Why Marketing Analytics

Hi, welcome to Marketing Analytics.I'm so glad you're here.I'm Raj Venkatesan.I'm a faculty at the Darden School,and I've taught marketing analytics for ten years.And I'm as excited about marketing analytics todayas I was when I started it.Marketing analytics really is a processwhere you use data to make better marketing decisions.There are not really any specific definitions of marketinganalytics out there, but there are somecommon understanding that there are three different kinds of marketing analytics.Descriptive, predictive, and prescriptive.Now what are they?Let's look at here.So descriptive analytics is looking at the past,it's ad hoc reports or standard reports, where you're looking at the data andseeing, what happened, how long, and how often?Or even alerts, which says something abnormal is happening andwhat actions are needed to address this abnormality.So, descriptive analytics, really, is looking at the history andseeing what happened in the past.Now, as you go up the Degree of Intelligence here from Descriptiveyou get to Predictive and Prescriptive Analytics.Now Predictive Analytics is looking at what will happen, say,if you reduce the price of a product.And randomized testing also includes, in Predictive Analytics, which looks at,how can we look at changing the price or increasing promotion advertising?And what will happen through experiments and AB testing?And optimization is in the Prescriptive Analytics realm,which