New model revolutionizes marketing strategies by predicting consumer purchases accurately.
The article compares two models to understand why people buy different brands of ketchup. They found that one model, the generalized multinomial logit, is better at predicting consumer behavior than the other model, latent class logit. This means that companies can use this model to make better marketing decisions, like setting prices. They also looked at how factors like past purchases and habits influence ketchup buying.