Back to the book of "Marketing Engineering". Look at the book, I'm not sure if I will read the book from cover to cover. Case in the book seems practical. And algorithm looks useful as well, but time consuming to dive into since I don't have the software with the book. Maybe the easy thing to do is to go through cases at the end of each chapter and figure out the idea behind it.
Framework
The following framework is designed to construct the study of cases after each chapter.
- Chapter
- Case problem
- Case solution
- Why the author put this case after the chapter
- How can the case be implemented into real situation
Study of cases
- Chapter 2: Tools for marketing engineering: market response models
- Case problem:
- How to spend promotion budget?
- The relationship between promotional spending and sales units are given and the price and cost of each unit are provided
- Case solution:
- Use Adbudg model to curve fit the relationship between promotional spending and sales units.
- Maximize profit based on the derived curve.
- Why the author put this case after the chapter
- Emphasize saturation of sales due to promotional spending
- How can the case be implemented into real situation
- One challenge to implement it is that relationship between sales units and promotional units.
- What if it is a new products?
- What if it is a new promotional method?
- One possible answer for this might be to get the relationship through trials and errors
- The other challenge is that parameters in promotional spending might be more than one
- maybe it is the problem of strategy for advertising
No comments:
Post a Comment