Dynamic Models of Advertising Competition: Open- and Closed-Loop Extensions: 4 (International Series in Quantitative Marketing, 4) - Hardcover

Erickson, Gary M.

Hardcover

ISBN 10: 0792391462 ISBN 13: 9780792391463

Publisher: Springer, 1991

Synopsis

For years, I have been impressed by how dynamic markets are. Marketing strategies are rarely successful without adjustments over time, and marketing managers need constantly to monitor, and anticipate when possible, important changes in the marketing environment, so that they can adapt their marketing strategies to changing market conditions. It strikes me as important that the dynamic elements of marketing be modeled and studied, and a significant part of my research activity has been dedicated to exploring the nature and implications of dynamic marketing strategies. The marketing field has used various models and methodologies in the attempt to understand dynamic markets. I must thank my dissertation advisor, Dave Montgomery at Stanford, for originally turning my attention toward time-varying parameter models some 14 years ago. From that plat­ form, I have proceeded to search for models that capture the essence of dynamic marketing, as well as for methodological tools, empirical as well as analytical, that allow insightful study of such models.

About this title

Product Description

Dynamic Models of Advertising Competition The use of advertising by competing firms to achieve and maintain profitable market positions is an important subject of scholarly research and practical relevance. This book reviews previous empirical and analytical research on advertising competition and extends this research in an analytical direction -- by deriving closed-loop (perfect) advertising strategies and comparing them to open-loop strategies -- for duopolistic situations. Three types of models -- Lancaster, Vidale-Wolfe, and diffusion -- are investigated and steady-state analysis shows distinct differences between closed-loop and open-loop strategies. Finally, empirical research is identified t...

Synopsis

The use of advertising by competing firms to achieve and maintain profitable market positions is an important subject of scholarly research and practical relevance. This book reviews previous empirical and analytical research on advertising competition and extends this research in an analytical direction -- by deriving closed-loop (perfect) advertising strategies and comparing them to open-loop strategies -- for duopolistic situations. Three types of models -- Lancaster, Vidale-Wolfe, and diffusion -- are investigated and steady-state analysis shows distinct differences between closed-loop and open-loop strategies. Finally, empirical research is identified to sort out what type of advertising strategy is used by competitors and a methodology is advanced, and empirical propositions are offered, to encourage research in the direction of empirical validation.

Edition details

• Publisher: Springer
• Publication date: 1991
• Language: English
• ISBN 10: 0792391462
• ISBN 13: 9780792391463
• Binding: Hardcover
• Number of pages: 131