Marketing Analytics uses data, statistics, mathematics, and technology to solve marketing business problems. It involves modeling and software to drive marketing decision-making. Not long ago, marketing analytics was a highly specialized field for individuals who had in-depth knowledge of mathematical modeling, computer programming, and specialized software packages. Today, however, the availability of large amounts of data, improvements in analytics techniques, substantial increases in computer processing power, and affordability have made marketing analytics more practical and available to a much larger audience. To survive, companies increasingly need to differentiate products and services, optimize processes, and understand the drivers for business performance, and marketing analytics can help them to do that. Amazon, Google, and Facebook and other companies that have amassed large amounts of customer search history and purchase data for marketing purposes use that data to target specific marketing demographics. Organizations like these not only store historical and real-time data in a digital format, but they also interact with suppliers and customers using a variety of digital methods that contribute to big data. (Links to an external site.) Before you begin, be sure you review the following resources: https://youtu.be/yQmbZlvcN2E After watching the video and reading about Marketing Analytics in your book answer the following questions: What is marketing analytics? What are the steps of the marketing analytics process? Why are these steps important and used? How are organizations using marketing analytics to make strategic marketing decisions? Outline how Amazon's basket analysis or when you are prompted to buy other items from Amazon uses marketing analytics? https://ecpi.instructure.com/courses/148421/modules/items/17408506 Chapter 1: Introduction to Marketing Analytics Chapter 2: Data Management https://ecpi.instructure.com/courses/148421/files/35815497/download?wrap=1 https://ecpi.instructure.com/courses/148421/files/35815501/download?wrap=1
Marketing Analytics uses data, statistics, mathematics, and technology to solve marketing business problems. It involves modeling and software to drive marketing decision-making. Not long ago, marketing analytics was a highly specialized