Forecasting Models for Marketing Decisions

A common task in developing forecasting models is to use them to make decisions regarding the marketing mix activity. With a marketing mix model, organizations can assess the efficacy of different marketing actions. Included is a sample of data for a popular frozen food category. In addition to weekly sales and pricing, for the focal brand we have information on whether the product was featured in the store’s advertising (e.g., newspaper circular) and if the product was on display in the store. We also have pricing information from competitors. In this module, we will build a series of regression models to evaluate the impact of the brand’s actions and competitors’ actions.