Validation in Marketing Models

John Wilson, Paul Finlay and David Coates

Validation as a concept is well-defined in statistics and many scientific areas: However, it is not clearly defined for business conditions.
  

Validation in Marketing Models

David CoatesPaul Finlay and John WilsonLoughborough University of Technology, UK.

INTRODUCTION

In marketing, managers have to grapple with many decision-making situations which are part of the milieu in which they operate. Such situations might relate to the formulation of a strategic plan or the development of a marketing budget.

Formal modelling may be used to help in the analysis of these situations by imposing structure on them and allowing the consequences of different possible courses of action to be investigated. This modelling is likely to be detailed and quantitative at the lower...

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