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| Marketing Mix Modeling |
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Marketing mix modeling is a statistical technique used to understand the individual and combined contributions that multi-media marketing investments have on business results. These models are particularly applicable where direct attribution of sales to marketing stimuli is difficult or impossible to track.
Marketing mix models use time series data in a structural modeling approach to determine all the relevant marketing and non-marketing variables that affect the dependent variable being examined (such as sales). With adequate data, marketing mix models can account for advertising carryover and wear out, diminishing returns, and interaction effects.
In most instances, marketing mix models are developed to look retrospectively at past performance and explain as much as they can about why certain results happened. They can also play an important role in marketing planning by looking prospectively at what is likely to occur given assumptions about marketing spending and future market conditions. |  | | For more information, call us at 781-494-9989 or email us. | |
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