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The University of Southampton
CORMSIS Centre for Operational Research, Management Sciences and Information Systems

CORMSIS seminar by Mark Bloomfield Event

Time:
16:00 - 17:00
Date:
19 June 2014
Venue:
B2/3041

For more information regarding this event, please telephone Dr. Christine Currie on 23647 or email Christine.Currie@soton.ac.uk .

Event details

Continuation of the CORMSIS seminar series

 

Title: Customer Preference Modelling in Radio Advertising Spot Optimization

Abstract:

Global Radio (owner of the Heart, Capital, Classic, Smooth, LBC, Gold and XFM brands) reaches over 21 million people each week with annual advertising revenue of £250 million. In radio advertising, customer's often wish to hear their adverts on specific days of the week, at certain times of the day and on selected radio stations. In addition, customers often attempt to negotiate the price of the advertising package to achieve a discount. Faced with these preferences (and taking into account remaining inventory), not all preferences can be met. To address this, a two-step methodology is presented. The first step isolates the minimum price we are willing to accept for a given 'spot' and the second step is a mixed-integer linear optimization (penalty-relaxation method) used to model where the adverts will be aired and what customer preferences are met that ensures the most demanded inventory is kept for higher paying customers. In addition to the methodology, a short demonstration of the system will show how this is being used in the 'field'. The seminar will culminate in a discussion regarding new insights and moreover, the impact the approach will have on our pricing policies going forward as well as opportunities for academic research.

Speaker information

Mark Bloomfield,Global Radio,Mark graduated with a PhD in Aerospace Engineering from the University of Bristol in 2010, following a BSc in Mathematics from Kings College London . Having decided to pursue a commercial career, he initially joined Thomas Cook, creating an Operations Research function. In July 2013, Mark joined Global Radio to pioneer a new Revenue Management initiative within Broadcast Media. Mark manages a team of 20 covering functions such as planning, forecasting, optimization, inventory management and pricing. Over the past year, his team have been responsible for the in-house development of a new revenue management system. More recently, Mark has been responsible for creating a partnership between Global and the University of Southampton that will lead to the sponsorship of MSc projects and sponsored research (PhD and postdoctoral). Mark is fanatical about optimization (and golf) and nothing excites him more than complexity!

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