Bayesian Statistics in Marketing

Abstract

Bayesian statistics points the way to an articulation of business judgment and statistical research in approaching marketing problems.

We have always known that neither executive nor statistician is sufficient in himself, but now for the first time we have formal tools that show that the two can be brought closer together. This article shows how this may be accomplished.

Also, see the succeeding article, “Bayesian Decision Theory in Pricing Strategy,” by Paul E. Green, pp. 5–14.