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Product selection for promotion planning |
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| Authors: | |
| Affiliation: | (1) Tuck School of Business, Dartmouth College, 100 Tuck Hall, Hanover, NH 03755, USA;(2) University of Pennsylvania, Philadelphia, PA, USA;(3) Graduate School of Business, Stanford University, Stanford, CA, USA;(4) Kellogg School of Management, Northwestern University, Evanston, IL, USA;(5) Tilburg University, Tilburg, The Netherlands;(6) School of Management, Yale University, New Haven, CT, USA;(7) Fuqua School of Business, Duke University, Durham, NC, USA;(8) University of Maryland, College Park, MD, USA |
| Abstract: | This paper addresses a very important question—how to select the right products to promote in order to maximize promotional benefit. We set up a framework to incorporate promotion decisions into the data-mining process, formulate the profit maximization problem as an optimization problem, and propose a heuristic search solution to discover the right products to promote. Moreover, we are able to get access to real supermarket data and apply our solution to help achieve higher profits. Our experimental results on both synthetic data and real supermarket data demonstrate that our framework and method are highly effective and can potentially bring huge profit gains to a marketing campaign. |
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