Marketing Analytics, offered as an elective with the Business Analytics program at IFIM Business School, is the process of identifying, measuring and analyzing the various marketing metrics and trends such as key performers, customer needs and trend, sales revenue Vs. expenditure, etc. It helps understand the performance of a marketing strategy. The analytics gives a consolidated view of data gathered from across all marketing channels. Results extracted from this data provide assistance in driving ROI (Return on Investment) for a business, making this an important segment in Business Analytics.
The course emphasizes application of market research and analytics while demonstrating the key application areas. It encompasses key marketing concepts, theories, and models. An experiential learning model through simulation exercises, class discussions, and live case studies is adopted for training students. This model will help students acquire analytical thinking and decision-making abilities and prepare them to tackle any type of dynamic marketing and business issues that they are likely to encounter in their marketing career.
The Marketing Analytics course has a hands-on approach guided by the principles to solve problems faced in an ever-evolving industry. The elective involves a project comprising three main components: Data, Model, and Delivery. Each student is assigned to a group at the beginning of the semester to take up a case study project. A marketing case is assigned to each group. Students are required to interpret and analyse the related data and provide effective strategic solutions that address the marketing problems to the assigned case. Students then present the finished project in class.
- Experiential learning with industry experts, analysing live case studies
- Simulation exercises to develop critical thinking and problem-solving capabilities
- Implementation of an analytics process framework in different industries
- Development of consultative storytelling skills using market data
- Deep understanding of markets to drive the value of analytics
The course is suitable for those who want to start a career in analytics and for those who are working in analytics to enhance their knowledge in the domain. The participants should have a Bachelor’s degree in Engineering, Science, Commerce or Arts with Mathematics as one of the subjects. Prior work experience of 3-5 years in the analytics industry is an added advantage
BENEFITS AND FUTURE PROSPECTS
The future of analytics will essentially involve analysis of consumer behavior. The winning technologies for marketers, which will become most evident in the market are – Sentiment Analysis, Big Data Analysis, Visual Analytics, Consumer Analytics and Neural Marketing.