Marketing Mix Lab

This category contains 3 posts

Marketing Mix Lab: Visualising The Correlation Matrix

Following on from the previous post here is an R function for visualising correlations between the explanatory variables in your data set. An interesting example is the North Carolina Crime data set that comes with the plm package. This has the following continuous variables: crmrte crimes committed per person prbarr probability of arrest prbarr probability … Continue reading

Marketing Mix Lab: Multicollinearity and Ridge Regression

In marketing mix modelling you have to be very lucky not to run into problems with multicollinearity. It’s in the nature of marketing campaigns that everything tends to happen at once: the TV is supported by radio, both are timed to coincide with the relaunch of the website. One of the techniques that is often … Continue reading

Marketing Mix Lab: Generating Artificial Sales Data

Our statistics lecturers would often end each session with a demonstration of the power of the statistical model under discussion. This would usually mean generating some artificial data and showing how good the tool was at recovering the parameters or correctly classifying the observations. It was highly artificial but had a very useful feature: you … Continue reading

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