Market response models and marketing practice

✍ Scribed by Dominique M. Hanssens; Peter S. H. Leeflang; Dick R. Wittink

• Publisher: John Wiley and Sons
• Year: 2005
• Tongue: English
• Weight: 112 KB
• Volume: 21
• Category: Article
• ISSN: 1524-1904
• DOI: 10.1002/asmb.584

✦ Synopsis

Abstract

Market response models are intended to help scholars and managers understand how consumers individually and collectively respond to marketing activities, and how competitors interact. Appropriately estimated effects constitute a basis for improved decision making in marketing. We review the demand and supply of market response models and we highlight areas of future growth. We discuss two characteristics that favour model use in practice, viz. the supply of standardized models and the availability of empirical generalizations.

Marketing as a discipline and market response models as a technology may often not receive top management attention. In order to have enhanced relevance for senior management, we argue that marketing models should be cross‐functional, include short‐ and long‐term effects, and be considerate of capital markets. We also identify emerging opportunities for marketing model applications in areas such as public policy and litigation. Copyright © 2005 John Wiley & Sons, Ltd.