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Neil Borden, professor of advertising at Harvard is said to have coined the term “marketing mix” first using it in his 1953 presidential address to the American Marketing Association.
Marketing sciences and big data provide us with a process known as Media Mix Modeling. These econometric based models intake and process large streams of data across time periods, called time series, then create patterns suitable for analysis. These models have many uses from explaining weather patterns to predicting the stock market. Like a set of mechanics tools, there are many econometric models optimized for specific applications. For marketing, the key application is evaluating previous spends and testing future plans with high levels of certainty.
Driving thousands of inbound calls per day or a dozen diners to a restaurant, marketing Continue reading “Media Mix Modeling”