Media Mix Optimization - Applying a Quadratic Knapsack Model

Ulrich Pferschy; Joachim Schauer; Gerhild Maier

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Paper

Media Mix Optimization - Applying a Quadratic Knapsack Model

Topics: Decision Support Systems; Resource Allocation

In Proceedings of the 3rd International Conference on Operations Research and Enterprise Systems ICORES - Volume 1, 363-370, 2014 , ESEO, Angers, Loire Valley, France

Authors: Ulrich Pferschy ¹ ; Joachim Schauer ¹ and Gerhild Maier ²

Affiliations: ¹ University of Graz, Austria ; ² UPPER Network GmbH, Austria

Keyword(s): Advertising Media Optimization, Quadratic Knapsack Problem, Genetic Algorithm.

Related Ontology Subjects/Areas/Topics: Decision Support Systems ; Methodologies and Technologies ; Operational Research ; Resource Allocation

Abstract: In this contribution we present an optimization model for deciding on the best selection of advertising media to be used in a promotional campaign. The effect of each single medium and each pair of media is estimated from the evaluation data of past campaigns taking into account a similarity measure between the attributes and goals of campaigns. The resulting discrete optimization model is a Quadratic Knapsack Problem which we solve by a genetic algorithm. Then campaign budget is assigned to each selected advertising medium based on a statistical estimation from previous campaigns. Our optimization tool is integrated in the marketing management software solution MARMIND.

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Paper citation in several formats:

Pferschy, U.; Schauer, J. and Maier, G. (2014). Media Mix Optimization - Applying a Quadratic Knapsack Model. In Proceedings of the 3rd International Conference on Operations Research and Enterprise Systems - ICORES; ISBN 978-989-758-017-8; ISSN 2184-4372, SciTePress, pages 363-370. DOI: 10.5220/0004825803630370

@conference{icores14,
author={Ulrich Pferschy. and Joachim Schauer. and Gerhild Maier.},
title={Media Mix Optimization - Applying a Quadratic Knapsack Model},
booktitle={Proceedings of the 3rd International Conference on Operations Research and Enterprise Systems - ICORES},
year={2014},
pages={363-370},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0004825803630370},
isbn={978-989-758-017-8},
issn={2184-4372},
}

TY - CONF

JO - Proceedings of the 3rd International Conference on Operations Research and Enterprise Systems - ICORES
TI - Media Mix Optimization - Applying a Quadratic Knapsack Model
SN - 978-989-758-017-8
IS - 2184-4372
AU - Pferschy, U.
AU - Schauer, J.
AU - Maier, G.
PY - 2014
SP - 363
EP - 370
DO - 10.5220/0004825803630370
PB - SciTePress