Marketing Decisions Under Uncertainty

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Uncertainty plays an important role in marketing decisions such as pricing, promotion, advertising and salesforce management. While there has been significant progress made in marketing behaviours in a stochastic environment, the work is scattered among different sources and focuses mostly on analysis of separate components of the marketing mix. This text aims to address key marketing decisions under stochastic conditions in a unified framework within which potential interactions among the firm’s marketing efforts may take place. The book begins with static, stochastic formulations of individual marketing decisions for single-product, competitive firms. While formal results are presented and analyzed, empirical, managerial and strategic implications are emphasized throughout the book.