Topic 3: Data and Marketing Analytics

Marketing dashboard

a comprehensive system of metrics and information uniquely relevant to the role of the marketing manager in a particular organization. Dashboards provide managers with up-to-the-minute information necessary to run their operation

Marketing analytics

a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing related decisions

Content filtering

an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering

Marketing Analyst

an individual familiar with different forms of market and customer data and who is trained to conduct different market analyses, as well as the computational costs associated with those analyses

Structured data

data generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation easily placed into specific categories and stored within information systems for future analysis

Unstructured data

data generated in such a way that it does not possess a specific organizational structure that renders it readily analyzable for knowledge creation most common form of data available to organizations

Prescriptive analytics

determining how adjusting their levels in varying ways will impact different marketing outcomes *most advanced of the marketing analytics approaches (and most costly) and draws on the results and insights derived from the other three approaches

Attribution

determining how to give appropriate credit to different elements of the marketing mix through the measurement of their effects

Semi-structured data

in between structured and unstructured data and contains some elements of structure that make it easier for machines to understand its organization still contains parts that do not possess an appropriate level of structure to make them readily analyzable by automated means for knowledge creation

Collaborative filtering

predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar

Big data

the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources

Sentiment analysis

type of analytic method that identifies the general attitude (for example positive, negative or neutral) contained within a message through an analysis of its content

Diagnostic analytics

utilizes data to explore the relationships between different marketing-relevant factors that influence the organization's performance either directly or indirectly provides insights into the relationships of different factors

Predictive analytics

utilizes data to make predictions about future marketing outcomes of interest *close relationship between predictive and diagnostic analytics

Descriptive analytics

utilizes data to provide summary insights data in raw form is transformed into measures that provide insight to the past and hopefully a basis for further explorations of the data

Return on marketing investment (ROMI)

what impact an investment in marketing has on a firm's success, especially financially