From the course: Excel: Market Research Strategies
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Purchase intent and price - Microsoft Excel Tutorial
From the course: Excel: Market Research Strategies
Purchase intent and price
- [Instructor] As marketing research professionals, our role is not only to understand what the data tells us, but also to make use of that data in developing forecast models. One example of this is a model that forecasts the likelihood of a particular product being bought. We can use the output from a regression to do this. I'm in the 0306Begin Excel file. Now, what we see here is output from a hypothetical regression with three different product configurations. Product Configuration A, which is not shown or omitted, Product Configuration B, and Product Configuration C. Now, we left off Product Configuration A because we're going to be comparing B and C against that. So, A is the one people are most likely to buy. Compared to A, people are slightly less likely to buy either B or C, that's what those negative coefficients tell us. We can use this coefficient data to forecast the likelihood that someone will buy the product in…
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