An Approach to Customer Behavior Modeling using Markov Decision Process

An Approach to Customer Behavior Modeling using Markov Decision Process

This paper presents an application of Markov Decision Process method for modeling of selected marketing processes. Based on available realistic data, MDP model is constructed. Customer behavior is represented by a set of states of the model with assigned rewards corresponding to the expected return...

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Bibliographic Details
Main Authors: Ondrej Grunt, Jan Plucar, Marketa Stakova, Tomas Janecko, Ivan Zelinka
Format: Article
Language:English
Published: Brno University of Technology 2017-06-01
Series:Mendel
Subjects:
markov decision process
marketing
models
probability
Online Access:https://mendel-journal.org/index.php/mendel/article/view/65
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spelling doaj-a0a7ab3f77984dbd96032cf25c566c532021-07-21T07:38:48ZengBrno University of TechnologyMendel1803-38142571-37012017-06-0123110.13164/mendel.2017.1.14165An Approach to Customer Behavior Modeling using Markov Decision ProcessOndrej GruntJan PlucarMarketa StakovaTomas JaneckoIvan Zelinka This paper presents an application of Markov Decision Process method for modeling of selected marketing processes. Based on available realistic data, MDP model is constructed. Customer behavior is represented by a set of states of the model with assigned rewards corresponding to the expected return value. Outcoming arcs then represent actions available to the customer in current state. Favourable outcome rate of available actions is then analyzed, with emphasis on suitability of the model for future predictions of customer behavior. https://mendel-journal.org/index.php/mendel/article/view/65markov decision processmarketingmodelsprobability
collection DOAJ
language English
format Article
sources DOAJ
author Ondrej Grunt
Jan Plucar
Marketa Stakova
Tomas Janecko
Ivan Zelinka
spellingShingle Ondrej Grunt
Jan Plucar
Marketa Stakova
Tomas Janecko
Ivan Zelinka
An Approach to Customer Behavior Modeling using Markov Decision Process
Mendel
markov decision process
marketing
models
probability
author_facet Ondrej Grunt
Jan Plucar
Marketa Stakova
Tomas Janecko
Ivan Zelinka
author_sort Ondrej Grunt
title An Approach to Customer Behavior Modeling using Markov Decision Process
title_short An Approach to Customer Behavior Modeling using Markov Decision Process
title_full An Approach to Customer Behavior Modeling using Markov Decision Process
title_fullStr An Approach to Customer Behavior Modeling using Markov Decision Process
title_full_unstemmed An Approach to Customer Behavior Modeling using Markov Decision Process
title_sort approach to customer behavior modeling using markov decision process
publisher Brno University of Technology
series Mendel
issn 1803-3814
2571-3701
publishDate 2017-06-01
description This paper presents an application of Markov Decision Process method for modeling of selected marketing processes. Based on available realistic data, MDP model is constructed. Customer behavior is represented by a set of states of the model with assigned rewards corresponding to the expected return value. Outcoming arcs then represent actions available to the customer in current state. Favourable outcome rate of available actions is then analyzed, with emphasis on suitability of the model for future predictions of customer behavior.
topic markov decision process
marketing
models
probability
url https://mendel-journal.org/index.php/mendel/article/view/65
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