Marketing Mix Modeling (MMM) is a statistical analysis technique used to measure and evaluate the impact of various marketing activities on business outcomes. The marketing mix refers to the combination of marketing elements or variables that a company can control to influence consumer behavior and achieve its marketing objectives.
Marketing mix modeling aims to assess how changes in these variables affect sales, customer acquisition, market share, and other key performance indicators. Organizations use this technique to measure the effectiveness of their marketing efforts and make data-driven decisions to optimize their marketing strategies. Although Marketing Mix Modelling (MMM) takes an analytical approach to quantify the impact of specific marketing activities, it only offers a high-level satellite view without granular insights, and has challenges adapting to the complexity of data available today.