Neural marketing

Date of publication: September 1, 1992

Abstract:

Developments in a variety of disciplines have provided the necessary components to assemble a system of artificial intelligence available for use in formulating marketing strategy. Based on artificial intelligence neural networks, the concept of neural marketing is presented. A flexible new technique, neural marketing has abilities to measure and interpret expectations. Neural networks understand data and, in a process that mirrors human trial and error learning, neural nets find the relationships of cause and effect that are present in that data. This ability to learn is complicated with a facility to generalize that acquired knowledge and apply it to new experiences. Market researchers will find neural networks of value for any situation requiring forecasting and prediction. Neural marketing takes the next step by uniting all data sources, marketing practitioners, and a new strategic intelligence. In this paper there is a review of neural network theory, a presentation of the concept of neural marketing, and general examples of the benefit neural marketing provides for measuring expectations.

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