Marketing Data Science: Modeling Techniques in Predictive Analytics with R and Python

10. Assessing Brands and Prices

“Joker Products with a new secret ingredient—smiley. Now, let’s go over our blind taste test. Uh-oh, he don’t look happy. He’s been usin’ BRAND X. But with Joker brand, I get a grin again and again. . . That lucious tan, those ruby lips, and hair color only your undertaker knows for sure. I know what you’re saying, ‘Where can I get these fine new items?’ Well, that’s the gag. Chances are you bought ‘em already. So remember, put on a happy face.”

—JACK NICHOLSON AS JOKER IN Batman (1989)

As a consumer, I am like two people. With almost everything—where I live and shop, how I travel, the clothes I buy, and the things I do for fun—I am extremely price-conscious. I walk rather than drive whenever I can, and I look ...