Building models for markets.- Model specification.- Data.- Estimation and testing.- Validation and testing.- Re-estimation: introduction to more advanced estimation methods.- Examples of models for aggregate demand.- Individual demand models.- Examples of database marketing models.- Use: implementation issues.- Appendix A: Matrix algebra.
This book is about how models can be developed to represent demand and supply on markets, where the emphasis is on demand models. Its primary focus is on models that can be used by managers to support marketing decisions.
Modeling Markets presents a comprehensive overview of the tools and methodologies that managers can use in decision making. It has long been known that even simple models outperform judgments in predicting outcomes in a wide variety of contexts. More complex models potentially provide insights about structural relations not available from casual observations.
In this book, the authors present a wealth of insights developed at the forefront of the field, covering all key aspects of specification, estimation, validation and use of models. The most current insights and innovations in quantitative marketing are presented, including in-depth discussion of Bayesian estimation methods. Throughout the book, the authors provide examples and illustrations. This book will be of interest to researchers, analysts, managers and students who want to understand, develop or use models of marketing phenomena.
Comprehensive coverage of data analysis methodology and techniques in quantitative marketing
Applies the most current topics, examples, research findings, and innovations in the field
Designed as a research and professional resource and for course use; based on previous volumes with strong adoptions