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.
An ordinary consumer can be extraordinarily unpredictable. She is a daughter, a wife, a mother and a career woman all rolled in one. Not only is she made up of a number of different people, she has different moods; and her needs and preferences are shaped by who she is and what mood she is in at the moment she is considering a purchase.
This unpredictability was highlighted some years back in a Nielsen report. While analysing consumer trends across the globe, the report described consumers as schizophrenic. Often the same consumer, depending on her state of mind, or on what is happening in her life at that moment, is buying products that one would place in diametrically opposite segments:
Health versus indulgence, value versus premium, fresh versus frozen, large versus small portion, do-it-yourself versus convenience, organic versus local — these conflicting influences reflected in the market trends seen across the globe, highlight the importance of studying consumers in the context in which their needs arise.
Market segmentation is typically defined as the process of partitioning a market into groups of consumers with distinct needs and preferences. For many categories it might be better to describe it as the process of partitioning a market into groups of consumers’ need-states, reflecting distinct needs, preferences and circumstances. The same consumer often falls into multiple segments, her preferences varying according to her need-states.
This chapter imparts an understanding of the meaningful criteria used to segment markets, the analytic methods employed to carve segments, and the applications of market segmentation.
The chapter is devoted mainly to the two fundamental approaches to segmentation:
and the process of segmentation analysis.
It introduces the concept of need–states, and how they impact on the choices consumers make. And it describes the simple decision rules or mental heuristics that consumers rely on for taking low budget purchasing decisions. It also outlines the factors for selecting the segments to target.