Marketing Analytics through Markov Chain – Data Science Central

Imagine you are a company selling a fast-moving consumer good in the market. Let's assume that the customer would follow the given journey to make the final purchase: These are the states at which the customer would be at any point in the purchase journey. Now, how to find out in which state the customers would be after 6 months? Markov Chain comes to the rescue!! Let's first understand what Markov Chain is. Let's delve a little deeper.