The main purpose of this paper is to discern the dynamic causal relationships (in the Granger (temporal) sense) among sales, advertising and prices in the context of the Portuguese car market. The present research (based on multiple cointegration tests preceded by various unit root or non-stationarity tests) is one of the first attempts at putting the sales-marketing mix analysis within a multivariate cointegrated system. The results, based on a three-step procedure (cointegration, VECM and VDCs) confirm that a strong one-way relationship (A->S, A->P) between advertising and sales (prices) is complemented by a feedback relationship (S<->P) between sales and prices.
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Paper provided by EconWPA in its series Econometrics with number
9612004.
Find related papers by JEL classification: C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions D49 - Microeconomics - - Market Structure and Pricing - - - Other M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing M37 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Advertising
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