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A web-based multi-criteria decision support system for benchmarking marketing decisions alternatives

Author

Listed:
  • Dimitrios Chelioudakis

    (Technical University of Crete)

  • Fotini Kalafati

    (Technical University of Crete)

  • Efstathios Gerampinis

    (Technical University of Crete)

  • Nikolaos F. Matsatsinis

    (Technical University of Crete)

Abstract

This paper introduces a web-based decision support system that is designed to facilitate market analysis and simulation by utilizing the MARKEX methodology. The primary objective of this user-friendly system is to provide the right tools for consumer behavior analysis and market segmentation. The online decision support system is developed using the Python and Java programming languages and integrates extensive market research databases. Moreover, its model base incorporates several powerful techniques, such as the UTASTAR multi-criteria method, brand choice models, a heuristic model, and an innovative product life cycle (utilities based) simulation model. By leveraging these advanced capabilities, decision-makers can harness the system's potential to gain valuable insights and make informed decisions for the growth of businesses and organizations. With current market demands and advancements in technology, this expanded online decision support system effectively addresses the need for comprehensive and effective market analysis tools, thus making it the ideal tool for decision-makers.

Suggested Citation

  • Dimitrios Chelioudakis & Fotini Kalafati & Efstathios Gerampinis & Nikolaos F. Matsatsinis, 2024. "A web-based multi-criteria decision support system for benchmarking marketing decisions alternatives," Operational Research, Springer, vol. 24(3), pages 1-31, September.
    • Handle: RePEc:spr:operea:v:24:y:2024:i:3:d:10.1007_s12351-024-00847-4
    DOI: 10.1007/s12351-024-00847-4
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    References listed on IDEAS

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    1. Juan Carlos Leyva López & Jesús Jaime Solano Noriega & Omar Ahumada Valenzuela & Alma Montserrat Romero Serrano, 2022. "A preference choice model for the new product design problem," Operational Research, Springer, vol. 22(4), pages 1-32, September.
    2. Baourakis, G. & Matsatsinis, N. F. & Siskos, Y., 1996. "Agricultural product development using multidimensional and multicriteria analyses: The case of wine," European Journal of Operational Research, Elsevier, vol. 94(2), pages 321-334, October.
    3. Matsatsinis, Nikolaos F. & Siskos, Yannis, 1999. "MARKEX: An intelligent decision support system for product development decisions," European Journal of Operational Research, Elsevier, vol. 113(2), pages 336-354, March.
    4. Siskos, Y. & Matsatsinis, N. F. & Baourakis, G., 2001. "Multicriteria analysis in agricultural marketing: The case of French olive oil market," European Journal of Operational Research, Elsevier, vol. 130(2), pages 315-331, April.
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