Marketing has become increasingly popular, utilizing Multi-Criteria Decision Making (MCDM) methods and statistics to create robust frameworks for making informed and strategic decisions. Computational and modeling breakthroughs have resulted in a significant increase in the use of MCDM methods in marketing in the past decade, making it an ideal solution for many marketing problems. Statistics can now be used to conduct MCDM analyses on a variety of marketing problems, including new product introduction and pricing, using multiple data sources.
Businesses can make more informed, strategic, and effective decisions by using MCDM methods and statistical analysis in marketing. By using these tools, marketers can improve market performance and competitive advantage by optimizing product development, pricing strategies, market segmentation, and campaign effectiveness.
This publication aims to inspire a diverse group of academics, professionals, and researchers to undertake research on the uses of MCDM methods in marketing. Making informed and structured marketing decisions is made possible by robust frameworks provided by MCDM methods. Marketers are able to develop strategies that are well-aligned with business objectives and market demands by systematically evaluating multiple criteria. These methods can help improve decision-making and strategic planning, whether it's for traditional markets or emerging platforms like the metaverse.