Subject category:
Marketing
Published in:
2018
Length: 5 pages
Data source: Generalised experience
Abstract
This caselet can be used to teach the students / participants the relevance of Markov Chain Model for forecasting in a brand switching situation. Written in the backdrop of consumer purchase behaviour of one of the (Celerio) car brands at Modern Cars Pvt Ltd (MCPL), this caselet enables an interesting discussion on how can the company arrive at an appropriate decision using Markov Chain Model. Ramakrishnan Chettiyar (Ramakrishnan), MD, MCPL, was deliberating on whether promotions would have any impact on brand switching and customer retention. In addition, Ramakrishnan wanted to forecast the sales in the short-term.
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Other setting(s):
2018
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Abstract
This caselet can be used to teach the students / participants the relevance of Markov Chain Model for forecasting in a brand switching situation. Written in the backdrop of consumer purchase behaviour of one of the (Celerio) car brands at Modern Cars Pvt Ltd (MCPL), this caselet enables an interesting discussion on how can the company arrive at an appropriate decision using Markov Chain Model. Ramakrishnan Chettiyar (Ramakrishnan), MD, MCPL, was deliberating on whether promotions would have any impact on brand switching and customer retention. In addition, Ramakrishnan wanted to forecast the sales in the short-term.
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Location:
Other setting(s):
2018