A Bayesian Approach to Test Market Selection

Vithala R. Rao and Frederick W. Winter
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Vithala R. Rao: Cornell University
Frederick W. Winter: University of Illinois

Management Science, 1981, vol. 27, issue 12, 1351-1369

Abstract: A model that addresses the problem of selecting test units for test marketing is described. The model is based on Bayesian procedures and utilizes data on the relationships between test unit sales and equilibrium market performance. An illustrative application incorporates the use of historical data in a Bayesian decision framework.

Keywords: forecasting; marketing: new products; statistics: Bayesian (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:27:y:1981:i:12:p:1351-1369

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