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Markov Analysis

Markov Analysis is a method of analyzing the current behavior of some variable in an effort to predict the future behavior of the same variable. This procedure was developed by the Russian mathematician, Andrei A. Markov early in this century. As a management tool, Markov analysis has been successfully applied to a wide variety of decision situations. Perhaps its widest use is in examining and predicting the behavior of customer sinters of their brand loyalty and their witching form one brand to another.

Applications of Markov Analysis

(a)    Markov analysis has come to be used as a marketing research tool for examining and forecasting the frequent with which customers will remain loyal to one brand or switch to others. It is generally assumed that customers do nor shift from one brand to another at random, but instead will choose to buy brands in the future that reflect their choices in the past.
(b)    Other applications that have been found for Markov Analysis include the following models:

(i)    A model for manpower planning
(ii)    A model for human needs
(iii)    A model for assessing the behavior of stock prices
(iv)    A model for scheduling hospital admissions
(v)    A model for analyzing internal manpower supply etc.

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