This volume presents advanced techniques to modeling markets, with a
wide spectrum of topics, including advanced individual demand models,
time series analysis, state space models, spatial models, structural
models, mediation, models that specify competition and diffusion models.
It is intended as a follow-on and companion to Modeling Markets
(2015), in which the authors presented the basics of modeling markets
along the classical steps of the model building process: specification,
data collection, estimation, validation and implementation. This volume
builds on the concepts presented in Modeling Markets with an emphasis
on advanced methods that are used to specify, estimate and validate
marketing models, including structural equation models, partial least
squares, mixture models, and hidden Markov models, as well as
generalized methods of moments, Bayesian analysis, non/semi-parametric
estimation and endogeneity issues. Specific attention is given to big
data.
The market environment is changing rapidly and constantly. Models that
provide information about the sensitivity of market behavior to
marketing activities such as advertising, pricing, promotions and
distribution are now routinely used by managers for the identification
of changes in marketing programs that can improve brand performance. In
today's environment of information overload, the challenge is to make
sense of the data that is being provided globally, in real time, from
thousands of sources. Although marketing models are now widely accepted,
the quality of the marketing decisions is critically dependent upon the
quality of the models on which those decisions are based. This volume
provides an authoritative and comprehensive review, with each chapter
including:
- an introduction to the method/methodology
- a numerical example/application in marketing
- references to other marketing applications
- suggestions about software.
Featuring contributions from top authors in the field, this volume will
explore current and future aspects of modeling markets, providing
relevant and timely research and techniques to scientists, researchers,
students, academics and practitioners in marketing, management and
economics.
