Certification Course on Marketing Analytics

Eligibility- Students of BBA/MBA

Course Duration-12 weeks

COURSE DETAILS

In this course we will combine various concepts of marketing and business analytics in storytelling and problem solving. Real life marketing problems are often solved through a sequence of quantitative approaches. Identifying that sequence in the context of various marketing problems is important. This course will help the students in building the same. In this course we will combine various concepts of marketing and business analytics in storytelling and problem solving. Real life marketing problems are often solved through a sequence of quantitative approaches. Identifying that sequence in the context of various marketing problems is important. This course will help the students in building the same.

Course objective:

To understand the basic concepts of Marketing Analytics

 To study various tools to have marketing insights in various marketing areas through empirical data 

To interpret the marketing data for effective marketing decision making

 To draw inferences from data in order to answer descriptive, predictive, and prescriptive questions relevant to marketing managers

Course Plan:

Week 1- introduction of R programming Overview of R , Introduction to marketing Analytics Meaning, characteristics, advantages and disadvantages of marketing analytics, Market data sources (Primary and Secondary). The new realities of marketing decision making Market Sizing: Data sources, Stakeholders, Applications & Approaches (Top-down and Bottom-up)
Week 2-Customer value Customer Lifetime Value: Concept, Basic Customer Value, Measuring Customer Lifetime value, Estimating Chance that customer is still active, Using Customer Value to value a business
Week 3- Analytics for customer segmentation and targeting   Segmentation and Targeting: The segmentation-targeting-positioning (STP) framework, Segmentation, The concept of market segmentation, Managing the segmentation process, Deriving market segments and describing the segments -Cluster analysis, Discriminant analysis, Targeting,
Week 4- Demand Forecasting and Pricing Estimating Demand Curve: Estimating Linear and Power Demand Curves, Optimize Pricing, Incorporating Complementary Products, Using Pricing subjectively to estimate Demand Curves,
Week 5- pricing Pricing Multiple Products, Price Bundling & Nonlinear Pricing: Pure Bundling & Mixed Bundling, Determine Optimal Bundling Pricing, Profit Maximizing strategies using Nonlinear Pricing Strategies, Price Skimming & Sales
Week 6- Marketing Mix models and Advertising models Introduction of marketing mix, Advertising Analysis: Measuring the Effectiveness of Advertising, Optimizing advertising, Pay per Click (PPC) Online Advertising
Week 7- Recommender system   Promotion ,increase sales ,measuring sales ,
Week 8- Market Basket Analysis   Market Basket analysis: Computing two way and three way lift Allocating Retail Space and Sales Resources: Identifying the sales to marketing effort relationship & its modeling, optimizing sales effort
Week 9- Customer life time value Customer Lifetime Value: Concept, Basic Customer Value, Measuring Customer Lifetime value, Estimating Chance that customer is still active, Using Customer Value to value a business
Week 10- Text mining and sentiment analytics Regression model to forecast sales, Modeling trend and seasonality; Ratio to moving average forecasting method, Using S curves to Forecast Sales of a New Product Conjoint analysis: Conjoint analysis as a decompositional preference model, Steps in conjoint analysis, Uses of conjoint analysis.
Week 11- Product innovation management   How to innovate new product,objectives need of new product innovation, procedure  
Week 12- social networking analysis for marketing Overview ,need of social networking ,tools of social networking analysis

Teaching Pedagogy: It will include guest lectures, videos and info graphics, power point presentations, industry visit for better learning and understanding of the students. We will also cover role plays and different kinds of in house events to give clear vision to the students about this course.

Course outcome:

  • Students will develop the skill in marketing analytics
  • Students will be acquainted with better understanding of real life marketing data and its analysis
  • Students will develop analytical skill for effective market decision making in real life environment.

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