#mix modeling

[virtue09]

A Comprehensive Guide on Marketing Mix Modeling

In today’s fiercely competitive business landscape, when companies are investing significant resources into their marketing endeavors, it is critical to know the impact of each of their marketing activities. This is where marketing mix modeling comes into play. Marketing mix modeling enables businesses to quantify the precise impact of various marketing efforts on sales. It empowers companies to decipher how much they should spend on each marketing input to drive sales growth. In this blog, we will demystify the concept of marketing mix modeling and comprehend the importance of marketing mix in creating data-driven strategies to deliver exceptional outcomes.

What is Marketing Mix Modeling?

Marketing mix modeling is basically a data-driven analytic approach employed by businesses to assess the effectiveness of their marketing activities and optimally allocate resources.

To put it simply, imagine yourself as the owner of a bustling food joint with a stellar pasta dish on the menu. Naturally, your aim is to ensure that your pasta is not just good but exceptional, delighting all who taste it. The marketing mix is your secret recipe, enabling you to pinpoint the perfect ingredients that will make your pasta stand out and keep customers coming back for more. Similarly, businesses strategically use the marketing mix to identify the secret formula for their products that resonates with their target customers. This invaluable approach enables businesses to gain profound insights into consumer preferences and enhance their products so that customers will want to buy them again and again.

What are Marketing Modeling Variables?

The marketing mix is categorized into three key variables that are base, incremental, and other, each with factors that can significantly impact the performance of your product or service. Understanding these variables is crucial for marketers to accurately predict the effects of promotional activities on sales. 

01. Base Variables:

Base variables are the impacts achieved without any advertisements. They are due to the brand equity that has been built over the years. They are mainly influenced by non-marketing factors like GDP, consumer sentiments, growth rate, and many more. It includes:

Price: Price has a significant impact on the marketing mix because it communicates the price of a product, which can directly influence business performance. It also determines the target customer group and the strategy for product promotion and distribution accordingly.

Distribution: Distribution is critical for making the product easily accessible to consumers, ensuring ample stock availability, and maintaining optimal shelf life. Effective distribution not only provides consumers with multiple purchasing options but also directly boosts sales.

Seasonality: Embracing seasonal opportunities can have a profound impact on product sales. These commercial moments are invaluable for businesses looking to boost their sales. For example, the surge in gift item sales during the festive season of Christmas.

Macro-economic variables: Leveraging macro-economic variables such as GDP, the unemployment rate, and inflation is crucial in predicting and influencing product sales. Despite their uncontrollable nature, these factors significantly impact business outcomes.

02. Incremental Variable:

The outcomes generated by marketing activities are known as incremental variables. The marketing activities include TV advertisements, print ads, digital spending, promotions, discounts, social outreach, etc. We’ve listed some of the incremental variables below:

Above-the-Line (ATL) Marketing: This is primarily non-targeted, wide-reach marketing. They are solely for brand awareness and brand identity-building purposes. This includes TV advertisements, radio advertisements, newspaper ads, etc. 

Below-the-Line (BTL) Marketing: This consists of specific marketing activities that focus on target consumers. Their focal point is more on conversion than brand awareness. This includes social media marketing, discounts, email marketing, in-store marketing, events and conferences, etc.

Through-the-Line (TTL) Marketing: It is a combination of both ATL and BTL strategies for getting better results.

03. Other Variable:

Competition: It is crucial for a brand to monitor its competitors and devise strategies to outperform them.

Halo Effect: The term describes a customer’s preference for a specific product of a brand based on a positive experience they have had with another product of the same brand. It measures a brand’s loyalty.  For example, Tesla is known for its cutting-edge technology in their electric cars. This may lead to consumers assuming that its other products or services, such as their solar panels or energy storage solutions, are equally advanced and high-quality, even if they haven’t used them .

Cannibalization Effect: It refers to the negative impact on a product from a brand based on the performance of the other product from the same brand. For example, when Apple launches its new upgraded iPhone model, it cannibalizes its older iPhone models.

Benefits of Marketing Mix Modeling:

Marketing Mix Modeling (MMM) is a data-driven approach to apprehend and optimize marketing strategies that can be remarkably beneficial for organizations. Let’s explore the benefits of marketing mix modeling:

Optimize Marketing Spend: MMM enables an organization to evaluate the impact of different marketing efforts on sales and accordingly optimize their marketing spending on the most effective channels and tactics.

Informed Decision-Making: MMM analyzes the historical data of the organization and provides data-driven insights for making informed decisions.

Increase in Return on Investment (ROI): MMM empowers organizations to know the most effective marketing channel, thereby leading them to focus on the most effective channels that in turn increase ROI.  

Improve Marketing Strategies: MMM is instrumental in providing organizations with insights into the impact of each marketing channel, empowering them to elevate their marketing strategies for unprecedented success.

Market Scenarios Planning: Leveraging MMM, organizations can meticulously simulate diverse market scenarios and accurately predict potential outcomes. This robust capability empowers organizations to foresee and actively prepare for the impact of marketing strategies on business performance, enabling insightful and decisive action.

