Allocating marketing resources
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Author
Contributions
- Gupta, Sunil, 1958- - Contributor
- Harvard Business School - Contributor
Publication
2008 - Harvard Business School, Boston, Massachusetts
Language
English
Word Count
11,500 words, Guess
Page Count
46 pages
Identifiers
- OCLC Control Number213490742
- Open LibraryOL48033365M
Description
Marketing is essential for the organic growth of a company. Not surprisingly, firms spend billions of dollars on marketing. Given these large investments, marketing managers have the responsibility to optimally allocate these resources and demonstrate that these investments generate appropriate returns for the firm. In this chapter we highlight a two-stage process for marketing resource allocation. In stage one, a model of demand is estimated. This model empirically assesses the impact of marketing actions on consumer demand of a company's product. In stage two, estimates from the demand model are used as input in an optimization model that attempts to maximize profits. This stage takes into account costs as well as firm's objectives and constraints (e.g., minimum market share requirement). We discuss pros and cons of these approaches and illustrate them through applications and case studies.
Subjects
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