., Colombo R. (1987). Counting your Customers: Who they are and what will they do next? Management Science 33, 1-24.
  • Shaw, R., Stone M. (1988). Database Marketing, New York: John Wiley & Sons.
  • Styan, G., Smith H. (1964). Markov Chains Applied to Marketing. Journal of Marketing Research 1, 50-55.
  • Weinberg, B.D., Berger P.D. (2011). Connected Customer Life Time Value: The Impact of Social Media. Journal of Direct, Data and Digital Marketing Practice 12(4), 328-344.

MÜŞTERİ ÖMÜR DEĞERİNİN HESAPLANMASINDA MARKOV MODELLERİNİN KULLANILMASI

Year 2013, Volume: 2 Issue: 2, 127 - 142, 06.05.2015

Anna Decewıcz

Abstract

Keywords

Müşteri ömür değeri Müşteri elde tutma oranı Pazarlama stratejileri Markov zinciri

References

  • Bauer, H.H., Hammerschmidt M. (2005). Customer-Based Corporate Valuation. Management Decision 43, 331-348.
  • Berger, P.D., Nasr N.J. (1998). Customer Lifetime Value: Marketing Models and Applications. Journal of Interactive Marketing 12, 17-30.
  • Bhat, N. (1984). Elements of Applied Stochastic Processes, Wiley&Sons.
  • Blattberg, R.C., Deighton J. (1996). Manage Marketing by Customer Equity. Harvard Business Review, 136-144.
  • Blattberg, R.C., Kim B.D., Neslin S.A. (2008). Database Marketing: Analyzing and Managing Customers, Springer.
  • Bozzetto, J. F., Tang L., Thomas L.C., Thomas S. (2000). Modeling The Purchase Dynamics of Insurance Consumer using Markov Chain, Working paper.
  • Ching, W.K., Ng M.K., Wong K.K., Altman E. (2004). Customer Lifetime Value: Stochastic Optimization Approach. Journal or The Operational Research Society 55, 860-868.
  • Dwyer, F.R. (1989). Customer Lifetime Valuation to Support Marketing Decision Making. Journal of Direct Marketing 3, 8-15.
  • Islam, M.A., Sultan K.S. , Chowdhury R.I. (2009). Estimation and Tests for A Longitudinal Regression Model Based on The Markov Chain. Statistical Methodology 6, 478-489.
  • Kalbfleisch, J.D., Lawless J.F. (1985). The Analysis of Panel Data under A Markov Assumption. Journal of the American Statistical Association 80, 863-871.
  • Kotler, Ph. (2005). Marketing. REBIS, Poznań.
  • Kozielski, R. (2008). Wskaźniki marketingowe, Wolters Kluwer Polska.
  • Kumar, V. (2010). Zarządzanie wartością klienta, Wydawnictwa Profesjonalne PWN.
  • Ma, M., Li Z., Chen J. (2008). Phase-Type Distribution of Customer Relationship with Markovian Response and Marketing Expenditure Decision on The Customer Lifetime Value. European Journal of Operational Research 187, 313-326.
  • Pfeifer, P.E. (1999). On The use of Customer Lifetime Value as A Limit on Acquisition Spending. Journal of Database Marketing 7, 81-86.
  • Pfeifer, Ph.E., Carraway R.L. (2000). Modeling Customer Relationships as Markov Chains. Journal of Interactive Marketing” 14, 43-55.
  • Prinzie, A., Van den Poel D. (2006). Investigating Purchasing-Sequence Patterns for Financial Services using Markov, MTD and MTDg Models. European Journal of Operational Research 170, 710-734.
  • Rószkiewicz, M. (2002). Narzędzia Statystyczne w Analizach Marketingowych. Wydawnictwo C.H. Beck, Warszawa.
  • Schmittlein, D.C., Morrison D.G., Colombo R. (1987). Counting your Customers: Who they are and what will they do next? Management Science 33, 1-24.
  • Shaw, R., Stone M. (1988). Database Marketing, New York: John Wiley & Sons.
  • Styan, G., Smith H. (1964). Markov Chains Applied to Marketing. Journal of Marketing Research 1, 50-55.
  • Weinberg, B.D., Berger P.D. (2011). Connected Customer Life Time Value: The Impact of Social Media. Journal of Direct, Data and Digital Marketing Practice 12(4), 328-344.
There are 22 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Anna Decewıcz

Publication Date May 6, 2015
Published in Issue Year 2013 Volume: 2 Issue: 2

Cite

APA Decewıcz, A. (2015). MARKOV MODELS IN CALCULATING CLV. Anadolu University Journal of Science and Technology B - Theoretical Sciences, 2(2), 127-142.
AMA Decewıcz A. MARKOV MODELS IN CALCULATING CLV. AUBTD-B. May 2015;2(2):127-142.
Chicago Decewıcz, Anna. “MARKOV MODELS IN CALCULATING CLV”. Anadolu University Journal of Science and Technology B - Theoretical Sciences 2, no. 2 (May 2015): 127-42.
EndNote Decewıcz A (May 1, 2015) MARKOV MODELS IN CALCULATING CLV. Anadolu University Journal of Science and Technology B - Theoretical Sciences 2 2 127–142.
IEEE A. Decewıcz, “MARKOV MODELS IN CALCULATING CLV”, AUBTD-B, vol. 2, no. 2, pp. 127–142, 2015.
ISNAD Decewıcz, Anna. “MARKOV MODELS IN CALCULATING CLV”. Anadolu University Journal of Science and Technology B - Theoretical Sciences 2/2 (May 2015), 127-142.
JAMA Decewıcz A. MARKOV MODELS IN CALCULATING CLV. AUBTD-B. 2015;2:127–142.
MLA Decewıcz, Anna. “MARKOV MODELS IN CALCULATING CLV”. Anadolu University Journal of Science and Technology B - Theoretical Sciences, vol. 2, no. 2, 2015, pp. 127-42.
Vancouver Decewıcz A. MARKOV MODELS IN CALCULATING CLV. AUBTD-B. 2015;2(2):127-42.
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