How to build a marketing mix model?

Open in App

Solution

The following steps can be followed when building a marketing mix model:

Bring in all necessary data and information required.

Execute some fact-finding data analysis.

Build the marketing mix model based on the OLS regression model.

Map the actual values with that of predicted values.

Also see: MCQs on Marketing Mix

Stay tuned to BYJU’S to learn similar Commerce Questions.

Suggest Corrections

Similar questions

To build the walls of a house, cement and sand are to be mixed in the ratio 1 : 6. How many bowls of sand are to be mixed with three bowls of cement?

Q. The dimension of model of multistory building are

1 m \times 6 c m \times 1.25 m

. If the model is drawn to a scale

1 : 60

, find the actual dimensions of the building in meters.
Find ; the floor area of a room of the building, whose area in the model is

250 c m^{2}

A manufacturer produces two models of bikes -,model X and model Y. Model X takes a 6 man-hours to make per unit, while model Y takes 10 man hours per unit. There is a total of 450 man-hour available per week. Handling and marketing costs are Rs 2000 and Rs 1000 per units for models X and Y, respectively. The total funds available for these purposes are Rs 80000 per week. Profits per units for models X and Y are Rs 1000 and Rs 500, respectively. How many bikes of each model should the manufacturer produce, so as to yield a maximum profit ? Find the maximum profit.

Join BYJU'S Learning Program