Free

Regression Analysis Models for Marketing Decision Making - Essay Example

Comments (0) Cite this document
Summary
The writer of the essay "Regression Analysis Models for Marketing Decision Making" seeks to identify various regression analysis models being applied by businesses in trying to get information from quantitative data and the information being used in making a business decision…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.8% of users find it useful
Regression Analysis Models for Marketing Decision Making
Read TextPreview

Extract of sample "Regression Analysis Models for Marketing Decision Making"

Regression Analysis Models for Marketing Decision Making
Synopsis
Introduction
Decision-making is the core of business, and correct decisions result into businesses thriving. Marketing decisions in a company are made based on information that is as a result of data interpretation or analysis. Analysis of quantitative data which is mainly measurable is done through several statistical models. The research seeks to identify various regression analysis models being applied by businesses in trying to get information from quantitative data and the information being used in making a business decision especially in the marketing department.
Regression Definition
Regression analysis is a statistical technique that determines linear relationships between two or more variables. Businesses mainly use regression as a causal inference and for predictions. The major regression models available are linear regression model, non-linear regression model, logistic regression and multinomial logistic regression. Simple regression models use only two variables to achieve a particular statistical result. Multiple linear regression is a regression that applies more that two variables.
Logistic regression procedures in quantitative statistics will produce all predictions, residuals and influence statistics. Logistic regression also produces goodness-of-fit tests using sales and marketing data in the case where it has to make predictions for the marketing department. The goodness-of-fit tests are created at the individual case level, and this is regardless of methods of data insertion and whether or not the number of covariate patterns is lesser than the total number of instances in question. On the other hand, multinomial logistic regression procedure aggregates all cases internally to form subpopulations with identical covariate patterns for the predictors, residuals, and goodness-of-tests.
Non-linear regression is a quantitative statistical method of finding a nonlinear model of the relationship between the dependent variable and a set of several independent variables. Current non-linear models can be used to estimate models with arbitrary relationships between dependent and independent variables. Iterative estimation is mostly used to achieve non-linear regression.
Problem Statement
Predicting future marketing trends is business is an essential requirement for the management if they have to beat the competition. This is because a lot of the data is available for use by business nowadays due to advancements in technology like the web that collects a lot of statistical data for analysis. The primary problem facing businesses is identifying the optimal data analysis model to use in the analysis the quantitative data and getting valid information for predicting the future marketing trends.
Objectives and Aims
The research seeks to define and identify the optimal regression analysis models available today. The paper will describe several procedures available in using the regression models to perform data analysis. The paper will then simulate some marketing data to identify the best regression that a business can employ within various marketing situations. The paper will consider and determine all the assumptions that businesses are allowed to apply in using the regression models. The paper will suggest the optimal or the best regression model that a mid-sized business entity can apply depending on the several amount of data and variable they can acquire. Finally, the paper will suggest and analyze how several software application like SPSS can be used in using the optimal regression model identified in the research.
Challenges
The research will mostly use on-line articles in studying the various regression models based on previously published research without the use of actual sample data in testing the regression models. Acquiring statistical software application will also become a challenge due to most of them being commercially available.












Bibliography
David F. Groebner, Patrick W. Shannon, Phillip C. Fry, Kent D.A Decision-Making Approach. 8Th Ed. New York.
Douglas A. Lind, William G. Marchal, and David Wathen, (2012). Statistical Techniques in Business and Economics. 13Th Ed. Prentice Hall. New York.
Anderson and Sweeny, (2010). Essentials of Modern Business Statistics with Microsoft Excel.3rd Ed. Prentice Hall. New York.
StatSoft (2015). General Regression Models. Retrieved From;http://www.statsoft.com/Textbook/General-Regression-Models
David W. Stockburger, (2014). Regression Models.Retrieved From; http://www.psychstat.missouristate.edu/introbook/sbk16.htm
Brian Caffa, (2014). Regression Models. Retrieved From; https://www.coursera.org/course/regmods.
References
Arnold, Carolyn L. (1992) An Introduction to Hierarchical Linear Models. Measurement and Evaluation in Counseling and Development, 25, 58-90.
Douglas A. Lind, William G. Marchal, and David Wathen, (2012). Statistical Techniques in Business and Economics. 13Th Ed. Prentice Hall. New York.
Field A., 2006. Discovering Statistics using SPSS. Second Edition. London. Sage Publications.
Greene W.H., 2002. Econometric Analysis. Fifth Edition. New Jersey. Prentice Hall.
Render, B., R.M. Stair and M.E. Hanna, Quantitative Analysis for Management.11th Ed. Prentice Hall.
Curwin, Jon; Slater, Roger, Quantitative methods for business decisions.
Mark Berenson and David Levine, Basic Business Statistics. New York. Prentice Hall.
Taha, Hamdy A, Operations research: An introduction. Prentice Hall. New York.
Malhotra N., 2010. Marketing Research. An Applied Approach. Sixth Edition. Ney Jersey. Pearson Eduction.
Snedecor, G. W. and W. G. Cochran. 1980. Statistical methods. The Iowa State University Press,.Ames, Iowa. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Regression Analysis Models for Marketing Decision Making Essay”, n.d.)
Retrieved from https://studentshare.org/statistics/1694695-the-writer-can-choose-the-topic
(Regression Analysis Models for Marketing Decision Making Essay)
https://studentshare.org/statistics/1694695-the-writer-can-choose-the-topic.
“Regression Analysis Models for Marketing Decision Making Essay”, n.d. https://studentshare.org/statistics/1694695-the-writer-can-choose-the-topic.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Regression Analysis Models for Marketing Decision Making

