Link for Research Paper:-

https://www.irjet.net/archives/V5/i4/IRJET-V5I4754.pdf

Review for research Paper – 1:-

An innovative model for improving direct marketing media mix decisions is
presented in the study "Optimizing Direct Marketing Media Mix: A Linear
Programming Approach". It addresses the widespread issue of limited quantitative
measurement in direct marketing by proposing a model based on media impact
quality, media effectiveness, and media efficiency.

One of its strongest points is how thoroughly it examines every direct marketing
expense, including those for media production, operations, and design. In contrast to
other models, which tend to focus primarily on media operations, this one
acknowledges the significant impact that production and design costs have on
resources and budget.

The application of linear programming, which enables quantitative analysis of various

media mix options and offers beneficial insights for enhancing direct marketing
strategies, is a noteworthy aspect of mathematics.

The Graph Matrix Digital Solutions case study can help decision-makers who are
dealing with problems with budget and resource allocation.

The paper emphasizes the importance of evaluating media mix decisions

quantitatively and qualitatively under various market conditions and constraints in
order to highlight the necessity of adaptive decision-making in marketing.

In conclusion, the well-researched and thought-provoking paper "Optimizing Direct

Marketing Media Mix: A Linear Programming Approach" addresses the drawbacks of
traditional direct marketing media selection. It offers a comprehensive model,
making it a useful tool for marketing professionals and management students
interested in media mix optimization and its real-world applications.
Link for Research Paper:-

https://ivypanda.com/essays/linear-programming-for-marketing-research/

Research Paper – 2:-

Linear Programming for Marketing Research Essay

Available only on IvyPanda

Updated: Jul 21st, 2022
Benefits of utilizing linear programming (LP) for marketing research

Linear Programming
According to Bazaraa, Jarvis, and Sherali (2011), linear programming is a
mathematical model with an objective function and constraints that can be used to
make the right decisions on how a business can optimize an existing market and make
sustainable profits.

Benefits
The model enables practical problems in marketing research to be solved using
thousands of decision variables and constraints. The underpinning strength is to use an
extreme point of a function to satisfy certain constraints (Bazaraa et al., 2011). Here,
the problem constraints are linear and the function in the linear equation is referred to
as the objective function because is used to optimize solutions for the marketing
research problem.

Canonical nature of LP
The typical canonical nature of a linear programming problem is maximization (≤)
and minimization (≥) of the linear programming problem. The model can be used to
make decisions under conditions of certainty, uncertainty, and under those conditions
of risk. Under uncertain conditions, the decisions can be made based on the maxima
criteria, which provide the right optimistic criterion for decision making. Here, the
pay-offs have to be considered depending on the random state of nature, and the value
can be computed as follows:

α(maximum payoff) + (1- α) (minimum payoff)

How LP can be used for marketing and/or consumer research

Marketing research
Marketing research is scientific process business organizations use to gather
information and establish the needs and wants of customers and the best methods of
fulfilling them while ensuring to make sustainable profits (Zopounidis & Pardalos,
2010). The objectives are to enable the business organization to fine-tune the
marketing mix to address customer needs and expectations with a balanced supply of
products according to customer demands.

Decision making
The right decisions can be made using descriptive, diagnostic, and predictive research
at the strategic, tactical, and operational levels by the business organization managers
using the right market research information. Decision making based on the needs and
requirements of the target market can be beneficial to the organization if the
management optimizes the linear programming model.

Example
For instance, to conduct a marketing/consumer research program, an organization can
decide to use various tools to reach the target audience and make the right decisions
on the best combination of product features to address the customer needs and wants
using the right media outlet (Zopounidis & Pardalos, 2010). The choice of media
alternatives to select from depends on the budget allocation, restraints, and the total
amount of money available to use. The media outlets consist of magazines, radio,
social media, and other outlets that can be optimized to reach the market. Besides, the
linear programming method can be used to determine the right advertising expenses
among different advertising vehicles.

A typical example is where linear programming is used to determine the effectiveness

of the available advertising alternatives using the following formula:

WAA = Adjusted audience (AA) x Exposure factor (E x F) x Evaluation Factor (E v

F)

In the above formula, AA is the target audience, E × F is the fraction of the audience
that reads the advertisement, and (E v F) is a subjective weight that is based on a scale
of 0-1 score. Assume that 4 advertising vehicles have been considered, the objective
function is expressed as:

Maximize total WAA= Formula

The formula can be added to excel, and an excel solver can be run to determine the
right advertising vehicle to use.

References

Bazaraa, M. S., Jarvis, J. J., & Sherali, H. D. (2011). Linear programming and
network flows. New York: John Wiley & Sons.

Zopounidis, C., & Pardalos, P. (2010). Handbook of multicriteria analysis. New York:
Springer Science & Business Media
Review for research Paper – 2:-

The paper "Linear Programming for Marketing Research" examines the benefits of using
linear programming (LP) in marketing research. The long-run profit principle (LP) is presented
as a mathematical framework for market maximization. One of the main benefits mentioned
is the capability of using an objective function and constraints to solve complex marketing
problems. The canonical nature of LP makes it a useful tool for decision-making based on
maxima criteria and allows it to address decision-making in various situations. In the context
of marketing and consumer research, LP aids in fine-tuning the marketing mix to meet
customer needs and expectations. It provides data-driven insights and can be applied at
different levels of decision-making. The paper provides a practical example of how to use LP
to select the best media outlets and product features under financial constraints. A helpful
and educational resource for marketers and decision-makers in general, "Linear
Programming for Marketing Research" emphasizes the benefits of LP in streamlining
marketing strategies. The references cited strengthen the paper's credibility.

Link for Research Paper:-

https://www.researchgate.net/publication/
361637704_A_Study_on_Application_of_Linear_Programming_on_Product_Mix_for_Profit_Maximiz
ation_and_Cost_Optimization
Review for Research Paper – 3:-
This study aims to investigate the retailer's perception of a specific customer
segment and plan a product mix accordingly, with a focus on small retailers in small
towns. Data from Hatchers, a medium-sized company with financial constraints on
the software used to determine product mix, is used in the study. Data was gathered
over the course of one season through interviews and pre-existing documents in
order to evaluate resource utilization and profitability. Then it was examined both
before and after linear programming (LP) was used. The findings demonstrate that LP
increased resource utilization by 54% and more than doubled profit due to
decreased waste and costs as well as increased revenue. The paper emphasizes the
use of Excel Solver for LP, which is affordable and accessible for small businesses
having difficulty implementing expensive software solutions. This study, which
focuses on LP for small business houses, fills a knowledge gap in the field. The paper
concludes by demonstrating how LP, when used with Excel Solver, can help small
retailers improve their product mix, better utilize their resources, and increase
profitability, particularly in the apparel industry.