Dr. Frank M. Bass (1926-2006) was a leading academic in the field of marketing research, and is considered to be among the founders of marketing science. He became famous as the creator of the Bass diffusion model that describes the adoption of new products and technologies by first-time buyers. Using models and advanced statistical techniques often adapted from economics and the social sciences, he made fundamental contributions that revolutionized the way marketing was taught in universities and applied in business.
Chapter 4 of Multivariate Methods for Market and Survey Research
The chapter illustrates the key differences between theory testing and forecasting models. The text argues that when control is the purpose of a study, theory testing is more effective than forecasting. Also discussed are the methods and philosophy of testing regression models.