Sam is tasked with employing marketing-mix modeling to determine the effectiveness of various marcom elements in affecting sales volume.What will Sam need to conduct this analysis?
A) at least five observations for each element assessed along with the level of sales for those time periods
B) a relatively long series of longitudinal data, such as two years, indicating the level of sales during that period along with corresponding marcom expenditures for each program element
C) at least ten observations for each element assessed along with the level of sales for those time periods
D) over 1,000 observations for each element assessed along with the level of sales for those time periods
E) parameter estimates of the individual effects the various marcom elements have on sales

Question

Sam is tasked with employing marketing-mix modeling to determine the effectiveness of various marcom elements in affecting sales volume.What will Sam need to conduct this analysis? 
A) at least five observations for each element assessed along with the level of sales for those time periods 
B) a relatively long series of longitudinal data, such as two years, indicating the level of sales during that period along with corresponding marcom expenditures for each program element 
C) at least ten observations for each element assessed along with the level of sales for those time periods 
D) over 1,000 observations for each element assessed along with the level of sales for those time periods 
E) parameter estimates of the individual effects the various marcom elements have on sales

Quizplus · Accepted Answer

To conduct marketing-mix modeling, Sam needs longitudinal data that spans over a considerable period, such as two years, that can provide insights into the relationship between sales, marcom expenditures, and the effectiveness of individual marketing elements. Therefore, option B is the best choice. Options A, C, and D do not provide the required data and are insufficient for conducting marketing-mix modeling. Option E is a result of the analysis of the data obtained from the longitudinal study.

Sam Is Tasked with Employing Marketing-Mix Modeling to Determine the Effectiveness