Cutting Edge Marketing Analytics
Real World Cases and Data Sets for Hands On Learning
Published on 12. August 2014
Book
Hardback
320 pages
978-0-13-355252-2 (ISBN)
Description
This is today's most complete and practical guide to modern marketing analytics methods and tools. Through real case studies, you'll learn how to connect marketing inputs to customer behavior, use predictive models to develop forward-looking, what-if scenarios, and effectively apply analytics to strategic decision making in marketing.
Covering the three core areas of marketing analytics - statistical analysis, experiments, and managerial intuition - the book is organized to help you apply the right analytics processes to each strategic marketing question. For each challenge, the authors fully describe the needed methodology, illuminating it with case studies that show the appropriate quantitative and data analysis tools at work.
Each chapter mirrors a module within a typical masters-level Marketing Analytics course. For each marketing problem, the authors help you:
Identify the right data and analytics techniques
Conduct the analysis and obtain insights from it
Outline what-if scenarios and define optimal solutions
Connect your insights to strategic marketing decisions
As you proceed, you'll gain an in-depth understanding of:
The importance of marketing analytics for forward-looking and systematic allocation of marketing resources
How to integrate quantitative analysis with managerial sensibility
How to conduct strategic marketing data analysis via linear regression, logistic regression, cluster analysis, and Anova models
The role of careful experimental design in marketing analytics and resource allocation
Each chapter contains technical notes that provide the statistical knowledge you'll need to conduct the analysis, paired with case studies of real companies addressing marketing issues, and real data you can use to apply the concepts and perform the analysis yourself.
Covering the three core areas of marketing analytics - statistical analysis, experiments, and managerial intuition - the book is organized to help you apply the right analytics processes to each strategic marketing question. For each challenge, the authors fully describe the needed methodology, illuminating it with case studies that show the appropriate quantitative and data analysis tools at work.
Each chapter mirrors a module within a typical masters-level Marketing Analytics course. For each marketing problem, the authors help you:
Identify the right data and analytics techniques
Conduct the analysis and obtain insights from it
Outline what-if scenarios and define optimal solutions
Connect your insights to strategic marketing decisions
As you proceed, you'll gain an in-depth understanding of:
The importance of marketing analytics for forward-looking and systematic allocation of marketing resources
How to integrate quantitative analysis with managerial sensibility
How to conduct strategic marketing data analysis via linear regression, logistic regression, cluster analysis, and Anova models
The role of careful experimental design in marketing analytics and resource allocation
Each chapter contains technical notes that provide the statistical knowledge you'll need to conduct the analysis, paired with case studies of real companies addressing marketing issues, and real data you can use to apply the concepts and perform the analysis yourself.
Reviews / Votes
" Cutting-Edge Marketing Analytics presents managers with an excellent roadmap for marketing resource allocation. Based on my experience advising firms, I believe that the material presented in the book strikes the right balance of rigorous analysis and strategic relevance. Case studies presented in the book provide the necessary context for the application of statistical tools and allow managers and MBA students to learn the challenges in implementing analytics."-- V. Kumar, Executive Director, Center for Excellence in Brand and Customer Management, and Director of the Ph.D. Program in Marketing, J. Mack Robinson College of Business, Georgia State University
"This is exactly the book I have been looking for to teach customer analytics! It will fill an important gap in the market as it teaches practical approaches to gain customer insights based on big data that is increasingly available to organizations."
-- Harald J. van Heerde, MSc, Ph.D., Research Professor of Marketing, Massey University, School of Communication, Journalism, and Marketing
"Retail's transformation is still in the early innings. The Internet and mobile have combined to create unprecedented insight into consumer behavior and customer preferences unbound by time or space. Mastery of marketing and customer analytics has become 'table stakes' for understanding and pleasing the customer--job one in retail. Practitioners looking for real world applications with a balanced overview of the underlying theory would be well served by reading this book."
-- Matt Kaness, Chief Strategy Officer, Urban Outfitters
"I strongly recommend Cutting-Edge Marketing Analytics for managers seeking to build an analytics-driven marketing function. In this book, the authors have struck the right balance of analytical sophistication and managerial relevance. The case studies provide a good opportunity for applying the analytics techniques to real problems."
-- Nino Ninov, Vice President, Strategic Research and Analysis, Rosetta Stone
More details
Series
Language
English
Place of publication
NJ
United States
Publishing group
Pearson Education (US)
Target group
College/higher education
Professional and scholarly
Dimensions
Height: 241 mm
Width: 190 mm
Thickness: 22 mm
Weight
680 gr
ISBN-13
978-0-13-355252-2 (9780133552522)
Schweitzer Classification
Persons
Bank of America Research Professor of Business Administration Rajkumar Venkatesan teaches "Marketing Strategy" and "Big Data in Marketing" in the MBA, Executive MBA, and Global Executive MBA programs at Darden. Venkatesan's research focuses on developing customer-centric marketing strategies that provide measurable financial results. Venkatesan's research has appeared in several journals, including the Harvard Business Review, Journal of Marketing, Journal of Marketing Research, Marketing Science, Journal of Retailing, Decision Support Systems, Marketing Letters, and Journal of Service Research. He serves as an Area Editor of the Journal of Marketing. Many of his research publications have been recognized with prestigious awards, such as the Don Lehmann Award and the MSI Alden G. Clayton Award. He has been selected as one of the top 20 rising young scholars in marketing by the Marketing Science Institute and as one of the top 40 professors of business administration under 40 by Poets and Quants magazine.
