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Optimal marketing strategy: A decision-making with ANP and TOPSIS

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  • Wu, Cheng-Shiung
  • Lin, Chin-Tsai
  • Lee, Chuan

Abstract

The purpose of the current study is to model the marketing strategy decision-making problem as a multi-criteria decision-making (MCDM) problem and provide a five-step decision support framework to make and carefully assess the marketing strategies. A marketing strategy decision-making framework is essential for marketing strategists to determine the most appropriate marketing strategy in an efficient manner. The contribution of the current study lies in the practical implementation of the integration of the analytic network process (ANP) and technique for order preference by similarity to an ideal solution (TOPSIS), which can be utilized by marketing strategists in a real industry to determine the appropriate marketing strategy. In addition, the results provide guidance to private hotel managers on marketing strategies that can help them to obtain a competitive advantage by evaluating their specific and limited marketing resources. The proposed framework can be easily understood and followed by marketing strategists to determine the appropriate marketing strategy.

Suggested Citation

  • Wu, Cheng-Shiung & Lin, Chin-Tsai & Lee, Chuan, 2010. "Optimal marketing strategy: A decision-making with ANP and TOPSIS," International Journal of Production Economics, Elsevier, vol. 127(1), pages 190-196, September.
  • Handle: RePEc:eee:proeco:v:127:y:2010:i:1:p:190-196
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Guido C. Guerrero-Liquet & Santiago Oviedo-Casado & J. M. Sánchez-Lozano & M. Socorro García-Cascales & Javier Prior & Antonio Urbina, 2018. "Determination of the Optimal Size of Photovoltaic Systems by Using Multi-Criteria Decision-Making Methods," Sustainability, MDPI, Open Access Journal, vol. 10(12), pages 1-18, December.
    2. Singh, Shikha & Chandra Misra, Subhas & Kumar, Sameer, 2020. "Identification and ranking of the risk factors involved in PLM implementation," International Journal of Production Economics, Elsevier, vol. 222(C).
    3. Xiongyong Zhou & Zhiduan Xu, 2018. "An Integrated Sustainable Supplier Selection Approach Based on Hybrid Information Aggregation," Sustainability, MDPI, Open Access Journal, vol. 10(7), pages 1-49, July.
    4. Alina Popa & Shahrazad Hadad & Robert Paiusan & Marian Nastase, 2018. "A New Method for Agricultural Market Share Assessment," Sustainability, MDPI, Open Access Journal, vol. 11(1), pages 1-13, December.
    5. Mardani, Abbas & Zavadskas, Edmundas Kazimieras & Streimikiene, Dalia & Jusoh, Ahmad & Nor, Khalil M.D. & Khoshnoudi, Masoumeh, 2016. "Using fuzzy multiple criteria decision making approaches for evaluating energy saving technologies and solutions in five star hotels: A new hierarchical framework," Energy, Elsevier, vol. 117(P1), pages 131-148.
    6. Kheybari, Siamak & Rezaie, Fariba Mahdi & Farazmand, Hadis, 2020. "Analytic network process: An overview of applications," Applied Mathematics and Computation, Elsevier, vol. 367(C).
    7. Ouenniche, Jamal & Pérez-Gladish, Blanca & Bouslah, Kais, 2018. "An out-of-sample framework for TOPSIS-based classifiers with application in bankruptcy prediction," Technological Forecasting and Social Change, Elsevier, vol. 131(C), pages 111-116.
    8. Fu, Yan-Kai, 2019. "An integrated approach to catering supplier selection using AHP-ARAS-MCGP methodology," Journal of Air Transport Management, Elsevier, vol. 75(C), pages 164-169.
    9. Wanke, Peter & Pestana Barros, Carlos & Chen, Zhongfei, 2015. "An analysis of Asian airlines efficiency with two-stage TOPSIS and MCMC generalized linear mixed models," International Journal of Production Economics, Elsevier, vol. 169(C), pages 110-126.
    10. Serkan Altuntas & Mustafa Kemal Yilmaz, 2016. "Fuzzy Dematel Method to Evaluate the Dimensions of Marketing Resources: An Application in SMEs," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 17(3), pages 347-364, June.

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    Keywords

    Marketing strategy MCDM ANP TOPSIS;

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