Bayesian Statistics and Marketing

"Bayesian statistics can help to provide unique insights into important issues in many fields. Bayesian statistics is not new, but traditionally it has not been widely taught as it is computationally challenging and there were criticisms surrounding the subjectivity of Bayesian methods. As computing power has increased, computational and modelling breakthroughs have made the implementation of Bayesian methods ideal for addressing many marketing problems. Bayesian analyses can now be conducted over a wide range of marketing problems, from new product introduction and pricing to customized targeting and micro-pricing in online environments, using a wide range of different data sources."--