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Events28 August 2014
'An Introduction to Probability Models in Marketing' Workshop
- When: 28/08/2014
- Where: HEC Paris – Building S Room 228 1, rue de la Libération, 78350 Jouy-en-Josas
- Speakers: Peter S. Fader, Frances and Pei-Yuan Chia Professor of Marketing at the Wharton School of the University of Pennsylvania and Bruce Hardie, Professor of Marketing at London Business School
- Cost: 0-100€
- Contact us: moulinesSPAMFILTER@hec.fr
Over the course of many decades, applied statisticians have developed a number of models that have proven to be highly effective in their ability to explain and predict behaviour in many areas of business (and, more generally, the social sciences). These models use some basic “building blocks” from probability theory to offer behaviourally plausible perspectives on different types of timing, counting, and choice behaviours, and have been part of the marketing science literature from the very beginning. Furthermore, they are the foundations on which many of today’s “leading-edge” marketing models have been built.
The objective of this workshop is to familiarise participants with the core probability models used by marketing scientists and to show how they can be applied to practical marketing problems. The context in which we will introduce these models is that of computing customer lifetime value (CLV). At the heart of any calculation of CLV is the generation of multi-period forecasts of buyer behaviour. We will explore how to derive, implement (in Excel), and validate simple probability models that can generate such forecasts, and thereby compute CLV in different business settings.
The event includes a lunch, and a reception with dinner at the HEC Chateau on Thursday evening (which will end around 10pm approximately).