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The model utilizes Bernoulli sequence in probability theory and creates formulas that calculate the probability of a customer buying at the next promotional or marketing campaign. This model has been implemented by Alexandros Ioannidis for datasets such as the Blood Transfusion and CDNOW data sets.
Zero moment of truth (ZMOT) is a term coined by Google in 2011, [10] it refers to the research which is conducted online about a product or service before taking any action, i.e., searching for mobile reviews before making a purchase. The Internet has changed altogether the way consumers interact with brands, products or services.
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.
COBRA (consumers' online brand related activities) is a theoretical framework related to understanding consumer's behavioural engagement with brands on social media. [1] [2] COBRA in literature is defined as a “set of brand-related online activities on the part of the consumer that vary in the degree to which the consumer interacts with social media and engages in the consumption ...
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...
Marketing planning or the process of developing a marketing program requires a detailed understanding of the marketing framework including Consumer behavior; Market segmentation and Marketing research. In the process of understanding the consumer market to be served, marketers may need to consider such issues as:
In the field of marketing, behavioural experiments which have dealt with managerial decision-making, [20] and risk perception, [21] [22] in consumer decisions have utilised the Bayesian model, or similar models, but found that it may not be relevant quantitatively in predicting human information processing behaviour.
In another model, which incorporates small world consumer networks into the profit function of the firm, [2] it has been demonstrated that the density of the network significantly affects the optimal price the firm should charge and the optimal referral fee (paid to consumers who can convince another one to buy). On the other hand, the size of ...