Application of lpp in marketing
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This document discusses applying linear programming (LP) in marketing. It provides an example of using LP to solve a marketing problem of maximizing audience for a new product launch by allocating an advertising budget across TV spots of different times of day. The problem is formulated as an LP model with decision variables for the number of ads in each time slot, the objective to maximize total audience, and constraints on budget, minimum ads per type, and total ads per day.
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4) Using a simplex tableau to iteratively solve a sample product mix problem to find the optimal solution.
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Application of lpp in marketing
- 1. Application of LPP in Marketing. Presented by, Leni Thomas.
- 2. Marketing Marketing is a social and managerial process by which individual and groups obtain what they need and what through creating, offering and exchanging products of value with others.
- 3. Linear Programming • Linear programming (LP) is a central topic in optimization. • LP has attracted most of its attention in optimization during the last six decades for two main reasons: * Applicability, * Solvability.
- 4. Application of LPP • Marketing Applications, • Financial Applications, • Operations Management Applications, • Manufacturing Problems, • Inspection Problems, • Data Envelopment Analysis..etc.
- 5. Basic Components of an LP: Each optimization problem consists of three elements: Decision variables: describe our choices that are under our control; Objective function: describes a criterion that we wish to minimize (e.g., cost) or maximize (e.g., profit); Constraints: describe the limitations that restrict our choices for decision variables.
- 6. General form of LPP • Define objective.(Zmax or Zmin) • Identify decision variable (x1, x2………xn ). • Determine objective function, Z = c1x1 + c2x2 +………….+cnxn • Subject to constrain a11x1 + a12x2 + …..........+a1nxn (≤ or ≥) b1 a21x1 + a22x2 + ………..+a2nxn (≤ or ≥) b2 . . am1x1 + am2x2 + ……….+amnxn (≤ or ≥) bm • Non negative Constrain x1 ≥ 0, x2 ≥ 0,…, xn ≥ 0
- 7. LPP in marketing.. • Media selection, • Maximize customer satisfaction, • Minimize product error, • Brand name, etc.
- 8. Sample marketing Problem. ABC Company recently developed a new instant salad machine, it has $282,000 to spend on advertising. The money is to be spent on a TV advertising blitz during one week in November. The three options available are daytime advertising, evening advertising, and night- time advertising.
- 9. Estimated Audience Ad Type Reached With Each Ad Cost Per Ad Daytime 3,000 $5,000 Evening News 4,000 $7,000 Night time 75,000 $1,00,000
- 10. ABC wants to take out at least one ad of each type (daytime, evening, and night-time). Further, there are ten daytime spots and six evening news spots available daily. ABC wants to have at least 5 ads per day. Formulate this problem as a linear programming problem given that the objective is to maximize audience.
- 11. Solution • Define objective: To Maximize audience • Identify decision variable. Let p=no of day time ads. Let q=no of day time ads. Let r=no of day time ads. • Determine objective function. Zmax=3000p+4000q+75000r.
- 12. STC • Cost constrain. 5000p+7000q+100000r≤ 282000 • One ad of each time p≥1 q≥1 r≥1 • Spot constrain: p≤10 p≤6 • Requirement constrain p+q+r ≥5
- 13. NNR • p,q,r≥ 0.
- 14. Thank You...