An Approach to Customer Behavior Modeling using Markov Decision Process
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Date
2017-06-01
Authors
Grunt, Ondrej
Plucar, Jan
Stakova, Marketa
Janecko, Tomas
Zelinka, Ivan
ORCID
Advisor
Referee
Mark
Journal Title
Journal ISSN
Volume Title
Publisher
Institute of Automation and Computer Science, Brno University of Technology
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Abstract
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.
Description
Citation
Mendel. 2017 vol. 23, č. 1, s. 141-148. ISSN 1803-3814
https://mendel-journal.org/index.php/mendel/article/view/65
https://mendel-journal.org/index.php/mendel/article/view/65
Document type
Peer-reviewed
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Published version
Date of access to the full text
Language of document
en