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Managing Uncertainty in Marketing Analytics

Approx. 11 hours to complete

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Course Summary

This course explores how to make marketing decisions in the face of uncertainty through the use of statistical models and other analytical tools.

Key Learning Points

Learn how to apply statistical models to marketing decision-making
Explore the role of uncertainty in marketing decisions
Understand how to use analytical tools to make informed marketing decisions

Job Positions & Salaries of people who have taken this course might have

- USA: $61,000
- India: ₹5,00,000
- Spain: €30,000
- USA: $61,000
- India: ₹5,00,000
- Spain: €30,000
- USA: $56,000
- India: ₹4,50,000
- Spain: €28,000
- USA: $61,000
- India: ₹5,00,000
- Spain: €30,000
- USA: $56,000
- India: ₹4,50,000
- Spain: €28,000
- USA: $97,000
- India: ₹12,00,000
- Spain: €50,000

Learning Outcomes

Apply statistical models to marketing decision-making
Make informed marketing decisions in the face of uncertainty
Use analytical tools to evaluate marketing strategies

Prerequisites or good to have knowledge before taking this course

Basic knowledge of statistics
Familiarity with marketing concepts

Course Difficulty Level

Intermediate

Course Format

Online
Self-paced
Video lectures

Similar Courses

Marketing Analytics
Marketing Strategy

Related Education Paths

Notable People in This Field

Neil Patel
Avi Goldfarb

Related Books

Description

Marketers must make the best decisions based on the information presented to them. Rarely will they have all the information necessary to predict what consumers will do with complete certainty. By incorporating uncertainty into the decisions that they make, they can anticipate a wide range of possible outcomes and recognize the extent of uncertainty on the decisions that they make. In Incorporating Uncertainty into Marketing Decisions, learners will become familiar with different methods to recognize sources of uncertainty that may affect the marketing decisions they ultimately make. We eschew specialized software and provide learners with the foundational knowledge they need to develop sophisticated marketing models in a basic spreadsheet environment. Topics include the development and application of Monte Carlo simulations, and the use of probability distributions to characterize uncertainty.

Outline

Randomness and Probability
Randomness & Probability: An Introduction
Applications of Randomness & Probability
Assessing the Value of Information
How Customer Analytics is Speeding the Cure for Parkinson's
Data Driven Donor Management
Module 1

Conducting Monte Carlo Simulations in Excel
Randomness & Probability Excel Demonstration
Inventory Exercise for Excel Demonstration
Explained: Monte Carlo Simulation
How Our 2016 MLB Predictions Work
The Advantages of Monte Carlo Simulations

Using Probability Distributions to Model Uncertainty
A General Decision Making Framework
Properties of Random Variables
Steps in Using Probability Functions
Normal Distribution & Other Probability Models
Warnings in Modeling Uncertainty
Employee Yield Worksheet
Module 3

Application: Designing Extended Service Warranty Plans
Product Protection Plans
Company Constraints & Decisions
Questions to Investigate
Extended Service Warranty Excel Exercise
Should You Get An Extended Warranty?
Don't Buy Extended Warranties
Designing Extended Warranty Plans - Instructions & Excel Spreadsheet
Poisson Distribution Excel Sheet

Summary of User Reviews

Key Aspect Users Liked About This Course

The course provides a clear understanding of how to make marketing decisions based on uncertainty.

Pros from User Reviews

The course material is well-organized and easy to follow.
The instructor is knowledgeable and engaging.
The course provides real-world examples that are relevant to marketing professionals.
The course is self-paced, allowing flexibility in completing the material.
The quizzes and assignments provide good practice and reinforcement of the concepts.

Cons from User Reviews

Some users found the course to be too basic and not challenging enough.
The course may not be suitable for those without prior marketing knowledge.
Some users felt that the course material could be more engaging.
The course may not be relevant to all industries.
The course could benefit from more interactive elements.

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