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Entries Tagged as 'models'

Building models

35 Comments · models

Leeflang and Wittink (2000) provide a checklist of topics that a researcher should consider prior to building a model.

? Every model builder must evaluate whether the use of a model can improve managerial decision-making.

? The builder should define the intended use of the model (what is it good for?).

? The complexity, completeness and integration ought to be assessed.

? How can the necessary data be obtained? Are they accessible and available in the appropriate level of aggregation?

? The structure of the model must be easy to understand and appear straightforward to implement.

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Verbal and statistical models

22 Comments · models

Verbal model: description of a market launch
The word-of-mouth spread of knowledge about a product is an example of a simple verbal model.

When a product or service is launched, sales often start slowly until some people (early adopters) become aware of the product.

They buy it and start using it. If they are satisfied with the product, they recommend it to family members and to friends via word-of-mouth communication.

This leads to an acceleration of sales growth, and the producer (importer) is encouraged to place advertisements in various media. At some point, the market potential is approached and growth slows down.

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Marketing Models and Properties of a Good Model

31 Comments · models

According to one of the pioneers of marketing models, John Little (1970):
? good models are hard to find;
? good parameterization is even harder;
? managers do not understand models;
? most models are incomplete.

There can be little doubt that Little’s statement is of even greater relevance if we deal with models that aim to describe and analyze international or cross-cultural marketing problems.

Types of marketing models and their purpose
Models of consumer behaviour and media planning usually assume that consumers are exposed to advertising in a variety of print media, broadcast programming and TV channels.

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