Bayesian Media Mix Modeling as a marketing strategy tool
In the product marketing process, which we usually call marketing, making decisions such as: determining targets or goals, choosing the use of marketing channels or channels, the length of time for marketing, and the budget or capacity for costs to be incurred are essential things to plan appropriately. Creating a marketing strategy based on intuition alone is not a wise thing to do. But making it only with simple data analysis calculations is just as bad, especially when it involves significant marketing funds or budgets. Often a company's fundamental problem in the marketing process is finding the best way to allocate marketing budgets across various media channels. How should marketing funds be allocated to radio, TV, email marketing, social media like Instagram and Facebook, video ads like YouTube, search engine ads like Google, or even newspapers? One way that is often used is heuristics, which is to determine the most reasonable (according to personal opinion) rule of thumb a