Marketing mix modeling (MMM) is statistical analysis such as multivariate regressions on sales and marketing time series data to estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics. It is often used to optimize advertising mix and promotional tactics with respect to sales revenue or profit.
The techniques were developed by econometricians and were first applied to consumer packaged goods, since manufacturers of those goods had access to accurate data on sales and marketing support. Improved availability of data, massively greater computing power, and the pressure to measure and optimize marketing spend has driven the explosion in popularity as a marketing tool. In recent times MMM has found acceptance as a trustworthy marketing tool among the major consumer marketing companies.
The term marketing mix was developed by Neil Borden who first started using the phrase in 1949. “An executive is a mixer of ingredients, who sometimes follows a recipe as he goes along, sometimes adapts a recipe to the ingredients immediately available, and sometimes experiments with or invents ingredients no one else has tried."
According to Borden, "When building a marketing program to fit the needs of his firm, the marketing manager has to weigh the behavioral forces and then juggle marketing elements in his mix with a keen eye on the resources with which he has to work."
E. Jerome McCarthy, was the first person to suggest the four P's of marketing – price, promotion, product and place (distribution) – which constitute the most common variables used in constructing a marketing mix. According to McCarthy the marketers essentially have these four variables which they can use while crafting a marketing strategy and writing a marketing plan. In the long term, all four of the mix variables can be changed, but in the short term it is difficult to modify the product or the distribution channel.
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Return on marketing investment (ROMI) is the contribution to profit attributable to marketing (net of marketing spending), divided by the marketing 'invested' or risked. ROMI is not like the other 'return-on-investment' (ROI) metrics because marketing is not the same kind of investment. Instead of money that is 'tied' up in plants and inventories (often considered capital expenditure or CAPEX), marketing funds are typically 'risked'. Marketing spending is typically expensed in the current period (operational expenditure or OPEX).
Marketing effectiveness is the measure of how effective a given marketer's go to market strategy is toward meeting the goal of maximizing their spending to achieve positive results in both the short- and long-term. It is also related to marketing ROI and return on marketing investment (ROMI). Marketing expert Tony Lennon believes marketing effectiveness is quintessential to marketing, going so far as to say It's not marketing if it's not measured.
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The SARS-CoV-2 outburst in March 2020 has led to the lockdown of several countries across the world. Mobility restrictions have been constantly put into action and reversed to find the trade-off between minimizing the number of infections and death and mit ...