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Marketing Strategy through Markov Optimization to Predict Sales on Specific Periods

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  • Siahaan, Andysah Putera Utama

    (Universitas Pembangunan Panca Budi)

Abstract

Competitive market competition so the company must be smart in managing finance. In promoting the selling point, marketing is the most important step to be considered. Promotional routine activity is one of the marketing techniques to increase consumer appeal to marketed products. One of the important agendas of promotion is the selection of the most appropriate promotional media. The problem that often occurs in the process of selecting a promotional media is the subjectivity of decision-making. Marketing activities have a taxation fund that must be issued. Limited funds are one of the constraints of improving market strategy. So far, the selection of promotional media is performed by the company manually using standardized determination that already applies. It has many shortcomings, among others, regarding effectiveness and efficiency of time and limited funds. Markov Chain is very helpful to the company in analyzing the development of the company over a period. This method can predict the market share in the future so that company can optimize promotion cost at the certain time. Implementation of this algorithm produces a percentage of market share so that businesses can determine and choose which way is more appropriate to improve the company's market strategy. Assessment is done by looking at consumer criteria of a particular product. These criteria can determine consumer interest in a product so that it can be analyzed consumer behavior.

Suggested Citation

  • Siahaan, Andysah Putera Utama, 2017. "Marketing Strategy through Markov Optimization to Predict Sales on Specific Periods," INA-Rxiv z4gsh, Center for Open Science.
    • Handle: RePEc:osf:inarxi:z4gsh
    DOI: 10.31219/osf.io/z4gsh
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