Business Case Studies & Business Publications

Multiple Regression and Marketing-Mix Mo...

Venkatesan, Rajkum...

Technical Note

Multiple Regression and Marketing-Mix Models

Venkatesan, Rajkumar; Gibbs, Shea

M-0855 | Published October 7, 2013 | 10 pages Technical Note

Collection: Darden School of Business

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In this technical note, the concept of regression using a single independent variable is first introduced and then some of the practical challenges associated with it, including multiple independent variables in a regression, are discussed. Particular attention is paid to bias in the regression coefficients in the presence of omitted variables. The concept of the economic significance of a model is introduced and is contrasted with statistical significance. At Darden, this note is used in the course elective "Big Data in Marketing."

?Understand single- and multiple-variable regression. ?Learn omitted-variable bias. ?Evaluate models based on their economic significance.