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Definition

Marketing mix models are used to determine the optimal marketing mix. These models take into account the market response to the various marketing mix elements and their interactions. These models include econometric market response models to the marketing mix variables of the firm (and its competitors) as well as microsimulation models, various optimization models, and customized applications of the analytic hierarchy process and other resource allocation models.[1]

References

  1. ^ American Marketing Association. AMA Dictionary.

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