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Markov Chains Applied to Marketing

George P. H. Styan and Harry Smith, Jr.
Journal of Marketing Research
Vol. 1, No. 1 (Feb., 1964), pp. 50-55
DOI: 10.2307/3150320
Stable URL: http://www.jstor.org/stable/3150320
Page Count: 6
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Markov Chains Applied to Marketing
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Abstract

The classical approach to market behavioral analysis rarely uses data provided by the transitional, or switching, habits of the consumer. In this article, the authors have taken types of laundry powders purchased by a housewife to define the state space of a Markov chain. Using this model future purchase behavior is predicted, and statistical inferences on the switching habits are made.

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