This volume presents advanced techniques to modeling markets, with
a wide spectrum of topics, including advanced individual demand
models, time series analysis, state space models, spatial models,
structural models, mediation, models that specify competition and
diffusion models. It is intended as a follow-on and companion to
Modeling Markets (2015), in which the authors presented the basics
of modeling markets along the classical steps of the model building
process: specification, data collection, estimation, validation and
implementation. This volume builds on the concepts presented in
Modeling Markets with an emphasis on advanced methods that are used
to specify, estimate and validate marketing models, including
structural equation models, partial least squares, mixture models,
and hidden Markov models, as well as generalized methods of
moments, Bayesian analysis, non/semi-parametric estimation and
endogeneity issues. Specific attention is given to big data. The
market environment is changing rapidly and constantly. Models that
provide information about the sensitivity of market behavior to
marketing activities such as advertising, pricing, promotions and
distribution are now routinely used by managers for the
identification of changes in marketing programs that can improve
brand performance. In today's environment of information overload,
the challenge is to make sense of the data that is being provided
globally, in real time, from thousands of sources. Although
marketing models are now widely accepted, the quality of the
marketing decisions is critically dependent upon the quality of the
models on which those decisions are based. This volume provides an
authoritative and comprehensive review, with each chapter
including: * an introduction to the method/methodology * a
numerical example/application in marketing * references to other
marketing applications * suggestions about software. Featuring
contributions from top authors in the field, this volume will
explore current and future aspects of modeling markets, providing
relevant and timely research and techniques to scientists,
researchers, students, academics and practitioners in marketing,
management and economics.
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