Answers:
Markov analysis has a number of applications in the business world. Some of the most important applications of Markov analysis are as follows:
Marketing department: Markov analysis helps a marketing manager to predict and analyse the behaviour of customers in terms of brand loyalty and brand switching. It also helps in predicting the market share of the organisation.
Human resource department: Markov analysis helps a human resource manager to estimate the rate of recruitment and the policies of promotion. It predicts the manpower requirements of the organisation.
Finance department: Markov analysis helps a financial manager to manage the accounts receivables of the organisation. It also helps in studying the stock market movements.