Professor Venkatesan has consulted and taught in executive education programs on marketing analytics for global firms in the technology, retailing, media, consumer packaged goods, and pharmaceutical industries. For his work with IBM, he was recognized as one of the three finalists worldwide for the Informs Practice Prize Competition.
Before coming to Darden, Venkatesan taught database marketing, marketing research, and quantitative marketing models to graduate students at the University of Connecticut. There, he was the recipient of the MBA Teacher of the Year Award. He received his PhD in marketing from the University of Houston and his BE in computer engineering from the University of Madras.
Landmark Communications Professor Paul Farris taught at the Harvard Business School before his appointment at the University of Virginia Darden School of Business Administration. He has worked in marketing management for UNILEVER, Germany, and in account management for the LINTAS advertising agency.
Farris's general research focus is in the area of marketing productivity and measurement. His work has been published in 10 books and more than 70 articles, appearing in professional journals and publications such as the Wall Street Journal, Harvard Business Review, Journal of Marketing, Marketing Science, Management Science, Decision Sciences, Journal of Interactive Marketing, Journal of Advertising Research, Journal of Retailing, Journal of the Academy of Marketing Science, and the Sloan Management Review. Farris has coauthored award-winning articles on retailer power, marketing strategy, and advertising testing. He has served as an academic trustee of the Marketing Science Institute and is a current or past member of the editorial boards for the Journal of Marketing, the Journal of Retailing, the International Journal of Advertising, Marketing--Journal of Research and Management, and the Journal of Advertising Research. His current research is on channel conflict and building coherent systems of marketing metrics. His coauthored book, Marketing Metrics: 50+ Metrics Every Executive Should Master, was selected by Strategy + Business as the 2006 Marketing Book of the Year.
Farris has consulted and taught executive education programs for many international companies. He has served on the boards of retailers, manufacturers, and software companies. Currently, he is on the board of directors of Sto Corp., a building materials company. Farris has also provided expert testimony in a number of marketing-related legal cases.
Ronald T. Wilcox, Ethyl Corporation Professor of Business Administration and Associate Dean of the MBA for Executives Program at the University of Virginia Darden School of Business Administration, teaches the required Marketing course in the MBA and Executive MBA programs as well as the elective "Pricing." He also teaches in numerous Executive Education programs.
His research, focused on the marketing of financial services and its interface with public policy, has appeared in leading marketing and finance journals such as the Journal of Marketing Research, Management Science, Marketing Science, and the Journal of Business. His research and writing have also appeared in the Wall Street Journal, Washington Post, BusinessWeek, Fortune, Forbes, and the Weekly Standard. He is a frequent contributor to Forbes. He is the author of the book Whatever Happened to Thrift? Why Americans Don't Save and What to Do About It, published by Yale University Press.
Wilcox joined the Darden faculty in 2001. He was formerly an assistant professor at the Carnegie Mellon Graduate School of Industrial Administration and an economist for the U.S. Securities and Exchange Commission.
Professor Venkatesan has consulted and taught in executive education programs on marketing analytics for global firms in the technology, retailing, media, consumer packaged goods, and pharmaceutical industries. For his work with IBM, he was recognized as one of the three finalists worldwide for the Informs Practice Prize Competition.
Before coming to Darden, Venkatesan taught database marketing, marketing research, and quantitative marketing models to graduate students at the University of Connecticut. There, he was the recipient of the MBA Teacher of the Year Award. He received his PhD in marketing from the University of Houston and his BE in computer engineering from the University of Madras.
Landmark Communications Professor Paul Farris taught at the Harvard Business School before his appointment at the University of Virginia Darden School of Business Administration. He has worked in marketing management for UNILEVER, Germany, and in account management for the LINTAS advertising agency.
Farris's general research focus is in the area of marketing productivity and measurement. His work has been published in 10 books and more than 70 articles, appearing in professional journals and publications such as the Wall Street Journal, Harvard Business Review, Journal of Marketing, Marketing Science, Management Science, Decision Sciences, Journal of Interactive Marketing, Journal of Advertising Research, Journal of Retailing, Journal of the Academy of Marketing Science, and the Sloan Management Review. Farris has coauthored award-winning articles on retailer power, marketing strategy, and advertising testing. He has served as an academic trustee of the Marketing Science Institute and is a current or past member of the editorial boards for the Journal of Marketing, the Journal of Retailing, the International Journal of Advertising, Marketing--Journal of Research and Management, and the Journal of Advertising Research. His current research is on channel conflict and building coherent systems of marketing metrics. His coauthored book, Marketing Metrics: 50+ Metrics Every Executive Should Master, was selected by Strategy + Business as the 2006 Marketing Book of the Year.
