Business can refer to a particular organization or to an entire market sector, e.g. the music business. Compound forms such as agribusiness represent subsets of the word's broader meaning, which encompasses all activity by suppliers of goods and services.
What exactly is marketing mix modeling? The term is widely used and applied indiscriminately to a broad range of marketing models used to evaluate different components of marketing plans, such as advertising, promotion, packaging, media weight levels, sales force numbers, etc.
DEFINITION: WHAT IS A MARKETING MODEL In looking for an operational definition of what a Marketing Model is, certain key words emerge. These are representation, real world, events, objects, processes and relationships. Importantly, a model is not merely an area of application, a statistical technique nor a generic description. CRM, regression analysis and data mining are not Marketing Models per se.