Logo Logo

Marketing Simulations: Review and Prospects, Journal of Business

Abstract

Quantitative tools came into marketing largely as a potential means for helping marketing executives make decisions in areas of high uncertainty, such as launching products, setting advertising budgets, and designing sales-force strategies. Early model building in marketing was characterized by an effort to impose standard operations including research tools, calculus, linear programming, queuing theory and Markov processes on highly simplified versions of marketing problems. This article will undertake to review and evaluate a selected sample of marketing simulations. The term simulation is interpreted broadly to reflect the fact that it is used in a variety of ways by persons inside and outside of marketing to describe their work. In the most general sense, simulation describes the act of creating a complex model to resemble a real process or system, and running and experimenting with the model in the hope of learning something about the real system. Simulation is used as behavioral modeling, as a way of introducing and handling uncertainty, as a computational technique for measuring parametric sensitivity and as a heuristic technique for finding an approximately optimal solution.

Type

Article

Author(s)

Philip Kotler

Date Published

1970

Citations

Kotler, Philip. 1970. Marketing Simulations: Review and Prospects. Journal of Business. 43(3): 237-295.

KELLOGG INSIGHT

Explore leading research and ideas

Find articles, podcast episodes, and videos that spark ideas in lifelong learners, and inspire those looking to advance in their careers.
learn more

COURSE CATALOG

Review Courses & Schedules

Access information about specific courses and their schedules by viewing the interactive course scheduler tool.
LEARN MORE

DEGREE PROGRAMS

Discover the path to your goals

Whether you choose our Full-Time, Part-Time or Executive MBA program, you’ll enjoy the same unparalleled education, exceptional faculty and distinctive culture.
learn more