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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 mixed model, mixed-effects model or mixed error-component model is a statistical model containing both fixed effects and random effects. [ 1][ 2] These models are useful in a wide variety of disciplines in the physical, biological and social sciences. They are particularly useful in settings where repeated measurements are made on the same ...
Analytics. Analytics is the systematic computational analysis of data or statistics. [ 1] It is used for the discovery, interpretation, and communication of meaningful patterns in data, which also falls under and directly relates to the umbrella term, data science. [ 2] Analytics also entails applying data patterns toward effective decision-making.
Marketing mix. The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing." These four P's are:
The Bass model or Bass diffusion model was developed by Frank Bass. It consists of a simple differential equation that describes the process of how new products get adopted in a population. The model presents a rationale of how current adopters and potential adopters of a new product interact. The basic premise of the model is that adopters can ...
Advertising adstock or advertising carry-over is the prolonged or lagged effect of advertising on consumer purchase behavior. 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.
Mixture model. In statistics, a mixture model is a probabilistic model for representing the presence of subpopulations within an overall population, without requiring that an observed data set should identify the sub-population to which an individual observation belongs. Formally a mixture model corresponds to the mixture distribution that ...
2. Define your target audience. The more context you can provide in your prompt, the better—and this includes who might read ChatGPT's responses. For example, if you use ChatGPT to outline a ...