Title :
The solution to a kind of Markov chain CRM model with a constant state keeping probability
Author :
Bocheng, Chen ; Wenhuang, Liu ; Yingjie, Li
Author_Institution :
Grad. Sch. at Shenzhen, Tsinghua Univ., Shenzhen
Abstract :
Based on the solution to a kind of Markov chain (MC) customer relationship management (CRM) model, the resolve solution of the MC CRM model with the state keeping probability is studied in the paper. By computing the inverse matrix for the equation given, we make a resolve solution for this kind of MC CRM model, then shortly make a comparison between the solutions and CLV (the total expected net present value in customer life cycle) results, with and without such state keeping probability.
Keywords :
Markov processes; customer relationship management; matrix inversion; probability; Markov chain CRM model; constant state keeping probability; customer relationship management; inverse matrix; Automation; Costs; Customer relationship management; Engineering management; Equations; Infinite horizon; Intelligent control; Inverse problems; Marketing and sales; Systems engineering and theory; CRM model; Markov chain; inverse matrix;
Conference_Titel :
Intelligent Control and Automation, 2008. WCICA 2008. 7th World Congress on
Conference_Location :
Chongqing
Print_ISBN :
978-1-4244-2113-8
Electronic_ISBN :
978-1-4244-2114-5
DOI :
10.1109/WCICA.2008.4593596
