Optimization of Media Strategy via Marketing Mix Modeling in Retailing

Modeling Marketing Mix

The marketing mix refers to variables that a marketing manager can control to influence a brand’s sales or market share. Traditionally, these variables are summarized as the four Ps of marketing: product, price, promotion, and place (i.e., distribution; McCarthy, 1996). Product refers to aspects such as the firm’s portfolio of products, the newness of those products, their differentiation from ...

The Marketing Mix Strategy in Influence to the Competitive Advantage

Marketing mix related to the importance and contribution of the elements on the marketing mix that shows how these elements can provide a source of competitive advantage. Marketing mix strategy have high impact to the competitive advantage but each elements of marketing mix have different contribution. The objective of this paper is to examine the influence of the marketing mix to the competiti...

Challenges And Opportunities In Media Mix Modeling

Advertisers have a need to understand the effectiveness of their media spend in driving sales in order to optimize budget allocations. Media mix models are a common and widely used approach for doing so. We outline the various challenges such models encounter in consistently providing valid answers to the advertiser’s questions on media effectiveness. We also discusses opportunities for improve...

Geo-level Bayesian Hierarchical Media Mix Modeling

Media mix modeling is a statistical analysis on historical data to measure the return on investment (ROI) on advertising and other marketing activities. Current practice usually utilizes data aggregated at a national level, which often suffers from small sample size and insufficient variation in the media spend. When sub-national data is available, we propose a geo-level Bayesian hierarchical m...

Modeling the Dynamics on the Effectiveness of Marketing Mix Elements