Advanced Data Analysis for Marketing Decisions

Course details

Managers in charge of strategic marketing planning, product management, promotion and advertising, and marketing research in companies marketing consumer or industrial products or services Accounts executives in advertising agencies Professionals in marketing research and data analytics organizations.

Objectives

• Economic reforms and globalization of the Indian economy have brought distinct changes in Indian markets. Markets have become competitive and perse. As consumers have more choices, they also have become choosier. Consequently marketing decisions have become more complex.
• On the other hand, more information is now available on Indian markets, product offerings, and consumer preferences and choices so that marketing decisions could be taken in the light of current market reality and future trends. Statistical tools for data analysis like regression analysis, factor analysis, discriminated analysis, conjoint analysis, and multidimensional scaling could be effectively used in certain key marketing decisions. Data mining approaches are becoming increasingly relevant for understanding customers, segmenting them, and devising strategies to attract and retain them.
• The programme has been designed to help participants acquire skills in using statistical tools in some of the key marketing decisions. The programme exposes participants to the key concepts of Data Mining, an important approach to modern data analysis particularly in retail, telecom and finance sectors.

The specific objectives of the programme are:

• To expose participants to a selected set of multivariate statistical tools and data mining approaches that would aid in taking key marketing decisions. The key marketing decisions would include market segmentation, product positioning, offer design, and test marketing.
• To provide participants an opportunity to gain experience in using latest PC based statistical software in concrete marketing management situations.
• To introduce key concepts of Data Mining through workshop sessions and a lab to provide hands-on experience with most popular procedures for data mining in the familiar Excel environment.

Content

• Marketing Decisions: Choice of Markets, Market Segmentation, Product Positioning, Product/Offer Design, and Test Marketing.
• Tools for Analyses: Forecasting Models, Multiple Regression, Discriminated Analysis and Logistic Regression, Factor Analysis, Cluster Analysis, Multi-dimensional Scaling, Conjoint Analysis, Models for Pre-test marketing, Classification and Partitioning, and Data Mining.