Skip to 0 minutes and 1 second Hope you had fun learning about regressions, I know I had a lot of fun. And this is one of the tools I use a lot in marketing analytics. And the important thing about regressions that you should have learned in this video is, it is important to know what to include, but also what you don’t include in the model. And that logarithm transformation that we saw is a really important tool, especially in marketing. Because it allows us to directly calculate price elasticity from regression, and that connecting regression to business decisions requires us to understand economic significance also. Just conducting the regression is not enough.
Skip to 0 minutes and 43 seconds You need to understand whether the outputs from this regression and the coefficients from these regressions actually have any economic significance for your business decisions. Now that we are done, we hope you should be able to describe what regressions are, and how they are used in marketing. And when you see a regression output, we hope you can accurately interpret the regression outputs. And most importantly you are now able to understand customer behavior through regressions, and connect marketing actions to business decisions and sales outcomes.
Review the key takeaways from this module. Does this summary match your understanding? Then take the practice quiz and review any videos to reinforce your learning.
© Copyright Rector and Visitors of the University of Virginia