Optimization of Media Strategy via Marketing Mix Modeling in Retailing
Articles
Yana Fareniuk
Taras Shevchenko National University of Kyiv, Ukraine
https://orcid.org/0000-0001-6837-5042
Galyna Chornous
Taras Shevchenko National University of Kyiv, Ukraine
https://orcid.org/0000-0003-4889-1247
Published 2023-03-13
https://doi.org/10.15388/Ekon.2023.102.1.1
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Keywords

Marketing mix modeling
regression analysis
decision support system
interactive dashboard
traffic

How to Cite

Fareniuk, Y. and Chornous, G. (2023) “Optimization of Media Strategy via Marketing Mix Modeling in Retailing”, Ekonomika, 102(1), pp. 6–25. doi:10.15388/Ekon.2023.102.1.1.

Abstract

 The paper describes the marketing mix modeling results for companies in nonfood retailing. The main objectives of the research are to demonstrate the viable way of making effective recommendations for optimizing the media strategy by modeling offline and online traffic to the stores based on econometric modeling and to develop a decision support system, which enhance the effective growth of business KPIs and an effective decision-making process. Econometric modeling, deeper data analysis, decision support were implemented on the data of one of the main retailers in Ukraine in a period before the full-scale Russian invasion. Estimating the impact of different communication channels on business results made basis for ROI calculations and optimization of media investments allocation among media channels by periods, video durations, type of advertising and with optimal weekly media pressure. ROMI calculation was based on the results of regression modeling, which estimate the level of traffic and sales generated by each media channel. The information-analytical decision support system based on an interactive dashboard has been developed for improvement of day-by-day business planning and management. The developed framework of regional strategy selection facilitates to the formation of a strategic vision on a regional scale and improves the quality of a regional media strategy.

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