Synopsis
Excerpt from Notes on Marketing Experimentation
If the change is drastic enough, say a price cut or the introduction of a new product, there are sometimes special opportunities for analysis. An example of this is Henderson and Brown's study of the effect of a promotional campaign on the sales of frozen orange juice.
Although the analysis of historical data is often very valuable, experiments offer several special advantages. If you make an experimental change and observe an effect, it is frequently more convincing than if a change and an effect occur together in past data. In the latter case, you are likely to worry that a deeper mechanism may be causing both the change and the effect, since changes in marketing variables are usually made for some reason. A serious difficulty in econometric analyses is that the variables of interest may have substantial correlations with each other and with other explanatory variables. This may lead to instability in estimates of the important regression coefficients. In designing an experiment a deliberate effort is made to have small correlation among experimental variables and between them and other explanatory variables. Finally, of course, experiments can be directed at questions of immediate interest and can examine more different alternatives than would normally occur in regular Operations.
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Paperback. Condition: New. Print on Demand. This book delves into the intricate world of marketing experimentation, offering a comprehensive guide to understanding and measuring market behavior. The author explores the power of controlled experiments in uncovering the impact of various marketing variables on sales, such as advertising, pricing, and product packaging. Emerging during a pivotal era in marketing history, this book reflects the growing recognition of data-driven decision-making in the field. The author emphasizes the advantages of experimentation over traditional methods like historical data analysis, highlighting its ability to provide more convincing and reliable insights. Readers will discover a range of experimental designs, including randomized blocks, Latin squares, and factorial designs, each tailored to specific research questions. The book delves into the statistical models underlying these designs, providing clear explanations and practical examples. Furthermore, the author addresses the challenges and limitations of experimentation, offering guidance on selecting appropriate dependent variables, experimental units, and sample sizes. By embracing the principles and techniques presented in this book, marketers can gain a deeper understanding of consumer response and make informed decisions that drive business growth. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781330268650_0
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