Determining the expected value of information for new product introduction

Gerald J Lacava and Donald S Tull

Omega, 1982, vol. 10, issue 4, 383-389

Abstract: Bayesian analysis is an important technique for marketing decision-making. To this point, however, these procedures have been used infrequently by practicing managers. Two major obstacles to the application of Bayesian analysis are the difficulties associated with generating input values and with performing the necessary calculations. In this paper a procedure is presented which, in most cases, removes both of these obstacles. The procedure has assessment needs with which the practicing manager may be more familiar. Tables are developed to alleviate computational difficulties.

Date: 1982
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