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Market response models.

Market Response Models: Econometric and Time Series Analysis (International Series in Quantitative Marketing)

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  • Did you know that more than 30,000 Americans die in traffic accidents every year? Interestingly, the U.S. import of mangoes from Brazil is found to be highly correlated with this fatality rate, as shown in the graph below. But are mango imports a good indicator of the future traffic fatality rate? The answer is obviously, “No!”, but it does illustrate well that correlation does not always imply causation. The importance of this premise is critical in understanding marketing response models, which predict if the receipt of a marketing offer incents customers to buy more products.

    Market response models are intended to help scholars and managers understand how consumers individually and collectively respond to marketing activities, and how competitors interact. Appropriately estimated effects constitute a basis for improved decision making in marketing. We review the demand and supply of market response models and we highlight areas of future growth. We discuss two characteristics that favour model use in practice, viz. the supply of standardized models and the availability of empirical generalizations.

  • Market response models are intended to help scholars and managers understand how consumers individually and collectively respond to marketing activities, and how competitors interact. Appropriately estimated effects constitute a basis for improved decision making in marketing. We review the demand and supply of market response models and we highlight areas of future growth. We discuss two characteristics that favour model use in practice, viz. the supply of standardized models and the availability of empirical generalizations.

    Marketing as a discipline and market response models as a technology may often not receive top management attention. In order to have enhanced relevance for senior management, we argue that marketing models should be cross-functional, include short- and long-term effects, and be considerate of capital markets. We also identify emerging opportunities for marketing model applications in areas such as public policy and litigation. Copyright (c) 2005 John Wiley & Sons, Ltd.

  • Marketing as a discipline and market response models as a technology may often not receive top management attention. In order to have enhanced relevance for senior management, we argue that marketing models should be cross-functional, include short- and long-term effects, and be considerate of capital markets. We also identify emerging opportunities for marketing model applications in areas such as public policy and litigation. Copyright (c) 2005 John Wiley & Sons, Ltd.

TITLE MARKET RESPONSE MODELS ..

The author gives an overview of the state of research on aggregate market response modeling by means of multilayer perceptrons (MLPs), the most widespread type of artificial neural nets. As the author shows, MLPs are not limited to fixed parametric functional forms, but offer flexible approaches for modeling market response functions of marketing instruments.