This study presents a comprehensive brand choice model that simultaneously estimates the short-term and long-term effects of advertising, sales promotion, and price. The model is estimated using single-source panel data, and hypotheses regarding the short-term and long-term effects of each marketing mix variable are tested. The analysis results show that the short-term effect of advertising on brand choice was negligible, but its long-term effect was significant. The effect of price was dual in nature: at the point of purchase, it had the effect of reducing choice probability, but in the long term, it increased choice probability, and this long-term effect was found to be greater than the short-term effect. Sales promotion had an immediate sales-boosting effect but exerted a negative influence in the long term. The long-term effects of these three marketing mix variables interacted with brand loyalty, all in the opposite direction of their main effects. That is, the greater the experience with a particular brand, the more attenuated the long-term effects of each marketing variable became. Finally, based on exploratory analysis of its characteristics, the possibility that the model's long-term component could serve as a measure of brand equity is proposed.