Question

what is mix model in professional ethics?​

Answer 1

Answer:

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❥ Ethical concerns can arise in every element of the marketing mix. As mentioned before on this blog, the marketing mix is a combination of the 4Ps : Product, Price, Promotion and Place.

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Answer 2

Marketing Mix Modelling (MMM)

There was a time when we considered traditional marketing practices, and the successes or failures they yield, as an art form. With mysterious, untraceable results, marketing efforts lacked-transparency and were widely regarded as being born out of the creative talents of star marketing professionals.

The advent of big data changed things; substantial investment in data collection and analysis in the 1980s saw a shift in thinking toward marketing as being at least partly, if not wholly, scientific. To many marketers, however, the shift toward a full-blown scientific approach has been overwhelming. The new technologies, complex algorithms, and statistical applications often leave us scrambling to keep up.

In retail industries, only 8-10% of sales revenue goes toward marketing activity; leaving CMOs and marketing managers to face the issue of how and where to invest their limited marketing budgets. Understandably, the biggest concern is how best to allocate this budget to a wide range of marketing activities. Methodical, strategic planning in the form of Marketing Mix Modelling (MMM) can help you overcome this problem, by finding the optimal mix of marketing variables and proving the return of investment (ROI) that your painstakingly-researched marketing strategy provides.

What is Marketing Mix Modelling (MMM)?

We all know about the 4Ps of the marketing mix: Product, Price, Place, Promotion. It’s a fundamental part of marketing theory that considers what factors are required for a business to succeed.

Well, marketing mix modelling is closely related to the 4Ps in that it seeks to determine how much success was generated by each factor, and forecast what future success can be created through altering and optimising the marketing mix.

Marketing mix modelling is a statistical method of determining the effectiveness of marketing campaigns by breaking down aggregate data and differentiating between contributions from marketing tactics and promotional activities, and other uncontrollable drivers of success.

The results, or ‘output’, of your marketing mix model analysis, will then inform the composition of future marketing efforts with a level of certainty, i.e. to change input ‘a’ will affect output ‘b.’

Benefits of Marketing Mix Modelling

• Enables marketers to prove the ROI of their efforts
• Returns insights that allow for effective budget allocation
• Facilitates superior sales trend forecasting

Limitations of Marketing Mix Modelling

• Lacks the convenience of real-time modern data analytics
• Critics argue that modern attribution methods are more effective as they consider 1 to 1, individual data
• Marketing Mix Modelling does not analyse customer experience (CX)

How to get started with Marketing Mix Modelling?

Okay, right now, I could get stuck into equations and coefficients and, you know, all the things that generally made you want to cry in high school mathematics class. But the thing is, as a marketing executive or manager, you’re far more likely to be pitching the benefits of implementing marketing mix modelling than actually crunching the numbers yourself... *phew*.

So, instead, here’s what you need to know when trying to get a marketing mix modelling project off the ground within your department, so you can leave all the confusing stuff to the pros.