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| Author: | Andrews, R. L. Currim, I. S. |
| Title: | Multi-stage purchase decision models: accommodating response heterogeneity, common demand shocks, and endogeneity using disaggregate data |
| Journal: | International Journal of Research in Marketing
2009 : SEP, VOL 26:3, p. 197-206 |
| Index terms: | purchasing decision making demand |
| Language: | eng |
| Abstract: | The article develops a multi-stage purchase decision model for household buying that includes purchase incidence decisions (whether to buy), brand choice decisions (what to buy) and purchase quantity decisions (how much to buy). All three stages are specified with random coefficient distributions for model covariates and random effect distributions to account for common demand shocks. The effects of endogeneity on prices is controlled. The new model takes the existing models to the next level by improving fit and forecasting accuracy. Including common demand shocks in the model can prevent managers from pursuing inappropriate and expensive marketing strategies for products. |
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