Estimating marketing response models by MCMC
type: Item
instance of: scholarly article
title: Estimating marketing response models by MCMC
zbMATH Open document ID: 1303.91133
DOI: 10.1504/IJMMNO.2014.059958
author: Wolfgang Polasek
published in: International Journal of Mathematical Modelling and Numerical Optimisation
publication date: 2014-12-10T00:00:00Z
review text: Summary: Supply and demand systems in economics often come with restrictions that are difficult to estimate with classical methods. The approach of sales response function (SRF) models of Baier and Polasek is adapted to time series observation of beer sales in a simultaneous equation system. We propose a new class of growth sales (gSRF) models having endogenous and exogenous variables together with marketing efforts that follow a sustained growth allocation principle. This approach allows us to model growth rates in markets that are exposed to fierce competition and where marketing efforts cannot be evaluated directly. The class of gSRF models has the property that it models supply (i.e., marketing efforts) and demand factors jointly in a log-linear regression model that are correlated over time. The estimated model can explain the relative success of marketing expenditures for the shrinking beer market in Germany for the period 1999--2010.
Mathematics Subject Classification ID: 91B84
Mathematics Subject Classification ID: 91B74
Mathematics Subject Classification ID: 62P20
Mathematics Subject Classification ID: 65C40
zbMATH DE Number: 6379196
zbMATH Keywords: sales response functions
zbMATH Keywords: SRFs
zbMATH Keywords: constrained marketing budgets
zbMATH Keywords: supply and demand estimation
zbMATH Keywords: shrinking market shares
zbMATH Keywords: German beer consumption
zbMATH Keywords: optimal budget allocation
MaRDI profile type: Publication
full work available at URL: ijmmno.2014.059958
OpenAlex ID: W1976619063
description: scientific article; zbMATH DE number 6379196