Evaluate how managers use economic and marketing data to analyze demand for products and services.
Introduction and Alignment
Managers need to realize that marketing analysis builds on the fundamental economic concepts of demand and elasticity. Marketers use these basic economic concepts to develop analyses of brand differentiation, market segmentation, and new product pricing. While some of the formal statistical approaches economists use to estimate demand relationships may appear abstract and academic to managers and marketers, these approaches attempt to determine the effects of different variables on demand, while holding all else constant.
Upon completion of this assignment, you should be able to:
Evaluate how managers use economic and marketing data to analyze demand for products and services.
Resources
Textbook: Economics for Managers
Videos: Econometrics:
Lecture 1: Introduction: http://www.
Lecture 2: Simple Linear Regression (SLR): http://www.youtube.com/
Lecture 3: OLS and Goodness-Of-Fit (R-Squared): http://www.
Answer preview Evaluate how managers use economic and marketing data to analyze demand for products and services.
APA
634 words