Market Models and Modelling

This Best Practice article outlines the theory and practice of market modelling, especially econometric and marketing-mix modelling.

Market Models And Modelling

Colin McDonald

A model is a simulation, usually mathematical, though it may be merely a diagram, which simplifies confusing masses of data. By disentangling the data, it enables us to understand how the relationships between different variables work in a market situation, and helps us distinguish cause and effect.

The ability to build and manipulate models has been greatly enhanced by modern computer hardware and software developments, together with improved data collection in particular the availability of scanner data both from retailers and from consumer panels, and the development of large customer databases by...

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