Calculating Customer Lifetime Value Considering Dynamic Behavior of Them Using Markov Chain Approach (Case study: Isaco)

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shekari ashkzari maryam; ALBADVI AMIR

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Paper Information

Journal: Management Research in Iran Year:2019 | Volume:22 | Issue:4 Page(s): 1-22

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Information Journal Paper

Title

Calculating Customer Lifetime Value Considering Dynamic Behavior of Them Using Markov Chain Approach (Case study: Isaco)

Author(s)

shekari ashkzari maryam | ALBADVI AMIR | Issue Writer Certificate

Keywords

Customer Lifetime ValueQ1

CLVQ1

IsacoQ2

Markove ChainQ1

transision matrixQ1

Abstract

Calculating Customer Lifetime Value (CLV) is a key measure in Customer Relationship Management (CRM) studies. Using this measurement, marketing budget can allocate perfectly. An important issue in this area is to increase the accuracy of calculations and considering the possibility of changing customers’ behavior. In this paper, we tried to show possibility of changing the behavior of customers. For this purpose, we used Isaco (Iran Khodro Spare parts and After Sales Service Corporation) four years transaction dataset. The Customer Lifetime Value is calculated using Markove Chain approach. Results show that considering all time period data to estimate only one transition matrix with fixed arrays don’ t reflect the real world situation properly. In addition, aggregating all data to estimate the transition matrix will prevent detecting and studying possible changes of customers’ behavior and its potential reasons.

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APA: Copy

ALBADVI, AMIR, & shekari ashkzari, maryam. (2019). Calculating Customer Lifetime Value Considering Dynamic Behavior of Them Using Markov Chain Approach (Case study: Isaco). MANAGEMENT RESEARCH IN IRAN (MODARES HUMAN SCIENCES), 22(4 ), 1-22. SID. https://sid.ir/paper/370679/en

Vancouver: Copy

ALBADVI AMIR, shekari ashkzari maryam. Calculating Customer Lifetime Value Considering Dynamic Behavior of Them Using Markov Chain Approach (Case study: Isaco). MANAGEMENT RESEARCH IN IRAN (MODARES HUMAN SCIENCES)[Internet]. 2019;22(4 ):1-22. Available from: https://sid.ir/paper/370679/en

IEEE: Copy

AMIR ALBADVI, and maryam shekari ashkzari, “Calculating Customer Lifetime Value Considering Dynamic Behavior of Them Using Markov Chain Approach (Case study: Isaco),” MANAGEMENT RESEARCH IN IRAN (MODARES HUMAN SCIENCES), vol. 22, no. 4 , pp. 1–22, 2019, [Online]. Available: https://sid.ir/paper/370679/en

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