- Erin
Marketing analytics is a set of technologies and methods used to transform raw data into marketing insights
(stitchdata.com, 2020). This data can help to improve marketing related decisions. According to Marshall
(2019), “ Big Data has enhanced this capability by providing customer level data in quantities that were not
available in the past from sources that provide insights into specific aspects of a customer’s experience with a
product or service that heretofore were not easily measured” (p. 99). Understanding the characteristics of
different customers and what types of offerings customers value the most enables a marketing team to
There are various types of marketing analytics including: descriptive, diagnostic, predictive, and prescriptive.
Descriptive analytics provides a summary of the data and possible insights gained from the data (Marshall,
2019). Diagnostic analytics helps to determine relationships between various marketing related factors that
impact the organization’s performance either directly or indirectly (Marshall, 2019). Predictive analytics makes
predictions about future marketing outcomes (Marshall, 2019). Lastly, prescriptive analytics “involves
determining the optimal level of marketing-relevant factors for a specific context by considering how adjusting
their levels in varying ways will impact different marketing outcomes” (Marshall, 2019, p. 98). Social media has
made it easier than ever to gather data about customers. A marketing team can use the data to run any type of
analytics to gain insight on customers and improve customer’s experience with a product or service.
I was able to find descriptive analytics for my product The Mix and Measure. I was able to gain insight on
potential customers: who they are, what they want out of my product, and what they value. This information will
allow me to better personalize my product and therefore will be able to increase sales by adapting my product
to fit customer’s needs.
Reference
Marketing analytics: Definition and uses: Stitch resource. (2020). Retrieved November 09, 2020, from
https://www.stitchdata.com/resources/marketing-analytics/
Marshall, G. W. (2019). Marketing management.
- Christie
Marketing analytics takes Big Data to measure business performance metrics, such as ROI, marketing
attribution and overall marketing effectiveness, to evaluate the success of marketing initiatives (SAS Institute
Inc., 2020). Marketing analytics is reliant on Big Data, as without large amounts of structured and unstructured
data to analyze, analytics would not be meaningful.
There are four key types of marketing analytics:
“Descriptive analytics, which uses data to provide summary insights;
Diagnostic analytics, which uses data to explore the relationships between different marketing-relevant factors
that influence the organization’s performance;
Predictive analytics, which uses data to make predictions about future initiatives; and
Prescriptive analytics that uses data to determine how adjusting their levels in varying ways will impact different
marketing outcomes” (Marketing Management, 2020).
In preparing for the situation analysis assignment, I have focused on researching data around the formation of
a new business, as this is what my product/service will be in the areas served. With a new business, there is
the challenge of needing to connect with others, by offering consumers something that others cannot (or at
least, better than others can) (Frue, 2018). I also am looking at businesses who provide a similar
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product/services in another area of the United States, to learn from their SWOT analysis and marketing
analytics. For a new business, I believe descriptive analytics will be a helpful starting point, to provide basic
insight into the customer profile. Once I have a solid basis of my customer profile and data from their
experience with the product/service, I will be able to further utilize diagnostic, predictive and prescriptive
analytics