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Linear regression in marketing - summary
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Market Response Models (MRM) – Multiple (linear)regression analysis
A market response model (MRM) that predicts a continuous outcome uses linear regression, as opposed
to logistic regression, which has a binary outcome variable.
1. Exploratory data analysis
Plotting data: Generate line plots for sales, price, and advertising to visualize trends over time.
Key insights: Sales are increasing, price fluctuates (possibly due to external factors like
promotions), and advertising impacts sales.
2. Scatterplots and correlations
Explore relationships: Create scatter plots to explore relationships between pairs of variables (Sales vs.
Price, Sales vs. Advertising, Advertising vs. Price).
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