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- Title
Sales Planning and Control Using Absorbing Markov Chains.
- Authors
Thompson Jr., William W.; McNeal, James U.
- Abstract
A stochastic model that generates data for sales planning and control is described. An example is presented that shows how these data are used to plan short-run sales activities and train effective salesmen. In the model, changes in customer propensities to buy are treated as Markov processes. Finally, it is suggested that the concepts developed here may be computerized and integrated into existing systems for planning and control.
- Subjects
MATHEMATICAL models of marketing; SALES force management; SALES forecasting; SALES management; RETAIL industry; MARKOV processes; STOCHASTIC processes; INDUSTRIAL management; SHORT term planning; SHORT run (Economics)
- Publication
Journal of Marketing Research (JMR), 1967, Vol 4, Issue 1, p62
- ISSN
0022-2437
- Publication type
Article
- DOI
10.2307/3150166