Product Selection for Promotion Planning
Knowledge and Information Systems, 2011
In this paper, Assistant Professor Catherine Yang and co-author Chunhui Hao from the Chinese Academy of Sciences address a very important question—how to select the right products to promote in order to maximize promotional benefit.
The authors set up a framework to incorporate promotion decisions into the data-mining process, formulate the profit maximization problem as an optimization problem, and propose a heuristic search solution to discover the right products to promote. Moreover, the authors are able to get access to real supermarket data and apply our solution to help achieve higher profits. The experimental results on both synthetic data and real supermarket data demonstrate that this framework and method are highly effective and can potentially bring huge profit gains to a marketing campaign.