How would you explain what a marketing mix model does?

A marketing mix model (MMM) uses statistical analysis to quantify the impact of various marketing and non-marketing factors (like pricing, promotions, and seasonality) on sales or other key business outcomes. It helps businesses understand which marketing channels and activities are most effective and how to optimize their budget allocation. The other options describe different measurement approaches: Evaluating a customer's long-term marketing value refers to Customer Lifetime Value (CLV) analysis. Determining the impact of a specific variable on control and treatment groups describes an A/B test or controlled experiment. Using conversion data to calculate the contribution of each interaction across the conversion path is characteristic of attribution modeling.