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.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.