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Market Segments and Stochastic Brand Choice Models

In: Perspectives On Promotion And Database Marketing The Collected Works of Robert C Blattberg

Author

Listed:
  • ROBERT C. BLATTBERG

    (University of Chicago, USA)

  • SUBRATA K. SEN

    (University of Rochester, USA)

Abstract

The modeling of buyer behavior by stochastic brand choice models has typically involved the use of a single model to represent the behavior of all consumers though consumer heterogeneity is recognized by allowing the model's parameters to vary across the population. However, analysis of panel data for several frequently purchased products indicates the existence of several distinct consumer segments which are difficult to represent by a single model. It is shown, instead, that in order to describe adequately the behavior of these segments, it is necessary to use several different models while allowing consumers within a segment to have different model parameters. It is further shown that simple heterogeneous multinomial and Markov models appear to be adequate to represent the behavior of most of the segments.

Suggested Citation

  • Robert C. Blattberg & Subrata K. Sen, 2010. "Market Segments and Stochastic Brand Choice Models," World Scientific Book Chapters, in: Greg M Allenby (ed.), Perspectives On Promotion And Database Marketing The Collected Works of Robert C Blattberg, chapter 4, pages 63-74, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814287067_0004
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    More about this item

    Keywords

    Quantitative Marketing; Tracker Model; Customer Level Data; Marketing-Mix Modeling;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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