SOFTWARE APPLICATION FOR MARKET MANAGEMENT FORECASTING: A MARKOV CHAIN APPROACH

Nikolina Žajdela Hrustek, Damira Keček, Antonio Petek

Abstract: Markov chain is a widely used method for future trends forecasting. The aim of this paper is to present the development and functionality of a software application for solving the problem of sales and number of customers forecasting by using the Markov chain method. On a concrete company whose main activity is the distribution and sale of expensive cosmetic products, solutions to the forecasting problem and the functionality of the developed software application are presented. Based on the information on sales of certain products or the number of customers in the observed market, it is possible to devise adequate business strategies to increase its profitability and competitiveness in the market, which greatly facilitates the use of such software application.

Keywords: Markov chain, Software application, Market management forecasting

DOI: 10.24874/IJQR17.02-14

Recieved: 25.02.2022  Accepted: 19.12.2022  UDC: 519.217.2

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