In the age of analytics, this multimedia platform serves as a comprehensive guide to marketing management, covering the underlying concepts and their application. As can be seen from the snippets, the focus is not on the statistical theory, but more on the application of new analytics techniques and established research methods to enhance the marketing mix.
As advances in technology transform the very nature of marketing, there has never been greater need for marketers to learn marketing.
Essentially a practitioner’s guide to marketing management in the 21st century, the Marketing Analytics web learning platform blends the art and the science of marketing to reflect how the discipline has matured in the age of analytics.
Application oriented, it fuses marketing concepts with the analytical tools that practitioners use, to impart an understanding of how to interpret and apply research information and big data.
The focus is primarily on the practical application of well-established tools, techniques and processes, as the platform sifts through all elements of the marketing mix.
It is only apt that a book on Marketing Analytics should exemplify the use of digital technology. Unlike passive eBooks that replicate print versions in their original linear state, the online guide is a full-blown, multi-media platform that greatly enhances the reader’s experience.
As a website, it is dynamic, fluid, and connected with relevant and useful content, both within and beyond the platform. That it is continually updated and enhanced, keeps the guide evergreen, abreast of the latest developments in a the rapidly evolving fields of analytics and digital marketing. (In addition to numerous updates, over 100 new sections and four new chapter have been added, in the two years since the platform was set-up).
It is interactive with the facilities such as (shareable) notes/comments at any of the approximately 500 sections in the guide. The question papers/exercises allow subscribers to view answers and explanations. The site also supports business analytic platforms so that students can practise as they learn.
The online guide is made available on an annual subscription basis. Subscribers login with their email ID and password.
Quantitative research (quant) is widely used in marketing to methodically investigate markets via theoretical models and statistical techniques. As a marketer, you will find the practical, diverse applications of quant useful for formulating strategies and refining the marketing mix of your brand. Applications such as brand image tracking, market segmentation and measurement of brand equity, discussed in earlier chapters are a few among the multitude of examples of quant in practice.
This chapter covers the basic processes and practices in quant, including topics such as problem definition, research design, questionnaire design, information needs, sampling, data collection, online research, and the analysis process.
For the practitioner, the chapter serves as a guide to the use of quantitative research, and imparts an understanding of how to conduct quant studies.
Data is like a jigsaw puzzle; you need to put the pieces together to see the big picture. Individually each piece is factually true — depending on the touchpoint, the elephant has the shape of a pillar, a rope, a branch, a fan, a wall or a pipe. Yet, these conclusions from individual snippets of data are misleading.
Much like the elephant, the business issue must be addressed from different angles. You need to immerse yourself in the data, and put the pieces together to form the complete picture. Most market metrics need to be examined in conjunction with other metrics, not only because each alone presents a restricted view, but also because individual research methodologies have limitations and constraints.
The picture in its entirety is often revealed by looking beyond the confines of a single research study, linking different research studies/sources of knowledge to enhance your understanding of the issues, and improve your confidence in the findings. This use of multiple approaches to examine an issue, in order to enhance confidence in the ensuing findings, is referred to as triangulation.
Facts gleaned from any research programme need to be critically examined. Answers often lead to more questions. It is often useful to examine sub-samples and drill deeper for an improved understanding of the marketing issues, provided the data remains statistically significant. Eventually a coherent scenario should emerge.