Submitted by: Submitted by Shashiipawar
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Category: English Composition
Date Submitted: 11/17/2016 04:00 AM
Marketing mix optimisation or marketing mix modeling is a method that is used for the statistical analysis of the various advertising and marketing efforts done on a products performance in the market. The key elements of marketing mix modeling are product, promotion, distribution and the pricing, each of these elements are analyzed closely before finalizing the suitable model for marketing a particular product. The marketing mix modeling allows quantifying the sales and revenue generated by the marketing done on a particular product. It also allows planning the strategies for marketing of particular product or marketing service in an optimized manner. The shift of global markets to the emerging regions such as, China, India, Brazil and Russia and the established markets being on the threshold of saturation, manufacturers are looking forward to establish markets in the emerging regions with low investments and high return on investment. With various big organizations adapting the marketing mix modeling for optimized marketing of their products, the global market for marketing mix modeling will register a healthy growth rate by the end of forecast period.
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The global marketing mix modeling market is primarily driven by the demand for efficient marketing strategies by organizations including the fortune 500 companies, which will help minimizing the lump sum investments in marketing of a particular product and give high return of investment to the companies in terms of marketing costs by increasing the sales for that particular product. The implementation of marketing mix modeling helps in achieving the targeted goals of the company and benefits the organization as a whole. Somehow, there are some challenges related to the marketing mix modeling which might restrain the growth of the market. Some of the challenges includes, unstandardized measurement of the market, lack of...