By Dung Nguyen (auth.)
Remarkable improve in quantitative advertising study within the final twenty years, incorporating utilized microeconomic theories, operations study and administration purposes, has introduced the sector of selling along with finance, accounting and productionto inside an executive'sreach for a sophisticatedtoolbox for selection making in an more and more aggressive and intricate company surroundings. a short examine advertising and marketing, a lately released publication edited by means of Eliashberg and Lilien may point out even to the informal reader the level of such methodological development made by means of advertising students. Even in such a powerful and approximately exhaustive assortment oftopics, with the amazing exception mentioned via the editors of applicationsofthe scanner information, and inspite of the connection with it, a massive omission is expounded to the problems ofmarketing judgements below stipulations ofuncertainty. it truly is particularly visible to the promoting government and academician alike to acknowledge the $64000 function uncertaintyplays in marketingdecisions similar to pricing, promoting, advertisements, revenues strength administration, and others. the most important objective of this examine is to deal with yes significant advertising determination variables in the basic context of an doubtful atmosphere. whereas there were major progresses in reading advertising behaviors in a stochastic environment,the sourcesscatteramong differentmanagementandmarketingjoumals; and to the level that those concerns are addressed in any respect, they've got aimed regularly at every one separate, specifictopic at a time. therefore, our attempt to deliver those stories jointly within the related framework may still facilitate our in-depth research of those vital phenomena.
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Additional info for Marketing Decisions Under Uncertainty
For the single-product firm, the result is more clear-cut. Any increase in an excise tax would likely lead to an increase in the firm's price. The presence of such a tax on multiple-product firms would be harder to evaluate. Thus, for example 8p. 2. (J-rO)_J =-rcrj ; j=I,2, ... 35) from which an unambiguous impact of the excise tax on the product's own price may not in general be obtained. Our discussion of the multi-product pricing decision may be naturally connected to some analysis in the literature on store price image.
V(Il) =10g(Il). The implicit demand function is: h(p,q,~) =2 -p -q +~ =0 where ~ has the distribution: Pr(~=1/3) = Pr(~=-1/3) = 1/2. Assuming further the deterministic cost function of the form C(q) = q, it can be readily shown that: (i) Under certainty, optimal values for p and q are: p*=3/2, and q*=1/2. (ii) Under uncertainty, the quantity-setting monopolist would choose q*=[(9v'17)/12]<1/2 with the expected price higher than 3/2. (iii) Under uncertainty, the price-setting monopolist would choose p*=[(21v'17)/12]<3/2 and expect to produce at a level higher than 1/2.
Interesting cases where this tenn is zero include well-tested specification of static sales equations, multiplicatively separable and the so-called simple pricetiming model for durables. The second tenn involves the cost effect, exhibiting the effect of learning as we recall the assumption of the dependence of unit cost on cumulative sales. The third tenn concerns a particular nature of the randomness such that its effect would be zero if variance is constant. More specific results are derived by the authors for certain sales response functions, one is based on the static linear demand, the other, the price-timing model for durables in which sales is proportional to the remaining market potential.