Empirical methods for business decisions


Objectif

Quantitative marketing is the application of quantitative techniques to the field of marketing to tackle business decisions. The techniques used may be in the field of statistics, econometrics, economics, experimentation or even psychology. Quantitative marketing has traditionally sought to acquire and retain the most profitable customers, evaluate the effects of a sales campaign to maximize its impact, optimize pricing, evaluate the effects of price promotion, determine the best way to launch a new product, examine the impact of the introduction of a new sales channel, or understand the behavior and needs of consumers for future products design.

The use of quantitative marketing has known a significant expansion in recent years thanks to the proliferation of new data on consumers and transactions induced by new technologies. The development of the Internet and related new technologies represents a deep revolution in business activity and consumption patterns. Marketing plays an important role in shaping the economy and its future.

This course aims at providing a toolbox of statistical methods in marketing research to students. It is based on the results of applied research and reviews the main methods and solutions that can be implemented to help firms in their decisions. The course also deals with some recent issues in digital marketing. Topics covered will include Customer Relationship Management, Price Promotions, Advertising and Publicity, and Digital Marketing, knowing that these topics are all intertwined. Some elements of consumer behavior will also be discussed.

At the end of the course, students are expected to understand and to know how to implement the relevant methods for the main business decisions using standard statistical software, to figure out if the parameters of interest are identified and, therefore, to optimize the parameters of a marketing campaign to increase revenue or profits.

Students are expected to actively participate in all lectures. The grade for this course is based on participation (33%), presentations of assigned papers (33%), and a final home assignment with problem sets and marketing data to apply the main concepts of the course (34%).

Plan

  1. Standard questions and methods in quantitative marketing
  2. Concepts, tools and strategies of digital marketing
  3. Psychological Springs of Consumer Behavior

Références

  • Franses, P.H., and Montgomery, A.L. (2002), Econometric Models in Marketing, Advances in Econometrics.
  • Franses, P.H. and Paap, R. (2001), Quantitative Models in Marketing Research, Cambridge University Press.