CFP last date
20 May 2024
Reseach Article

Maximizing Profits through Customer Segmentation and by finding Top-K Profitable Products for the Automobile Industry

by Prateek V. Jain, Sahil Patani, Sumesh Kadam, Swati Patil, Mahesh Mule
International Journal of Computer Applications
Foundation of Computer Science (FCS), NY, USA
Volume 94 - Number 16
Year of Publication: 2014
Authors: Prateek V. Jain, Sahil Patani, Sumesh Kadam, Swati Patil, Mahesh Mule
10.5120/16447-6131

Prateek V. Jain, Sahil Patani, Sumesh Kadam, Swati Patil, Mahesh Mule . Maximizing Profits through Customer Segmentation and by finding Top-K Profitable Products for the Automobile Industry. International Journal of Computer Applications. 94, 16 ( May 2014), 44-49. DOI=10.5120/16447-6131

@article{ 10.5120/16447-6131,
author = { Prateek V. Jain, Sahil Patani, Sumesh Kadam, Swati Patil, Mahesh Mule },
title = { Maximizing Profits through Customer Segmentation and by finding Top-K Profitable Products for the Automobile Industry },
journal = { International Journal of Computer Applications },
issue_date = { May 2014 },
volume = { 94 },
number = { 16 },
month = { May },
year = { 2014 },
issn = { 0975-8887 },
pages = { 44-49 },
numpages = {9},
url = { https://ijcaonline.org/archives/volume94/number16/16447-6131/ },
doi = { 10.5120/16447-6131 },
publisher = {Foundation of Computer Science (FCS), NY, USA},
address = {New York, USA}
}
%0 Journal Article
%1 2024-02-06T22:17:52.744271+05:30
%A Prateek V. Jain
%A Sahil Patani
%A Sumesh Kadam
%A Swati Patil
%A Mahesh Mule
%T Maximizing Profits through Customer Segmentation and by finding Top-K Profitable Products for the Automobile Industry
%J International Journal of Computer Applications
%@ 0975-8887
%V 94
%N 16
%P 44-49
%D 2014
%I Foundation of Computer Science (FCS), NY, USA
Abstract

Automobile Industry is facing numerous challenges like plunging automobile sale, rising inventory, lowering margins and unsatisfied customers among others. Wrong understanding of customer needs and demands is badly affecting product designs and global ambitions of the auto industry. The auto industry needs an IT solution that will help them in understanding customer's needs in a better way. Hence, the need for adequate performance measures has become more important than ever. In this paper problems like Customer Segmentation and finding top-k Cars are addressed. In Customer Classification Prediction Model, based on the customer's profile and preferences a probabilistic result is provided. This result will predict a set of cars that the customer should most likely purchase. The advantage of this approach is that it assists companies with selecting the classifier which maximizes the profit. The other problem is finding Top-k Profitable Products. The products are compared to other products of different brands. Then a set of features which could be added to the products such that they are not dominated by the products in the existing market are found. In this problem, the prices of these products are set such that the total profit is maximized. Such products are referred as top-k profitable products. The algorithm will also calculate the profits generated by various segments of cars. Precise solutions to find the top-k profitable products efficiently are proposed. An extensive performance study using both synthetic and real datasets is reported to verify its effectiveness and efficiency.

References
  1. Thomas Verbraken, A Novel Profit Maximizing Metric for Measuring Classification Performance of Customer Churn Prediction Models, IEEE TRANSACTIONS ON KNOWLEDGE AND DATA ENGINEERING, VOL. 25, NO. 5, MAY 2013.
  2. Qian Wan, Raymond Chi-Wing Wong ,G 2011 Yu Peng, Finding Top-k Profitable Products, University of Science and Technology Clear Water Bay, Kowloon, Hong Kong
  3. Ding, W. and Marchionini, G. 1997 A Study on Video Browsing Strategies. Technical Report. University of Maryland at College Park.
  4. Christopher Bull (2003), Strategic Issues in customer relationship management (CRM) implementation, Business Process Management Journal, Volume 9, pp. 592-602 .
  5. Leo Y. M. Sin, Alan C. B. Tse and Frederick H. K. Yim (2004), CRM: conceptualization and scale development, Journal of Marketing, Vol 39, pp. 1264-1290.
  6. Jeffrey H. Dyer and Kentaro Nobeoka, (2000), Strategic Management Journal, Vol. 21, No. 3, Special Issue: Strategic Networks (Mar. , 2000), pp. 345-367.
  7. Mitra, V. , Wang, C. J. , and Banerjee, S. 2007. Text Classification: A least square support vector machine approach. Journal of Applied
  8. Song, F. , Liu, S. , and Yang, J. 2005. A comparative study on text representation schemes in text categorization, Journal of Pattern
  9. Hotho, A. , Nürnberger, A. , and Paaß, G. 2005. A Brief Survey of Text Mining. Journal for Computational Linguistics and Language
  10. Yang, Y. , Slattery, S. , and Ghani, R. 2002. A study of approaches to hypertext categorization. Journal of Intelligent Information.
Index Terms

Computer Science
Information Sciences

Keywords

Customer classification Top-k prediction dominance.