Analysis of customer lifetime value and marketing expenditure decisions through a Markovian-based model

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dc.authoridULENGIN, BURC/0000-0001-5276-8861|Uray, Nimet/0000-0003-2285-1845|Ulengin, Fusun/0000-0003-1738-9756
dc.authorwosidUlengin, Fusun/T-2338-2019
dc.authorwosidULENGIN, BURC/ABD-2845-2020
dc.authorwosidUlengin, Fusun/AAD-2476-2019
dc.authorwosidUray, Nimet/AAH-5395-2019
dc.contributor.authorEkinci, Yeliz
dc.contributor.authorUlengin, Fusun
dc.contributor.authorUray, Nimet
dc.contributor.authorUlengin, Burc
dc.date.accessioned2024-07-18T20:42:34Z
dc.date.available2024-07-18T20:42:34Z
dc.date.issued2014
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description.abstractThe general aim of this study is to provide a guide to the future marketing decisions of a firm, using a model to predict customer lifetime values. The proposed framework aims to eliminate the limitations and drawbacks of the majority of models encountered in the literature through a simple and industry-specific model with easily measurable and objective indicators. In addition, this model predicts the potential value of the current customers rather than measuring the current value, which has generally been used in the majority of previous studies. This study contributes to the literature by helping to make future marketing decisions via Markov decision processes for a company that offers several types of products. Another contribution is that the states for Markov decision processes are also generated using the predicted customer lifetime values where the prediction is realized by a regression-based model. Finally, a real world application of the proposed model is provided in the banking sector to show the empirical validity of the model. Therefore, we believe that the proposed framework and the developed model can guide both practitioners and researchers. (C) 2014 Elsevier B.V. All rights reserved.en_US
dc.description.sponsorshipScientific and Technological Research Council of Turkey; Republic of Turkey, Ministry of Industry and Trade [00432.STZ.2009-2]; ITU, Institute of Science and Technology [34228]en_US
dc.description.sponsorshipThis paper is a part of the PhD thesis of Yeliz Ekinci which was held at Istanbul Technical University (ITU) and she was awarded by The Scientific and Technological Research Council of Turkey 2211 scholarship. This research was also supported by Republic of Turkey, Ministry of Industry and Trade (Project No: 00432.STZ.2009-2) and ITU, Institute of Science and Technology (Project No: 34228). The interpretation and conclusions revealed in this study do not represent the official perspectives of the institutes stated above. The authors would like to express their deep gratitude to the anonymous referees for their invaluable comments and to the anonymous financial services company that supplied the data.en_US
dc.identifier.doi10.1016/j.ejor.2014.01.014
dc.identifier.endpage288en_US
dc.identifier.issn0377-2217
dc.identifier.issn1872-6860
dc.identifier.issue1en_US
dc.identifier.scopus2-s2.0-84898773471en_US
dc.identifier.scopusqualityQ1en_US
dc.identifier.startpage278en_US
dc.identifier.urihttps://doi.org/10.1016/j.ejor.2014.01.014
dc.identifier.urihttps://hdl.handle.net/11411/7341
dc.identifier.volume237en_US
dc.identifier.wosWOS:000335626200024en_US
dc.identifier.wosqualityQ1en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.relation.ispartofEuropean Journal of Operational Researchen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectCustomer Lifetime Valueen_US
dc.subjectForecast Modelsen_US
dc.subjectMarkov Decision Processen_US
dc.subjectSegmentationen_US
dc.subjectOptimizationen_US
dc.titleAnalysis of customer lifetime value and marketing expenditure decisions through a Markovian-based modelen_US
dc.typeArticleen_US

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