Abstract
Marketing means the strategies and tactics an organization undertakes for attracting consumers to promote the buying or selling of a product or service. Active marketing is about receiving messages from potential buyers to create ways to influence their purchasing decisions. Advertising is one of the most prominent marketing strategies to promote products to consumers. It is well known that advertisement has a significant impact on the sale of certain goods or services. In this paper, we consider two mediums of advertisement, such as Facebook (which is an online medium) and Newspaper (which is a printed medium). We consider a dataset representing the advertising budget (in hundreds of US dollars) of an electronic company and the sales of that company. We apply the quantitative research approach, and the data which are used in this research are secondary data. For analysis purposes, we consider a statistical tool called simple linear regression modeling. To check the significance of the advertising on sale, definite statistical tests are applied. Based on the findings of this research, it is observed that advertising has a significant impact on sales. It is also showed that spending money on advertising through Facebook has better sales than newspapers. The finding of this research shows that the use of computer-based technologies and online mediums has a brighter future for advertising. Furthermore, a new statistical model is introduced using the Z family approach. The proposed model is very interesting and possesses heavy-tailed properties. Finally, the applicability of the proposed model is illustrated by considering the financial dataset.
Highlights
Marketing is a prominent approach to speaking to potential consumers about a particular brand
Due to the importance of HT models in the finance sector, we introduce a new statistical model to provide the best fit to sales data. e proposed model is a new modification of the Weibull distribution and is introduced by adding only one additional parameter rather than adding two or three parameters. e new model has a closed-form distribution function (DF) which makes it easier to compute the mathematical properties and generate random numbers for simulation purposes. e proposed model is skewed to the right, unimodal, hump-shaped, and possesses a thick right tail
Fitted DF Kaplan−Meier survival plot obvious that advertisement has a positive impact on the sale of certain goods or services
Summary
Marketing is a prominent approach to speaking to potential consumers about a particular brand. It helps to explore a specified product or service even more than the actual product or service does. With the help of marketing, potential consumers can learn more detailed information about the brand. It has a positive role in influencing the customer’s decision to buy a particular product or service; see Hajli and Lin [1], Chandel et al [2], Wesley et al [3], Johnston et al [4], Wiese [5], and Focke et al [6]. Advertising is one of the most prominent ways of promoting and marking to make the consumers aware of the specified
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