Download Marketing Analytics: A Practical Guide to Real Marketing by Mike Grigsby PDF

By Mike Grigsby

Mike Grigsby offers enterprise analysts and retailers with the promoting technological know-how figuring out and strategies they should remedy real-world advertising demanding situations, such as pulling a special record, segmenting data, testing crusade effectiveness, and forecasting demand.

Assuming no previous knowledge, Marketing Analytics introduces innovations on the subject of facts, business plan, and customer habit after which works via a sequence of difficulties via offering numerous information modeling strategies as recommendations. through the use of this layout of featuring an issue and a number of how you can clear up it, this e-book both makes advertising technological know-how obtainable to newbies and aids the more matured practitioner in understanding the extra advanced points of information analytics to refine their abilities and compete extra successfully within the workplace.

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Extra resources for Marketing Analytics: A Practical Guide to Real Marketing Science

Example text

An obvious point: the more differentiated segments are the more unique marketing strategies can be created for each segment. A couple of comments on the segments, particularly those to be used in the field test. These differences help account for customer’s sensitivity to price, as will be shown in the models later. If there is a say 10% change in price and customers respond by purchasing > 10% units, they are sensitive to price. If demand is elastic, revenue will follow the unit direction.

Of course not. Statistics deals with probabilistic equations: Y = a + bXi + e. Think of it as Y, on average, equals some intercept plus bXi. Note that Y (sales) depends on price, +/–. BUSINESS CASE Ok, say we have a guy, Scott, who’s an analytic manager at a PC manufacturing firm. He started mostly as an SAS programmer and has only recently been using statistical analysis to give insights to drive marketing science. His boss is a good strategist with a direct marketing background but is not well versed in econometrics/analytics, etc.

This seems to indicate that there are analytic ways to exploit price sensitivity in order to maximize revenue. That is, could price sensitivity be discovered differently by segment or region, for different products or services, to allow the firm to exploit those differences? They sometimes listened to an individual clinic’s request or protest for a less-than-typical price increase. The transactional data included: products/services purchased, price paid for each, discount applied, total revenue, number of visits, time between visits, ailment/complaint, clinic visited, staffing, etc.

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