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The Definitive Guide to Marketing Analytics and Metrics (Collection) by David Reibstein, Phillip E. Pfeifer, Neil Bendle, Ronald T. Wilcox, Paul Farris, Rajkumar Venkatesan, Cesar Brea

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8. Design of Price and Advertising Elasticity Models

Introduction

The marketing mix that a manager may deploy can affect the sales of a product and can be categorized under the traditional four Ps of marketing (product, price, promotion, and placement). But the perennial question managers face concerns the combination of these different marketing-mix variables that will give them maximized sales, highest share, lowest inventory, or maximized margins. Quite often, these questions are answered by historical data: for example, past sales or market share for different levels of expenditures on these marketing-mix variables. This chapter considers the design of models that allow managers to obtain robust price and advertising elasticity estimates. ...

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