Knowledge Generation in Marketing

In the present chapter, we briefly discuss how knowledge generation in marketing can be accomplished. In particular, we argue that generalizations offered by meta-analyses are very useful for managers in their decision making. To support this argument, we perform an empirical study on subjective estimations of price elasticities, advertising elasticities, and price promotion elasticities, showing that actual and future managers (i.e., master and PhD students) usually underestimate the effects of price changes, overestimate the impact of advertising, and heavily underestimate that of price promotions. We also demonstrate that subjective estimations improve after being confronted with the outcomes of meta-analyses.