Marketing mix models
Marketing mix models are analytical tools used by companies to understand and optimize their marketing strategies. These models help companies determine the most effective combination of marketing tactics to achieve their business goals.
There are several types of marketing mix models, including the 4Ps model, which focuses on product, price, place, and promotion. Another popular model is the 7Ps model, which includes people, process, and physical evidence in addition to the original 4Ps.
For example, a company may use a marketing mix model to analyze the impact of different pricing strategies on sales. By testing different price points and measuring the resulting sales data, the company can determine the optimal pricing strategy to maximize revenue.
Overall, marketing mix models help companies make data-driven decisions about their marketing strategies, leading to improved performance and better return on investment.
For more information about marketing mix models, you can visit Wikipedia.