The validity and reliability of market models must be assessed in terms of statistical accuracy as well as practicality. Is the model commonsensical? Does it meet the required accuracy standards?
Metrics/tests that help assess the goodness-of-fit and the reliability of the model include:
Because it is easier to comprehend, greater emphasis is given to the R2 measures. It is important however that due consideration is given to all the above tests, or else the conclusions derived from the model could well be misleading.
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Automated online solution for analysis of promotions.
Is marketing education fluffy too?
Marketing simulators impart much needed combat experiences, equipping practitioners with the skills to succeed in the consumer market battleground. They combine theory with practice, linking the classroom with the consumer marketplace.
The Plannogrammer is an experiential learning facility for category managers, trade marketers, and retailers in consumer markets. Ideally suited for hybrid learning programmes, Plannogrammer imparts hands-on training in the planning and evaluation of promotions and merchandising.
It supports a collection of simulation and analysis platforms such as Promotions and Space Planner for optimizing space and promotions, Plannogram for populating shelves and merchandising, a Due To Analysis dashboard that decomposes brand sales into the factors driving sales, and a Promotion Evaluator to evaluate the volume, value and profit impact of promotion plans.