MRM//McCann Interview Questions and Answers

Marketing Mix Modeling is a statistical analysis tool used to measure the impact of marketing activities on sales and customer behavior.

• Marketing Mix Modeling helps businesses understand the effectiveness of their marketing strategies.

• It involves analyzing various marketing variables such as price, promotion, product, and place.

• By quantifying the impact of each variable, companies can optimize their marketing efforts.

• F...read more

A model's fit is determined by evaluating how well it performs in comparison to the data it was trained on.

• Evaluate the model's performance on a test dataset

• Compare the model's predicted values to the actual values

• Use metrics such as accuracy, precision, recall, and F1 score to assess the model's performance

• Consider the model's ability to generalize to new data

• Iteratively adjust the model's parameters to improve its fi

Adjusted R-square, F-test, T-test are important statistical measures to evaluate the accuracy and significance of a regression model.

• Adjusted R-square measures the proportion of variation in the dependent variable that is explained by the independent variables in the model.

• F-test is used to test the overall significance of the model by comparing the variation explained by the model to the variation not explained by the...read more

Multicollinearity can lead to inaccurate and unstable regression coefficients.

• It can make it difficult to determine the effect of individual predictors on the outcome variable.

• It can lead to inflated standard errors and p-values, making some predictors appear insignificant.

• It can cause the model to be less reliable and less accurate in making predictions.

• It can also make the model sensitive to small changes in the data...read more