Abstract
Among different models which can be classified as explanatory, predictive or optimizing (Hughes, 1973), the Markov Model falls into the predictive group. As with all other models, the Markov Model also has some shortcomings, the major of which is that, people in a common state do not always share the probabilities of a common fate, due to the fact that they are not necessarily homogeneous in their past histories. So, as with all other models, one should be very careful about the assumptions of this model and the degree of fitness of the decision problem with its own environment.
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References
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For European Countries see E.S.O.M.A.R. Publications on "Publishing and Communications Industry”, Amsterdam.
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This sample size corresponds to + 0.00408 tolerance level under 99% confidence limits ( = 0.01) with the highest Binomial variance by using the classical sample size formula, \({\text{n = }}\frac{{{\text{P}} \cdot {\text{q}}}} {{({\text{e}}/{\text{z}})^2 }}\) See: D.S. Tull and D.I.
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Kurtulus, K. (2015). Utilization of the First Order Markov Model in Predicting the Market Share of a Newspaper. In: Rogers III, J., Lamb, Jr., C. (eds) Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference. Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Springer, Cham. https://doi.org/10.1007/978-3-319-16937-8_124
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DOI: https://doi.org/10.1007/978-3-319-16937-8_124
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