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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.
A systems development life cycle is composed of distinct work phases that are used by systems engineers and systems developers to deliver information systems.Like anything that is manufactured on an assembly line, an SDLC aims to produce high-quality systems that meet or exceed expectations, based on requirements, by delivering systems within scheduled time frames and cost estimates. [3]
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]
Adstock is an important component of marketing-mix models. The term "adstock" was coined by Simon Broadbent. [1] Adstock is a model of how the response to advertising builds and decays in consumer markets. Advertising tries to expand consumption in two ways; it both reminds and teaches.
In software engineering, a software development process or software development life cycle (SDLC) is a process of planning and managing software development. It typically involves dividing software development work into smaller, parallel, or sequential steps or sub-processes to improve design and/or product management .
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.
Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage. Once the product is designed and put into the market, the offering should be managed efficiently for the buyers to get value from it.
A MKDSS is used to support the software vendors’ planning strategy for marketing products. It can help to identify advantageous levels of pricing, advertising spending, and advertising copy for the firm’s products. [4] This helps determine the firm's marketing mix for product software.