Traditional Marketing Mix models attempt to explore the tradeoffs amongst different marketing channels and the spends associated with them. The weaknesses of these models are, generally, their static nature and the restrictive assumptions required to apply their results. For these reasons, an American pharmaceutical company, one of the largest in the world, engaged with Sterling Simulation to explore the benefits of agent-based modeling, prior to launching a new product.
The use-case was presented by Scott Hebert, Vice President of Sterling Simulation at the AnyLogic Conference 2015. Scott showcases how a dynamic simulation model provides additional value to marketing analytics and how the domain knowledge of the doctor-patient diagnosis and prescription creates a rich interaction for the purposes of determining how to apportion marketing spends.
Read further or view the recorded presentation.