The Bayesian Revolution in Marketing Research

This paper describes the paradigm shift that has been occurring in the statistical analysis of marketing data over the past 10 years.

The Bayesian Revolution in Marketing Research

David G. BakkenMarketing Science and Advanced Analytics, Harris Interactive, United States

INTRODUCTION: INFERENCE IN MARKETING RESEARCH

We may not admit to it, but we in the market research industry are engaged in the business of predicting the future. Perhaps more precisely, we practice the art of estimating the probability of future events – most often, the future purchases made by consumers. Clients routinely commission research programs to predict the sales of new products, to identify the advertising message that is most likely to create an emotional connection with a brand, to predict improvements...

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