Brand Choice Models

Marketing dictionary

Brand Choice Models

These stochastic models of individual brand choice focus on the brand that will be purchased on a particular purchase occasion, given that a purchase event will occur. This type of model includes Bernoulli processes and Markov models. Models in this category vary in their treatment of population heterogeneity, purchase event feedback, and exogenous market factors (Lilien and Kotler 1983). Source: AMA

See: Hendry Model Bernoulli Process Defender

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