From March 11th to 29th, 2024, the Master of Science and Doctoral Program of the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), organized the “Workshop on Econometrics for Marketing,” inviting Prof. Amit Bhatnagar from the Lubar Business School, University of Wisconsin-Milwaukee. The workshop took place offline from March 11th to 29th, 2024, at the Computer Laboratory on the 2nd floor of the Master of Science and Doctoral Building, Faculty of Economics and Business, Universitas Gadjah Mada.
The workshop was aimed at providing in-depth understanding to the participants regarding relevant econometric concepts for analysis and decision-making in marketing.
The workshop was attended by a number of participants from various backgrounds, including students from marketing and economics programs, as well as professionals involved in marketing and market research industries. Over a period of three weeks, the workshop was divided into four sessions, each lasting about three hours, focusing on various important topics in econometrics related to marketing.
Session 1 (March 14, 2024, from 09:00 to 12:00)
Topic: Non-linear Regression
In the first session, participants were introduced to the basic concepts and application of non-linear regression models in the context of marketing. Discussions included explanations on how the relationship between dependent and independent variables can be expressed non-linearly, as well as appropriate estimation techniques for such models.
Session 2 (March 15, 2024, from 13:30 to 16:30)
Topic: Choice Models: Logit and Probit
The second session focused on understanding choice models, particularly Logit and Probit models, commonly used in analyzing consumer behavior, such as purchasing decisions. Participants gained a deep understanding of the basic concepts behind these models, as well as effective estimation practices using statistical software such as SPSS.
Session 3 (March 21, 2024, from 09:00 to 12:00)
Topic: Multinomial Logit and Probit Models
The third session covered multinomial Logit and Probit models. Participants were given an understanding of how these models are used in the marketing context to analyze choices involving more than two categories. Through case studies and practical exercises, participants were able to gain a deeper understanding of these concepts and apply them in marketing data analysis.
Session 4 (March 28, 2024, from 13:30 to 16:30)
Topic: Ordinal Logit Regression, Tobit Model
The final session of this workshop discussed ordinal Logit regression and Tobit models. Discussions included basic concepts, estimation methods, and applications in marketing analysis. Participants were guided on how these models can be used to address situations where dependent variables have specific properties, such as being ordered or truncated.
Throughout the four workshop sessions, participants actively engaged in discussions, case studies, and practical exercises designed to deepen their understanding of econometric concepts and their application in marketing analysis. The entire workshop ran smoothly and provided significant value to all participants.
