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

Dimitrios Chelioudakis (), Fotini Kalafati (), Efstathios Gerampinis () and Nikolaos F. Matsatsinis ()
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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

Operational Research, 2024, vol. 24, issue 3, No 7, 31 pages

Abstract: 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.

Keywords: Multi-criteria decision analysis; Decision support systems; Benchmarking; Marketing (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s12351-024-00847-4

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