High Quality Lecture Notes for Marketing Analytics
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Course
SMM494 Analytical Methods of Marketing (SMM494)
Institution
City University (City)
Master the Science of Marketing Analytics with our Analytical Methods of Marketing Lecture Notes!
Are you ready to harness the power of data-driven marketing? Look no further! Introducing our meticulously crafted Analytical Methods of Marketing Lecture Notes – your gateway to mastering the art o...
SMM494 Analytical Methods for Marketing Week 1 Lecture Notes
What is Marketing Analytics?
Big Data
Quantitative Marketing Frameworks
o Theories
o Research Questions
o Hypotheses
Marketing Databases
o Empirical evidence to test and back up theories
o Primary, Secondary
Tools to analyse data through the lens of a marketing framework
o Techniques and Procedures
Benefits of Marketing Analytics
Formulate Logical Marketing Strategies
Quantify Outcomes
Optimisation, ROI and Accountability
Applications of Predictive Analytics
Data can help make predictions about the future
Prediction reduces uncertainty
o Higher chance of success
Macro-predictions
Micro-predictions
Qualitative Variables
Quantitative variables can be sometimes be measured using qualitative
scales
Nominal Scales
o Numbers represent non-ordered qualitative information
o Observations are identical or different
Ordinal Scales
o Numbers represent ordered qualitative information
o Observations are greater or smaller
Interval Scales
o Order and equal units
o No true 0
o Quantitative Information
o Intervals between adjacent ranks are equal
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