Abstract
One of the fundamental tasks of targeted marketing is to elicit associations between customers and products. Based on the results from information retrieval and utility theory, this article proposes a unified framework of targeted marketing. The customer judgments of products are formally described by preference relations and the connections of customers and products are quantitatively measured by market value functions. Two marketing strategies, known as the customer-oriented and product-oriented marketing strategies, are investigated. Four marketing models are introduced and examined. They represent, respectively, the relationships between a group of customers and a group of products, between a group of customers and a single product, between a single customer and a group of products, and between a single customer and a single product. Linear and bilinear market value functions are suggested and studied. The required parameters of a market value function can be estimated by exploring three types of information, namely, customer profiles, product profiles, and transaction data. Experiments on a real-world data set are performed to demonstrate the effectiveness of the proposed framework.
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