Farris has consulted and taught executive education programs for many international companies. He has served on the boards of retailers, manufacturers, and software companies. Currently, he is on the board of directors of Sto Corp., a building materials company. Farris has also provided expert testimony in a number of marketing-related legal cases.
Ronald T. Wilcox, Ethyl Corporation Professor of Business Administration and Associate Dean of the MBA for Executives Program at the University of Virginia Darden School of Business Administration, teaches the required Marketing course in the MBA and Executive MBA programs as well as the elective "Pricing." He also teaches in numerous Executive Education programs.
His research, focused on the marketing of financial services and its interface with public policy, has appeared in leading marketing and finance journals such as the Journal of Marketing Research, Management Science, Marketing Science, and the Journal of Business. His research and writing have also appeared in the Wall Street Journal, Washington Post, BusinessWeek, Fortune, Forbes, and the Weekly Standard. He is a frequent contributor to Forbes. He is the author of the book Whatever Happened to Thrift? Why Americans Don't Save and What to Do About It, published by Yale University Press.
Wilcox joined the Darden faculty in 2001. He was formerly an assistant professor at the Carnegie Mellon Graduate School of Industrial Administration and an economist for the U.S. Securities and Exchange Commission.
Content
Foreword xiv
Introduction 1
Section I: Resource Allocation 5
Chapter 1: A Resource-Allocation Perspective for Marketing Analytics 6
Chapter 2: Dunia Finance LLC 18
Section II: Product Analytics 33
Chapter 3: Cluster Analysis for Segmentation 34
Chapter 4: Segmentation at Sticks Kebob Shop 43
Chapter 5: A Practical Guide to Conjoint Analysis 55
Chapter 6: Portland Trail Blazers 65
Section III: Marketing-Mix Analytics 77
Chapter 7: Multiple Regression in Marketing-Mix Models 78
Chapter 8: Design of Price and Advertising Elasticity Models 90
Chapter 9: SVEDKA Vodka 103
Section IV: Customer Analytics 133
Chapter 10: Customer Lifetime Value 134
Chapter 11: Netflix: The Customer Strikes Back 144
Chapter 12: Retail Relay 153
Chapter 13: Logistic Regression 169
Chapter 14: Retail Relay Revisited 181
Section V: Digital Analytics 183
Chapter 15: Designing Marketing Experiments 184
Chapter 16: Transformation of Marketing at the Ohio Art Company 193
Chapter 17: Paid Search Advertising 211
Chapter 18: Motorcowboy: Getting a Foot in the Door 227
Chapter 19: VinConnect, Inc.: Digital Marketing Strategy 239
Chapter 20: Cardagin: Local Mobile Rewards 261
Section VI: Resource Allocation Revisited 278
Chapter 21: Dunia Finance LLC Revisited 279
Chapter 22: Implementing Marketing Analytics 282
Index 290
Introduction 1
Section I: Resource Allocation 5
Chapter 1: A Resource-Allocation Perspective for Marketing Analytics 6
Chapter 2: Dunia Finance LLC 18
Section II: Product Analytics 33
Chapter 3: Cluster Analysis for Segmentation 34
Chapter 4: Segmentation at Sticks Kebob Shop 43
Chapter 5: A Practical Guide to Conjoint Analysis 55
Chapter 6: Portland Trail Blazers 65
Section III: Marketing-Mix Analytics 77
Chapter 7: Multiple Regression in Marketing-Mix Models 78
Chapter 8: Design of Price and Advertising Elasticity Models 90
Chapter 9: SVEDKA Vodka 103
Section IV: Customer Analytics 133
Chapter 10: Customer Lifetime Value 134
Chapter 11: Netflix: The Customer Strikes Back 144
Chapter 12: Retail Relay 153
Chapter 13: Logistic Regression 169
Chapter 14: Retail Relay Revisited 181
Section V: Digital Analytics 183
Chapter 15: Designing Marketing Experiments 184
Chapter 16: Transformation of Marketing at the Ohio Art Company 193
Chapter 17: Paid Search Advertising 211
Chapter 18: Motorcowboy: Getting a Foot in the Door 227
Chapter 19: VinConnect, Inc.: Digital Marketing Strategy 239
Chapter 20: Cardagin: Local Mobile Rewards 261
Section VI: Resource Allocation Revisited 278
Chapter 21: Dunia Finance LLC Revisited 279
Chapter 22: Implementing Marketing Analytics 282
Index 290