How to Make Econometrics More Valuable

Discusses econometric modelling and its use in marketing. Use of econometric models has grown very fast in the last two decades, with the advent of technology that makes them easy even for the inexperienced.

How to make Econometrics more Valuable

Kraig SchulzandDavid MeerMindShare

In the last decade econometric modelling has become increasingly accepted as a way of helping marketers understand the effects of marketing activities on their brands. The tools allow us to understand the dynamics of promotions (increasing trial or just advancing the purchase cycle), distribution, competitive activities and advertising. Advances in computing power, data collection, user-friendly software and statistical sophistication, however, have not necessarily translated into better models. Many marketers remain as skeptical today about the value of modelling as they were 20 years ago.

The lure of...

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