Chapter 1: foundation Flashcards
Marketing Research
Searching for new qualitative information
Data Analytics
Deeper dive into known quantitative information
Marketing
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
Value
The ratio of benefits to cost
Target Market
Group of people we engage with
4 P’s
Product, Price, Place, Promotion
Strategy
Our plan to drive up value
Marketing Analytics
The use of data to maximize marketing outcomes. It specifies the information needed for decision-making and links the information to actionable decisions.
Three components of marketing analytics
Data
Analytics
Visualization
Primary data
Data you get yourself
Secondary Data
Data from someone else
Unstructured Data
Do not reside in traditional databases and data warehouses
Big Data
Data sets of such size, complexity and volatility that their business value cannot be fully realized with existing data capture, storage, processing, analysis, and management capabilities
Marketing Attribution
The science of assigning credit to unique events that lead to key marketing conversions like the sale of a product to a customer
Predictive Analytics
The practice of interpreting data to predict the likelihood of future marketing outcomes
Marketing Optimization
The process of refining the marketing efforts of a firm to maximize marketing outcomes
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