Basic Statistics
Exhibit 32.0 Statistics provide the frameworks for quantitative studies in marketing analytics and research.
Statistics provide the frameworks for quantitative studies in marketing analytics and research. They are the guard rails that reveal the significance and accuracy of the results. Techniques such as perceptual maps, cluster analysis, factor analysis, regression and market response models provide for greater clarity, and permit deeper analysis and visualization of data.
This chapter reviews the statistical techniques and frameworks that are of greater relevance to research and analytics, including probability theory, Bayes theorem, discrete and continuous data distributions, hypothesis testing, correlation, regression and factor analysis.
Some other relevant statistical techniques are covered in other chapters. For instance, cluster analysis (segmentation analysis) in Chapter Segmentation and conjoint analysis in Chapter Product Design
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What they SHOULD TEACH at Business Schools
Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Dare to Play
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.
