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Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
It consists of information technology, marketing data, systems tools, and modeling capabilities that enable it to provide predicted outcomes from different scenarios and marketing strategies. [1] [2] MKDSS assists decision makers in different scenarios and can be a very helpful tool for a business to take over their competitors. [3]
Business decision mapping (BDM) is a technique for making decisions, particularly for the kind of decisions that often need to be made in business.It involves using diagrams to help articulate and work through the decision problem, from initial recognition of the need through to communication of the decision and the thinking behind it.
The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". [2] Marketing theory emerged in the early twenty-first century. The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in 1984. [3]
Bayesian decision theory can be applied to all four areas of the marketing mix. [11] Assessments are made by a decision maker on the probabilities of events that determine the profitability of alternative actions where the outcomes are uncertain. Assessments are also made for the profit (utility) for each possible combination of action and event.
Tool Supported data models (conceptual, logical, physical) Supported notations Forward engineering Reverse engineering Model/database comparison and synchronization Teamwork/repository Database Workbench: Conceptual, logical, physical IE (Crow’s foot) Yes Yes Update database and/or update model No Enterprise Architect
An online research tool that allows the coding of text to build a causal map. Features: Qualitative coding of causal links in text; Display as a network; Filter and query the network; Ability to deal with multiple sources; Online Paid (Free trial available) Insight Maker [9] Full release Causal loop diagram builder. Can be used for stock and ...
Investment mix (fixed vs working capital) Lean overheads; Marketing intensity (= marketing expenditure / sales) Research and development intensity (= research and development expenses / sales) Dynamics of change Changes in competitive strengths; Changes in supply chain fitness; Economic success factors (as variables to be explained):