Decision making models

...decisions. Bad decisions have negative consequences to the company or to the individual making the decision. The two models provide adequate platforms for making decisions. However, their accessibility depends on the available knowledge and resources. From this analysis, the five-step model appears as an effective decision making tool because it lists alternatives and criteria and requires minimum time for evolution to different stages. It has a robust methodology and supports shared vision. The model also manages complexities and...
5 Pages(1250 words)Research Paper

Decision-Making Models

...Decision-Making Models Probabilistic simulation Part A The results in the Table 1.7 were generated with the use of Monte Carlo simulation. According to Heizer and Render (2006) Monte Carlo simulation involves carrying out chance related experiments using random sampling techniques. The technique revolves around five (5) simple steps. These steps are: i. Setting up a probability distribution for each of the three variable – material cost, labor cost and utilities cost ii. Preparing a cumulative probability distribution for each of the three variables iii. Establishing random number intervals for each of the three variables iv. Generating random numbers v. Simulating a series of trials –...
22 Pages(5500 words)Math Problem

Decision making models

...?Decision making is one of the most- if not the most important of all managerial activities (Schultz et al 2004:163). However, decision making is notonly restricted to managers but is one of the primary responsibilities of all employees since the quality of decisions made directly affect their day to day operations, rewards and job satisfaction as well as the viability of the organisation as a whole. Against this background, this essay seeks to critically describe two models of decision making namely: Vroom-Yetton- Jago normative decision making model as...
4 Pages(1000 words)Outline

Marketing Decision Making

...my organization to factor in those concern in future models of the device. As a new product, brochures will provide a better platform through which the features of the product shall be explained in terms which can easily be understood by the consumers. This makes direct element IMC marketing approach necessary tool that will be employed by the business to help increase consumer knowledge on the basic operational details of the product (Lauer, 2007). As a product that seeks to improve the health of the intended consumers, my marketing communication will contain specific information as pertain the needs for living a healthy and informed life. In a world that is full of...
7 Pages(1750 words)Essay

Running head: MARKETING PREDICTIVE ANALYTICS TO DETERMINE ALLOCATION OPTIMIZATION

...decline in level of sales or poor sales levels subject to expectations or competitors would for example prompt investments in sales promotion. Developed models from databases can also inform organizations’ chiefs towards decisions on branding needs, pricing, and operational planning. Regression analysis and analysis of variance may aid insights into the variables’ trends towards decisions (Miller, 2013). Other applications of predictive analytics indecision making are in areas such as “demand planning, just in time inventory,” and optimization concepts such as employee output efficiency and cost minimization (Thierauf...
5 Pages(1250 words)Essay

Models of Decision Making

...kind of reasoning is applied, a different answer emerges-an answer that is somewhat different from what was earlier generalized, based only on simple mathematical analyses. 3. From each activity arise different principles that demonstrated how, in decision- making, detailed and methodical reasoning is imperative. Take as an example the first activity shown, wherein at first analysis, most individuals would answer Option 1 rather than Option 2. However, upon a closer analysis of the question and the relationship between the given information in the problem, the response did make sense-that Option 2 is the sounder choice rather than Option 1. What this...
2 Pages(500 words)Essay

Models of Decision Making

..., disappointments or successes are outcomes that are useful in correlating information in order to come up with productive judgments coming out of more and better choices. Finally, one lesson learned out of this foray is that the three decision models could actually work hand in hand, complementing each other, to maximize the percentage of success. The comparison of judgments to standards allows the comprehensive evaluation, serving the decision maker’s end best. (Koehler and Harvey 2004, p. 19) References Grunig, R. and Kuhn, Richard. (2005). Successful Decision-making: A Systematic Approach to Complex Problems. Springer Koehler, D. and Harvey, N....
2 Pages(500 words)Essay

Decision making models

...Running head: DECISION MAKING MODELS Decision Making Models Affiliation October 2008 Decision making remains one of the more difficult jobs of a manager. Information conditions have helped managers communicate and hand out information; on the other hand they have provided only inadequate assistance for management decision making (Kenneth, 1998). By using the cost benefit analysis techniques, our organization would be able to solve/ tackle problems that might otherwise appears massive overwhelming, and extremely difficult. This tool give our organization:...
3 Pages(750 words)Essay

Consumer decision-making models

...1. The traditional problem solving model of consumer decision making is based on a step by step logical and rational approach to take any decision. This model generally hold true for buying products where customer recognized the need for the product, collects information about its availability, types and price ranges, buys the product and uses it. However, in case of holiday decision making, the process is not that logical and uniform. The need for a holiday is a luxury for most people and hence their decisions are very flexible. The decision to go on a holiday is dependent as much on...
2 Pages(500 words)Assignment

Models of Decision-Making

...Models of decision-making Decision making is a critical process in any organization. It involves identification of the problem, evaluation of the available decision alternatives and selection of the best alternative among the available alternatives. Some activities involved in the process include the information collection process, analysis process and choice activity. Some decisions may be simple to make while others are complex since they require a lot of information gathering and complex analysis. Examples of decision making...
1 Pages(250 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Regression Analysis Models for Marketing Decision Making for FREE!

Contact Us