MCDM Review in marketing and managerial decisions: Practical implications and Future research

Abstract

This research presents a short review of Multiple Criteria Decision-Making (MCDM) methods and research in various fields, including marketing and business management. The academic literature shows that MCDM methods in the area of marketing are used by academics to solve problems related to the positioning of products and services, market segmentation, brand management, promotion and advertising strategies, product development and market entry strategies, customer relationship marketing and channel distribution. With regard to business and management domains they are used to prioritize various decision-making aspects, like project assessments, resource allocation, strategic planning, risk management, performance evaluation, supplier and vendor selection, human resource management and strategic investment decisions. We can claim that in both domains, MCDM brings a systematic and transparent approach to decision-making, helping marketing managers to make more informed and objective choices. In summary, the continual refinement of these methods and the integration of cutting-edge technologies hold promise for further enhancing the effectiveness and efficiency of decision-making processes in the dynamic landscape of business and management. Further, the analysis highlights emerging trends and challenges for the future of MCDM research.