1. Introduction Flashcards
1
Q
Definition of Marketing
A
The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
2
Q
Different Types of Analytics
A
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
3
Q
Tasks of descriptive analytics
A
What happened?
- Correlation on aggregate level
- Data visualization: Display and summarize data
- Clustering: Group individuals by similarity
- Co-occurrence grouping: Find associations based on transactions involving them
4
Q
Task of diagnostic analytics
A
Why did it happen?
- Causation on aggregate level
- Causal inference: Determining the effect of a larger phenomenon that is part of a larger system:
- Modeling/Simulation: Determine the behavior of a system based on a model
5
Q
Tasks of predictive analytics
A
What will happen?
- Correlation on individual level
- Classification
- Regression
- Link prediction: Predict connections between data items
6
Q
Tasks of prescriptive analytics
A
How can we make it happen?
- Causation on individual level
- Uplift modeling: Predict behavior based on action performed
- Automation: Determine optimal action based on predicted action of individual
7
Q
Definition of marketing analytics
A
- A discipline that seeks to find patterns in data
- to increase actionable knowledge
- critical to understanding and predicting user behavior and optimizing user experience
- to drive sales
8
Q
Four dimensions of data
A
- Volume: data at rest
- Velocity: data in motion
- Variety: different data types
- Veractiy: data in doubt
9
Q
The HiPPO
A
- Highest paid person opinion.
- Opinions are often wrong. We should back them up with data.
10
Q
Organizational metrics
A
In a data-driven organization, metrics and the accompanying data analyses can be used at multiple levels:
- Goal metrics: reflect what the organization ultimately cares about
- Driver metrics: more short-term, faster-moving, and more sensitive
- Guardrail metrics: guard against violated assumptions (protect the business)
11
Q
Importance of aligning goal and driver metrics
A
- multiple teams
- each with their own goal, driver and guardrail metrics
- must be aligned with the overall company metrics
12
Q
Customer lifetime value (CLV)
A
- represents the total amount of money a customer is expected to spend during their lifetime
- helps to make decisions about how much money to spend on new/existing customers
