Econometrics for marketing
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Transcript of Econometrics for marketing
Business Economics
Econometrics for Marketing
To find out more contact David Merrick at Business Economics Limited on 07714 456068 or [email protected]
Overview Econometrics is one of the key techniques
used to provide analytical support in the field
of marketing. However, traditional approaches
typically involve considerable effort in data
manipulation, model development and report
preparation. The net effect is to push up the
cost per model produced.
For this reason, Business Economics Limited
has developed the StatsPro econometrics
software package designed specifically to
make the use of econometrics in marketing as
streamlined and efficient as possible.
The above chart, taken from a typical modelling study,
shows an automatically-generated decomposition chart in
which the relative impact of the various key drivers can be
assessed.
What does StatsPro do? StatsPro provides a quick and easy platform
for a range of regression analyses, including:
Advertising effectiveness
Price and promotional analysis
Demand forecasting
Propensity analysis
It is a general econometrics package and
contains a range of standard regression
models but, in order to deliver fast and well-
formed models, it also contains a number of
special productivity features as follows:
A quick and easy method of including
or omitting variables, or fixing their
coefficients
The user can experiment with lagged
variables, differences, logs, etc.
without re-defining the model
Built-in transformations to enable
diminishing returns curves to be
included in linear regression models
The ability to generate new variables
“on-the-fly” without having to calculate
separate data series
Automated production of reports and
charts on predicted versus actual
values, residuals, decomposition and
waterfalls for all model types, including
log and difference models
A highly intuitive and visual approach
to system models
The above chart, also generated automatically by the
system, shows the same information as that in the chart
opposite but highlights the year-on-year changes.
How is StatsPro used? StatsPro is currently available on two main
platforms.
For generic econometric modelling,
StatsPro would normally be used an
add-in to Microsoft Excel as this
provides a flexible and highly
responsive modelling tool
Alternatively, the kernel of the
regression system can be used as a
DLL in a bespoke econometrics
modelling solution for specific
applications.