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A decision-making framework for precision marketing
ZhenYou1; Yain-Whar Si2; Defu Zhang1; XiangXiang Zeng1; Stephen C.H. Leung3; Tao Li1,4
2015-05-01
Source PublicationExpert Systems with Applications
ISSN09574174
Volume42Issue:7Pages:3357-3367
Abstract

Precision marketing offers personalized customer service and is used to help enterprises increase their profits by means of high-efficiency marketing. This paper presents a novel decision-making framework for precision marking using data-mining techniques. First, this study presents a trend model to accurately predict monthly supply quantity; second, it uses a RFM (Recency, Frequency and Monetary) model to select attributes to cluster customers into different groups; third, it uses CHAID decision trees and Pareto values to identify important attribute values to distinguish different customer groups; and finally, it creates different supply strategies targeting each customer group. The objective of the proposed precision-making framework is to help managers identify the potential characteristics of different customer categories and put forward appropriate precision marketing strategies, which can greatly reduce inventory for every customer category. The real-world data from a company in China were collected and used in a case study to illustrate how to implement the proposed framework. This case study demonstrates that our proposed decision-making framework is efficient and capable of providing a very good precision marketing strategy for enterprises.

KeywordData Mining Decision Tree Decision-making Forecasting Precision Marketing
DOI10.1016/j.eswa.2014.12.022
URLView the original
Indexed BySCI
Language英语
WOS Research AreaComputer Science ; Engineering ; Operations Research & Management Science
WOS SubjectComputer Science, Artificial Intelligence ; Engineering, Electrical & Electronic ; Operations Research & Management Science
WOS IDWOS:000350182600006
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Citation statistics
Cited Times [WOS]:19   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF COMPUTER AND INFORMATION SCIENCE
Corresponding AuthorZhenYou; Yain-Whar Si; Defu Zhang; XiangXiang Zeng; Stephen C.H. Leung; Tao Li
Affiliation1.Department of Computer Science, Xiamen University, Xiamen 361005, China
2.Department of Computer and Information Science, University of Macau, Macau, China
3.Department of Management Sciences, City University of Hong Kong, Hong Kong
4.School of Computer Science, Florida International University, Miami, FL, USA
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
ZhenYou,Yain-Whar Si,Defu Zhang,et al. A decision-making framework for precision marketing[J]. Expert Systems with Applications,2015,42(7):3357-3367.
APA ZhenYou,Yain-Whar Si,Defu Zhang,XiangXiang Zeng,Stephen C.H. Leung,&Tao Li.(2015).A decision-making framework for precision marketing.Expert Systems with Applications,42(7),3357-3367.
MLA ZhenYou,et al."A decision-making framework for precision marketing".Expert Systems with Applications 42.7(2015):3357-3367.
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