W2: Slides Flashcards
What has the rise of digital business fundamentally changed?
Marketing dynamics
What characterizes the digital era in terms of data?
An overwhelming amount of data, referred to as ‘data deluge’
What is the focus of traditional data-driven marketing?
Anchors on available data and empowers data analysts/scientists
What is the focus of Gold Standard data-driven marketing?
Focuses on decisions to be made, seeks data for a specific purpose, and empowers decision-making
What does descriptive analysis in data marketing summarize?
Data characteristics, such as means and standard deviations
What does causal analysis in data marketing investigate?
If one variable causes an effect on another
What is the goal of predictive analysis in data marketing?
To predict outcomes based on data
What is involved in causal data-driven marketing?
Understanding the impact of marketing interventions on outcomes, requiring computation of counterfactuals
Why is differentiating between correlation and causation crucial in data analysis?
To accurately interpret data relationships and avoid misleading conclusions
