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 [...]
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Verbal and statistical models
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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 [...]
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Marketing Models and Properties of a Good Model
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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 [...]
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