Modeling of the System Functioning of a Trading Company

Podskrebko, O. S.; Garnazhenko, O.; Kurochkin, D.

doi:10.32702/2307-2105-2019.11.56

Cited by 4 publications

(4 citation statements)

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“…The practical implementation of modern marketing management mechanisms is the key to both performance and achievement of target strategic vectors of development of retail enterprises. This, in turn, involves modifying the management process in terms of timely identification, diagnosis, prevention of negative impact on the activities of retailers of a wide range of factors [5], preventive EBEEC measures, expanding incentives for potential consumers through media support and other instruments.…”

Section: Introductionmentioning

confidence: 99%

“…In today's competitive DOI 10.18502/kss.v8i1.12660 environment, economic entities are continuously improving their activities, developing opportunities, optimizing and formalizing business processes to maintain long-term competitiveness. Modeling of business indicators of the enterprise is the basis for intellectual analysis and information processing, which is necessary for making complex management decisions with the greatest efficiency [5]. The aim of the article is to model the marketing mix impact on traffic for one of the leading Ukrainian companies in the field of non-food retail under the COVID-19 crisis, to form recommendations based on it to optimize media strategy and ensure effective business growth in the future.…”

Section: Introductionmentioning

confidence: 99%

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Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Chornous

Fareniuk

2023

KSS

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The paper contains the results of marketing mix modeling for Ukrainian retail in conditions of the COVID-19 crisis. The main goals of the research are modeling the level of traffic to the store based on regression analysis and forming appropriate recommendations for media strategy. Estimating the influence of media on business KPI makes a basis for ROI calculations and optimization of budget allocation between communication channels by periods, formats, and optimization of media pressure. Models for offline and online traffic were constructed based on weekly data for 2018-2021 and since 2020 there is a strong impact of COVID-19 on traffic and media response. In 2020 there was a significant drop in offline traffic due to the lockdown, but also there was deferred demand, which was compensating for a part of the traffic. The results show that TV is the main driver for offline traffic and digital - for online, but there are also significant impacts of TV and digital on online and offline traffic, respectively. During the lockdown, the mobility of consumers dropped, that is, a decrease in response from Out of Home advertising; therefore, we need to compensate for this by higher activity in other media channels. Scenario forecasting of different media mix helps to select the most efficient strategy taking into account memory decay of advertising, period of activity, and weekly weights. Marketing mix modeling is an effective tool for business management, as it generates opportunities to improve ROI by more than 15% and ensures the achievement of business goals in the most efficient way. Keywords: marketing mix modeling, COVID-19, ROI, regression analysis, retail, traffic

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Chornous

Fareniuk

2023

KSS

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“…There is a need to analyze a wide range of factors and their impact by modeling key business indicators and to effectively manage the performance of retailing. Thus, in order to avoid possible threats and to be able to assess the possible consequences, to find the best ways to develop business, companies need to use modern implements that will increase the enterprise efficiency (Podskrebko et al, 2019). Mathematical modeling, more specifically, marketing mix modeling, is one of the main tools for realization of these substantial tasks.…”

Section: Introductionmentioning

confidence: 99%

Optimization of Media Strategy via Marketing Mix Modeling in Retailing

Fareniuk

Chornous

2023

ECO

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The paper describes the marketing mix modeling results for companies in nonfood retailing. The main objectives of the research are to demonstrate the viable way of making effective recommendations for optimizing the media strategy by modeling offline and online traffic to the stores based on econometric modeling and to develop a decision support system, which enhance the effective growth of business KPIs and an effective decision-making process. Econometric modeling, deeper data analysis, decision support were implemented on the data of one of the main retailers in Ukraine in a period before the full-scale Russian invasion. Estimating the impact of different communication channels on business results made basis for ROI calculations and optimization of media investments allocation among media channels by periods, video durations, type of advertising and with optimal weekly media pressure. ROMI calculation was based on the results of regression modeling, which estimate the level of traffic and sales generated by each media channel. The information-analytical decision support system based on an interactive dashboard has been developed for improvement of day-by-day business planning and management. The developed framework of regional strategy selection facilitates to the formation of a strategic vision on a regional scale and improves the quality of a regional media strategy.

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“…У сучасних умовах ведення бізнесу, які характеризуються посиленням конкуренції, інтеграції України у світовий економічний простір, руйнуванням усталених економічних зв'язків і створенням нових виробничих ланцюгів, а також з урахуванням того факту, що основною ціллю підприємств роздрібної торгівлі є максимізація доходу за рахунок продажу товару, особливого значення набуває розробка нових і вдосконалення існуючих інструментів управління економічними об'єктами [4]. Проблематику ефективності управління в умовах нестабільного зовнішнього середовища розглянуто в наукових працях таких авторів, як І. П. Булєєв, І. Д. Падерин [8], І. В. Ковріжних [9], М. Я. Лотоцький [6] та інших.…”

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Modeling of the System of Evaluation of Retail Enterprises on the Basis of KPI and Process Approach

Podskrebko¹,

Ivanchenko²,

Tkachenko³

2021

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The article proposes a model for evaluating the activities of retail enterprise, which is based on five stages and allows determining ways to increase the efficiency of functioning, which will improve the adaptive properties of the economic object. The analysis of types of KPI is carried out, process and functional approaches are identified as the main ones for the direct development of key performance indicators, as well as the characteristics of the evaluation of effective marketing at enterprises, including those that function in the sphere of retail trade, are determined. The authors considered how modeling and forecasting of key financial indicators of an enterprise contribute to the creation of strategies for its development. The article notes that for the initial evaluation of a retail enterprise focused on long-term success, it is mandatory to conduct an audit aimed at assessing the efficiency of the economic object and defining how quickly the enterprise adapts to dynamic environmental conditions. The carried out analysis allowed to identify the key factors that contribute to an improvement of the enterprise’s operation. Also, on the example of the Isikawa diagram, the ratio of KPI, strategies and understanding of business processes was considered in order to set, control and analyze the achievement of goals.

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Modeling of the System Functioning of a Trading Company

Cited by 4 publications

References 1 publication

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Marketing Mix Modeling of Traffic to the Store Under the Covid-19 Crisis

Optimization of Media Strategy via Marketing Mix Modeling in Retailing

Modeling of the System of Evaluation of Retail Enterprises on the Basis of KPI and Process Approach

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