MKTG 476/776: Applied Probability Models in Marketing
Over the past five decades, statisticians have developed a number of models that have proven to be highly effective in their ability to explain and predict empirical patterns within many areas in business and social sciences.
Over the past five decades, statisticians have developed a number of models that have proven to be highly effective in their ability to explain and predict empirical patterns within many areas in business and social sciences. As new forms of information technology provide increasingly rich descriptions of individual-level shopping/purchasing behavior, these models offer great value to practicing managers, particularly those interested in pursuing CRM (customer relationship management) activities. Furthermore, as more managers become comfortable with non-linear optimization techniques (using, for example, the “Solver” feature within Microsoft Excel), the specifications and interpretation of these models can become a regular part of the sophisticated manager’s toolkit. Taken as a whole, the methodological approaches covered in this course are well-suited to address the types of questions that are being asked with increasing frequency and interest by investors and managers of today’s data-intensive businesses.
The principle objectives of this course are:
- To familiarize students with probability models and their role in marketing, information systems, and other related areas
- To provide students with the analytical and empirical skills required to develop probability models and apply them to problems of genuine managerial interest
- To have students develop good instincts to judge the appropriateness, performance, and value of different kinds of models in a variety of managerial settings
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