Media mix modeling – A Monte Carlo simulation study
| Autor: | Matthew J. Wright, Yong Liu, Jorge Laguna, Hua He |
|---|---|
| Rok vydání: | 2014 |
| Předmět: |
Marketing
Mathematical optimization Marketing mix modeling Strategy and Management Reliability (computer networking) Economics Econometrics and Finance (miscellaneous) Monte Carlo method Outcome (game theory) Data quality Statistical inference Revenue Business Statistics Probability and Uncertainty Simulation Communication channel |
| Zdroj: | Journal of Marketing Analytics. 2:173-186 |
| ISSN: | 2050-3326 2050-3318 |
| DOI: | 10.1057/jma.2014.3 |
| Popis: | An algorithm to model both time and revenue response to spend for media mix modeling is proposed in this article. A Monte Carlo simulation study is conducted to investigate the possibility of extracting time and revenue response simultaneously from both revenue- and channel-spend data. The quality and reliability of the underlying model parameter reconstruction from various sizes of data are also inspected. The outcome of re-allocating channel spend optimally based on extracted revenue response is evaluated. Simulation results show that nearly a 60 per cent increase in revenue can be achieved by channel-spend optimization, relative to arbitrary channel-spend assignment. The algorithm presented here is very general and can be applied to any budget allocation optimization at various levels. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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