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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Marketing Analytics |
Covers models and metrics that provide actionable insight |
m & m actionable insight |
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Models |
Tools that aid us in making decisions based on marketing data and organizational objectives |
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Metrics |
Measurements representing performance levels of important variables within an organization |
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Three types of models |
Verbal pictorial mathmatical |
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KPI |
Key Performance Indicators- These are used as a diagnostic as to what's going on with a business ex sales revenue |
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What is driving increased use of marketing analytics? |
Accountability Data Driven Presentations Make sense of massive amounts of data Accessibility of data online Reduced resources |
A DDP MSMA ADO RR |
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Advantages of Analytics |
Drive Revenue Save Money Persuade Executives to Increase their Budgets Encourage Experimentation of Marketing Vehicles Reduce effect of office politics |
DR SM PE EE RE |
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Descriptive Models |
Describe marketing variables and their relationship. (Sales Revenue= a+b*advertising). Little to no predictive abilities or recommended course of action |
What has happened? |
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Variable |
Quantity that can be changed or varied ex advertising budget |
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Independent Variable |
Variable that can impact a dependent variable. Can be controlled (marketing spending) or not controlled (sales demand by age group) ex: sales revenue |
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Dependent Variable |
Variable that responds to changes in the independent variable |
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Predictive Models |
Determine likely outcomes given certain inputs ex: sales forecast. Makes inferences about the underlying structure of variables governing marketing variables |
What could happen? |
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Normative Models |
Provide guidance on the appropriate course of action given a certain set of circumstances ex: sales forecast at different prices |
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