Marketing Models - Explained
What are Marketing Models?
Written by J. Mance Gordon
Updated at April 17th, 2024
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
What are Marketing Models?
Marketing models are just computer generated estimates of what would happen if we changed this variable or that variable (such as our price or features of our product) or how we promote or any aspect of our marketing mix on what resulting performance will look like. In other words, the marketing model says what if we do this? What will be the outcome?
The Marketing models attempts to show us what the outcome should look like. For example, what if we increase the price of our product by a dollar? How much will sales go down (we wouldn't expect sales to go up)?
The marketing model can give us some indication or at least an estimate of what that impact would be. Another use for these marketing models is to look at things like market share - rather than just sales volume or revenue.
Related Topics
- Marketing Research Overview
- Quantitative and Qualitative Research
- Primary Research
- Secondary Research
- Determining the Right Marketing Strategy
- What is a Marketing Information System?
- What are Decision Support Systems?
- What are Marketing Models?
- What is a Marketing Dashboard?
- What Kinds of Data can we Use?
- Methods of Collecting Data
- What are Focus Groups?
- What is Group Think?
- What are Scanner Data?
- What is Web Tracking?
- What is Ethnography?
- What is Experimental` Research?
- What is Use of Statistics
- What Distorts the Results of Marketing Research?
- Challenges of International Market Research?
Related Topics
- Marketing Research Overview
- Quantitative and Qualitative Research
- Primary Research
- Secondary Research
- Determining the Right Marketing Strategy
- What is a Marketing Information System?
- What are Decision Support Systems?
- What are Marketing Models?
- What is a Marketing Dashboard?
- What Kinds of Data can we Use?
- Methods of Collecting Data
- What are Focus Groups?
- What is Group Think?
- What are Scanner Data?
- What is Web Tracking?
- What is Ethnography?
- What is Experimental` Research?
- What is Use of Statistics
- What Distorts the Results of Marketing Research?
- Challenges of International Market Research?