Marketing mix modeling in Digital Marketing - Mini Project: Build & Apply

Marketing Mix Modeling

📖 Scenario: You work as a marketing analyst for a retail company. Your manager wants to understand how different marketing channels like TV ads, online ads, and promotions affect sales. You will build a simple model to organize this information step-by-step.

🎯 Goal: Create a basic marketing mix model that lists marketing channels and their spend, sets a sales target, calculates total marketing spend, and identifies if the spend meets the target.

📋 What You'll Learn

Create a dictionary called marketing_spend with exact channels and spend values

Create a variable called sales_target with the exact value 100000

Calculate total spend by summing values in marketing_spend and store in total_spend

Create a variable called meets_target that is True if total_spend is greater than or equal to sales_target, otherwise False

💡 Why This Matters

🌍 Real World

Marketing mix modeling helps businesses understand how different marketing efforts contribute to sales, so they can spend money wisely.

💼 Career

Marketing analysts and managers use these models to plan budgets and improve campaign effectiveness.

1

Set up marketing spend data

Create a dictionary called marketing_spend with these exact entries: 'TV': 40000, 'Online': 35000, 'Promotions': 25000

Digital Marketing

# Create the marketing_spend dictionary with exact channel names and spend values
# Your code here

Need a hint?

Use curly braces {} to create a dictionary with keys as channel names and values as spend amounts.

2

Set the sales target

Create a variable called sales_target and set it to the exact value 100000

Digital Marketing

marketing_spend = {'TV': 40000, 'Online': 35000, 'Promotions': 25000}
# Set the sales_target variable to 100000
# Your code here

Need a hint?

Just assign the number 100000 to the variable sales_target.

3

Calculate total marketing spend

Create a variable called total_spend and set it to the sum of all values in the marketing_spend dictionary

Digital Marketing

marketing_spend = {'TV': 40000, 'Online': 35000, 'Promotions': 25000}
sales_target = 100000
# Calculate total_spend by summing all values in marketing_spend
# Your code here

Need a hint?

Use the sum() function on marketing_spend.values() to add all spend amounts.

4

Check if marketing spend meets sales target

Create a variable called meets_target that is True if total_spend is greater than or equal to sales_target, otherwise False

Digital Marketing

marketing_spend = {'TV': 40000, 'Online': 35000, 'Promotions': 25000}
sales_target = 100000
total_spend = sum(marketing_spend.values())
# Set meets_target to True if total_spend >= sales_target, else False
# Your code here

Need a hint?

Use a comparison operator >= to compare total_spend and sales_target.