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 transparency in the modeling methods among others, which makes difficult to narrow down actual predictions.
The global marketing mix modeling market is segmented based on approach for marketing mix modeling and region. Based on the approach used for marketing mix modeling, the marketing mix modeling market can be segmented into OLS (Ordinary Least Square) regression approach and Constraint regression approach.
Based on the geographic regions, global automotive seating systems marketing market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. The marketing mix modeling being a new concept it is being adapted globally in the established as well as the emerging markets. The global trend of big manufacturers and markets shifting the business to Latin America, Asia-Pacific and Eastern Europe markets to tap the growth opportunities in these markets are fostering the growth of marketing mix modeling market in the aforementioned regions as well as in the established markets of North American and Western Europe.
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Some of the major players identified in the global marketing mix modeling market includes, Wipro Limited, Polaris Research, Decision Analyst, Inc., The Nielsen Company, Analytic Partners, Inc., Ninah and ThinkVine.com among others.