Summary
Contents
We are in an era of massive disruptions in markets, media, management approaches and business models. These disruptions are being caused by rapid technological changes on the one hand and tectonic shifts in customer preferences and societal behaviour on the other. Marketing knowledge and practices have to advance at a significantly higher pace to address the changing context of market behaviour. Handbook of Advances in Marketing in an Era of Disruptions is meant to share ideas and new knowledge that are relevant to this world of disruptions. Leading scholars from around the world, who have keenly observed the changing market environment, business policies, parameters, theories, methods and practices, have put forth their theses on how marketing thinking needs to evolve to keep pace with the market reality.
Modelling Choice of Multiple Items*
Modelling Choice of Multiple Items*
Abstract
This paper reviews several models developed during the last 40 years or so for modelling the choices of multiple items chosen from one or several product categories. For example, the choice of the two most preferred items in a choice set will not necessarily be an optimal subset to choose due to the duplication of attributes in the chosen set. The models show how the attribute interdependence (balancing and reinforcement) among product attributes needs to be accommodated. The methods employed for estimating these preference models for multiple items include mathematical programming, least squares regression and hierarchical Bayesian regression. This stream of research covers a diversity of applications of the ...
