By Dominique M. Hanssens, Leonard J. Parsons, Randall L. Schultz
This moment version of marketplace reaction versions: -places even more emphasis at the uncomplicated construction blocks of industry reaction modeling: markets, info, and revenues drivers, via a separate bankruptcy. -splits the layout of reaction types into separate chapters on static and dynamic models.-discusses strategies and findings spawned by way of the promoting details revolution, e.g., scanner info. -emphasizes new insights to be had on advertising revenues drivers, specifically greater figuring out of revenues merchandising. -demonstrates methodological advancements to evaluate long term affects, the place current, of present advertising efforts. -includes a brand new bankruptcy on revenues forecasting. -adds mini-case histories within the kind of boxed inserts entitled views, that are basically written by way of enterprise executives. This booklet is actually the root of marketplace reaction modeling.
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Extra info for Title Market Response Models: Econometric and Time Series Analysis (International Series in Quantitative Marketing, Volume 12 ; 2nd Edition) (International Series in Quantitative Marketing)
This was what management expected. However, fewer sales force members would order and would start terminating five months later. The net result was higher sales force productivity but fewer sales because of fewer orders and a smaller sales force size. Mary Kay’s forecasting group was able to convince top management to change the strategy by quantitatively showing the sales response to the proposed change and showing graphically what the model indicated had happened in the past. In this way, Mary Kay saved 10 percent of sales.
Access to common data fosters better relations between manufacturers and retailers and encourages implementation of efficient consumer response (ECR) and category management programs. However, the store-by-store data are driving up scanner costs, which already consume over half of a consumer goods manufacturer’s marketing research budget (Heath 1996). Scanner data cannot distinguish between no demand situations (no customer purchases even though product is on shelf) and out-of-stock situations (customer demand but no product on shelf).
In addition, inventory control policies at the warehouse level tend to disguise the full impact of short-term marketing activities. It is also the case that modern, proprietary distribution systems that bring logistics in-house (such as the one pioneered by Wal-Mart) make warehouse withdrawal data less appropriate for studies of market response across all competitors in a market. Retail Shelf Audits. Retail sales of many consumer products for an audit period can be estimated from a stratified sample of food, drug, and mass merchandise stores.
Title Market Response Models: Econometric and Time Series Analysis (International Series in Quantitative Marketing, Volume 12 ; 2nd Edition) (International Series in Quantitative Marketing) by Dominique M. Hanssens, Leonard J. Parsons, Randall L. Schultz