Comprehensive View on Influencing Factors: MMM considers both controllable (marketing strategies, pricing strategies) and uncontrollable (GDP, seasonal, competition) factors. This allows organizations to understand the broader context in which their marketing efforts are taking place, leading to more nuanced strategies. 

Agility with respect to Market Changes: Insights obtained from MMM facilitate organizations to quickly adapt to market changes.

Obtain Customer Insights: MMM gives valuable customer insights that can help organizations refine their targeting.

Competitive Advantage: MMM imparts insights into the market dynamics, competitors’ actions, and consumers’ needs. This could help organizations to effectively plan to beat the competition.

Conclusion:

Marketing Mix Modeling is a powerful tool that organizations can utilize to optimize their marketing strategies, maximize their ROI, and make data-driven decisions. Indeed, MMM is the best way to adapt to changing market landscapes with agility and achieve more effective and efficient marketing outcomes, ultimately driving growth and profitability. To propel your brand to new heights, rely on Virtue Analytics to expertly craft and execute a powerful marketing mix for your business.

You can read our blog, Analysis of Marketing Mix Modeling: Advantages and Disadvantages, to learn about marketing mix basics.

Our Blogs

New Higher Education Regulations Effective July 1, 2024: All You Need to Know–https://virtueanalytics.com/new-higher-education-regulations-july-1-2024/

Top Challenges and Risks Report: Insights for Higher Education Institutions- https://virtueanalytics.com/top-challenges-risks-report-higher-education/

Strategies to Use the 7 Ps of Marketing- https://virtueanalytics.com/strategies-to-use-the-7ps-of-marketing/

A Comprehensive Guide on Marketing Mix Modeling- https://virtueanalytics.com/comprehensive-guide-on-marketing-mix-modeling/

[lijoue]

I'm excited to share my first cas cc collection! These are items I've been wanting for a long time, but I couldn't really find. Despite the fact that I have over 50gb of cc, I surprisingly didn't have these staples in my game. I plan to eventually make a second part to this set, but tbh I want to take a little break from cas cc. My next project I'm working on is a Paris-inspired world mod!

—

10 new meshes, ~20-30 swatches each

"Accessory" pieces can be found in rings and can be layered with top/body item of your choice. (some clipping/layering issues can be expected.)

"Overlay" pieces can be found in rings and only work with the appropriate outfit.

BGC

download

TOU:

Do not claim as your own.

Feel free to recolor.

Please include the mesh in your recolors, but your post should include a functional link to my original page as credit.

You can modify my meshes, but your post should include a functional link to my original page as credit.

I hope you enjoy it! ♡

[daftpatience]

i decided i wasn't done with that tenna sculpt! here's part 2 the extended uncut special edition foam clay tenna

i decided to make him something to be mounted to IRL, and then once i was done i was like, well, i guess i should give the digital piece a second pass now that he has a scene? might as well! i think it turned out cute. whee!

[drinkdrinker]

forgot to upload dis

[b6d11f]

at my best, I'm a sacrificial lamb at my best, I am something you could handle

[tagetto]

using turbo as an excuse to study some fun facial topology methods.

[typing-catastrophe]

could you write a stanford pines x reader headcanon where the reader is an artist and always draws him and draws in his journals when he isnt looking? maybe he talks to the reader about the drawings and they get really flustered i dunno!!! <3

oohhh! yeesss, that's a great idea! thank you anon ^^ hope this is okay, enjoy!

1.2k words, no warnings --------------------------------------------------

Your little habit started out even before Stanford came back. Dipper saw you sketching in your notebook from time to time, and asked you to draw something for him in the journal. He handed it to you and pointed next to a text he'd written about some anomaly (maybe a Manotaur or the Pterodactyl). First you were unsure, how would you feel if someone randomly decided to draw in your sketchbook? But it actually seemed really fun, and you didn't want to disappoint Dipper. Also it was in the spirit of research and preserving observations. And honestly, what were the odds the mysterious author would ever show up again?

With that attitude you began, whenever you got the chance to, to doodle yours and the twins encounters with the countless strange phenomena in gravity falls into the journal.

Well, oops? Seemed like the universe decided that not long after you started doing so, it was the right time for the author to come back.

It wasn't a big deal really, Dipper kept the journal for most of the time and Ford told him that he liked the additions he made. You weren't sure if he only meant the notes Dipper added, or if he even knew that someone else drew the newly added creatures.

It didn't take long for you and Ford to get to know each other better and spend more time together. Literally everything about him was just so fascinating. From the way he talked about his dimensional travels, anomaly hunts and research, his interest in a shared hobby of yours (dd&md), to the way he held himself. And, even if you were a bit embarrassed to admit it, his looks.

You couldn't help it, he was captivating. So to no surprise, one day you found yourself sitting on the shack's porch, looking over at Ford standing in the yard, working away at something that was too bulky for the basement. You didn't even realise what you were doing until something startled you out of your thoughts and you looked down at your sketchbook, seeing a familiar figure on the open page.

And then it happened again, in the lab. He was explaining away, deeply invested in whatever topic he was rambling about, not really taking in his surroundings. You had started out just sketching his study, but somehow he turned out to be the main focus of it.

