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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.
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.
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.
Specifically, consumer insights is a field that focuses on analyzing market research and acting as a bridge between research and marketing departments within a company. [1] Consumer insight is the intersection between the interests of the consumer and the features of a brand. Its main purpose is to understand why the consumer cares for the ...
Micromarketing was first referred to in the UK marketing press in November 1988 in respect of the application of geodemographics to consumer marketing. [1] The subject of micromarketing was developed further in an article in February 1990, which emphasised understanding markets at the local level, and also the personalisation of messages to individual consumers in the context direct marketing. [2]
The S-T-P framework implements market segmentation in three steps: Segmenting means identifying and classifying consumers into categories called segments. [3] Targeting identifies the most attractive segments, usually the ones most profitable for the business. [4] Positioning proposes distinctive competitive advantages for each segment. [5]
Marketing research refers to research activities designed to understand the marketing environment, including competitors, the socio-cultural environment and the politico-legal operating environment. Market research specifically refers to research concerned with understanding the market, that is consumers and is designed to yield actionable ...
Perceptual mapping or market mapping is a diagrammatic technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers. The positioning of a brand is influenced by customer perceptions rather than by those of businesses.