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It has become increasingly important to know how marketing actions translate into revenue and profit growth. The tools that enable this translation are part of a toolkit called “Marketing Analytics.” Marketing analytics is a technology-enabled and model-supported approach to harness customer and market data to enhance marketing decision-making. Within the big data phenomenon, new ways of analysing data (e.g. text mining), running social media experiments and gleaning insights on customers’ digital behaviours have taken centre stage to inform business decision making. The methods that surround it, and the inferences derived from it have put marketing “on the map.” Although these methods are here to stay, as big data becomes mainstream, it is fundamentally altering the way we collect and analyse data to demonstrate ROI.
This course introduces new emerging analysis techniques and methods to deal with the analysing customer generated content (messaging, blogs, posts, reviews). This subject provides students with the basic understanding of methods and approaches to analyse digital marketing data to derive business and academic insights.
Intended learning outcomes
On completion of this subject, students should be able to:
- Understand how to derive insights from new secondary data (e.g. text mining)
- Use predictive analytics (e.g., online field experiments) to test the viability of different marketing actions
- Understand how to predict the impact of marketing actions using count-, choice- at multi-level models
- Segment markets of customers using a variety of segmentation methods and choose segments to target using a set of criteria
- Conduct market structure analysis by mapping customers' perceptions of brands and products in a market and translate the maps into different positioning choices
- Model the impact of alternative marketing mix combinations on sales, accounting for moderational shifts and interactions to optimise the mix
On successful completion of this degree students should have enhanced their skills in:
- Critical evaluation of evidence in support of an argument or proposition
- Problem solving in marketing through the application of appropriate marketing theories, principles and data
- Communication of marketing and commerce related ideas, theories and solutions to peers and the wider community
- Ability to synthesize ideas, theories and data in developing solutions to marketing problems
- Ethical practice through a knowledge of corporate governance processes and implementation
- Research skills including the retrieval of information from a variety of sources
- Demonstrate a capacity to successfully engage in collaborative activities such as group-based work and activities
- Interpret and communicate research results to specialist and non-specialist audiences
Last updated: 4 September 2021