One evening you found yourself in the living room of the shack. Ford was sitting on the floor, which was almost entirely covered in graph paper. You had joined him while he prepared the next campaign session, the tv quietly providing some background noise. While he was franticly scribbling away sheet after sheet, you propped open your notebook and began sketching some of the characters that came to your mind. Ford's, Dipper's and your characters and some npcs you encountered on your travels. But looming over all of them, half hidden behind the dm-screen, the scheming face of the man before you took his shape.

The end of the evening was rather blurry, you remembered falling asleep on the floor and being carried to bed, half asleep in someone's arms.

"hmm thank you", is all you could mumble when you felt the soft pillow under your head.

"No problem, dear", you heard a deep voice chuckle.

-

When you thought about it the next morning, a smile crept unto your face and you kinda wished, you would've been more awake, so you could've enjoyed the moment properly.

The smile was quickly wiped off though, when you realised that you must've left your sketchbook in the living room, given that Ford probably didn't bring it with him last night. You panicked and jumped out of bed, stumbling to the door when your gaze was caught by something. Your sketchbook, laying on your desk. You exhaled, glad it didn't lay around for anyone to see. You took it into your hands and opened it to the last page you were working on. But instead of the drawing from yesterday evening, only the one before that stared back at you. Confused, you turned the pages a few times, examined it, maybe someone ripped it out? No, no remnants of a torn out page....

Then, it dawned on you. You left your notebook in your room yesterday. You didn't plan on staying or even going to the living room. God knows how you ended up there, but it definitely was without your sketchbook. Which could only mean one thing...

In record time you were out the door, down the hall and in the living room. Right in time to take in the scenery of Ford staring down at his campaign notebook, opened to the page of your drawing.

"Ahh!! No no don't look!", you jumped forward and put your hands over the drawing. Ford furrowed his eyebrows, looking quite puzzled.

"This? Oh I already saw it last night after getting you to bed. It is incredible!"

Your cheeks heated up. "Oh" was all you could utter.

"It was also you who added the depictions of the twin's adventures, right?"

"Uhmm" You didn't keep your passion for drawing a secret, but you also didn't make a big deal out of it. And honestly, the way Ford was always so indulged in his own mind, you didn't think he was paying much attention to what you were doing. Now you felt a bit stupid for believing he wouldn't connect the - admittedly - obvious dots.

"They really are marvellous. And this?", he gestured to yesterdays page "Truly phenomenal!"

You didn't know what to say. You weren't even sure if you could say anything at all. All you felt was blood rushing to the tips of your ears and a flaming hot sensation in your cheeks.

"I- well uhm, thank you", you managed to stutter "I uh, I actually didn't mean to- uhm, use your campaign book. It was a mistake, I'm sorry."

"You've got to be joking! It's the perfect addition!" Ford exclaimed. "Do you mind if I keep it?"

"Oh", his enthusiasm caught you off guard. "I-, I guess not. Actually, that would mean a lot to me." you admitted sheepishly.

"Very well then! Thank you, dear." He looked at you with a fond expression.

You were about to retreat back to your room, turning around ready to leave, when Ford spoke up again, the smile apparent in his voice. "I also liked your artistic rendition of the twins adventures. Anything else you want to show me?" You froze.

Your heart started beating ridiculously fast. Did he knew? Did he notice you staring at him while drawing? Your thoughts started racing, but came to a sudden halt when he leaned down. His lips were almost touching your ear when he started to whisper.

"Maybe another time." And with that he walked by you, leaving you to yourself.

-------------------------------------------------- thank you for reading <3 reblogs are appreciated

a/n: if you want a second part with romance and/or where ford discovers the drawings of him, let me know! Have a nice day/night!

[bidoofenergy]

pleas please ambrosius is the model knight, he's what all knights should aspire to be, he comes from the right family he does well in training, he's the model knight, he works within an institution because it benefits him--as long as he works in it, because the second the director thinks he's questioning things too much she kills him--are you picking up what im putting down? he keeps his true feelings buried--never show doubt, don't show conflict, keep your head down, do what you're told, aren't you so lucky to have this chance, aren't you glad you were born as you are and not like the others--are you hearing what im saying

(listen to eugene lee yang talk about this on the trypod)

[xxplastic-cubexx]

WALK WITH ME PT 2

[summertiide]

VIDEO KILLED THE RADIO STAR

[myfriendgoo94]

Happy new year!!!! I adore all of you!

🖤🥂🖤

[handsfullqueen]

Ethnicity?

Mixed goodie

Comment guys I enjoy reading your filthy ideas

[lovenostalgia]

[anonomi]

some of the car stuff I forgot to post

[mdl-art]

Different flavors of Phantom! What's a style anyway?

I asked around for people's favorite non-human Phantom features and this is the result. I only covered like half of them, but it's 3am so I should probably sleep.

Bottom left has some stuff that wasn't in the list but I got inspired: I read about galaxy freckles and thought "what if galaxy hair??", then white eyelashes and eyebrows. Also, I took the wings from Owari no Seraph! (where are my depressed ons veterans??)