Accepted 2nd November, 2015
In today’s competitive world, marketing managers face various problems that call for rational decision making, for example, when and how to influence the choice process of consumers, what should be the price of the product, how much to advertise, what type of promotional offers to be made, when to launch a new product, how to make the product available, etc. All these problems if dealt with guess work can give misleading results. In order to be successful in this competitive world, there is a need for reliable solutions. Quantitative models fulfil the required need in an efficient manner.
Keywords: Marketing, quantitative models, choice process, successful, reliable solutions.