Market Response Models (MRM) are the basic tools of marketing analytics.
I great amount of attention is being given to the benefits of social media and all of the new digital
"toys" marketing professionals have to work with now. MRM's help describe how markets and customers may respond to your marketing actions. For this to work well you must know your customers well and have enough deep insight to know what is probable. We now have the market segmentation capabilities today that would have been too costly for most small businesses to pursue just 5 years ago. Technology has brought us more ways to gather the information we need to help make the best decision. Making the right decision requires response model that will systematically address many recurring strategic and tactical problems that occur when marketing your products or services. Problems could arise within your budget, mix allocations, customer targeting, production and promotions. Developing a response model will help to better forecast and direct activities to produce projected outcomes.
For more a in-depth exposition contact victor@3vdesignmedia.com
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