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Macmillan Higher Education Palgrave Higher Education

Modeling Markets

Analyzing Marketing Phenomena and Improving Marketing Decision Making

ISBN 9781493920853
Publication Date December 2014
Formats Hardcover Paperback Ebook 
Publisher Springer

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.

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.

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