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The value of simple models in new product forecasting and customer‐base analysis
Author(s) -
Fader Peter S.,
Hardie Bruce G. S.
Publication year - 2005
Publication title -
applied stochastic models in business and industry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.413
H-Index - 40
eISSN - 1526-4025
pISSN - 1524-1904
DOI - 10.1002/asmb.592
Subject(s) - customer base , simple (philosophy) , computer science , product (mathematics) , base (topology) , bridge (graph theory) , value (mathematics) , marketing , customer lifetime value , software , customer value , industrial engineering , operations research , economics , business , microeconomics , engineering , machine learning , customer retention , mathematics , service (business) , philosophy , mathematical analysis , profit (economics) , geometry , epistemology , medicine , service quality , programming language
In this paper, we develop the idea of a ‘simple model’—defined as one that a good business student can build and implement on his/her notebook PC using readily available software. We explore how such models have the potential to bridge the gap between what marketing academics create and what marketing managers seek in a model. We provide specific examples from the areas of new product sales forecasting and customer‐base analysis, using spreadsheet‐based models that provide good forecasts and insights about actual buyer behaviour. Copyright © 2005 John Wiley & Sons, Ltd.
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