The Potential of Neural Networks Evaluated Within a Taxonomy of Marketing Applications

Neural Networks techniques have developed rapidly during the last decade and are now used in very diverse fields such as speech and character recognition, medical diagnosis, time series analysis, operations research, and management science. Over recent years they have attracted a great deal of interest in the area of forecasting in the financial industry (see Refenes 1995, Trippi and Turban 1993). The reasons for these developments are the reducing costs of computing and the relative progress cf theoretical and applied research in neural networks. Their use in marketing is now emerging due mainly to the the increasing availability of marketing data, and the sometimes limited effectiveness of traditional statistical models as analytical tools for decision-making.

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