Question

“Marketing analytics allows businesses to generate data-driven marketing and compete more effectively in the marketplace”. Discuss.

Answer 1

I agree with the statement presented above which holds that marketing analytics enables the business to generate data driven marketing concepts and strategies which can help in achieving competitiveness in the market place and also make distribution process much effective. The data drive aproach to marketing as facilitated by marketing analytics can help to understand, analyse, evaluate and investigate into the various forces of market in a much better and efficient manner which helps to supply information and data to organisation based on intense analysis, supported by evidences and facts, making the decision making of business much effective through taking all these acts and data into consideration.

Marketing Analytics uses various essential methods such as, Return On Investment, Research Analysis etc to check the effectiveness of current marketing strategy and the performance outcomes of same, it thus tends to identify the shortcomings, issues and sources of deviations in the marketing strategies and decisions which helps to look for scope for improvement and helps to increase the marketing accuracy and efficiency. It manages the marketing strategies through undertaking a deep analysis which can prove helpful in maximizing and optimising the performance outcomes to accomplish goals and come upto expectations of business decision makers. It also enables the business to control cost by guiding the formulation of budget to eliminate wastes and meaningless activities. The major role it plays is regarding identifying, analysing and ranking marketing risks as per their intensity and severity to adress them accordingly. Therefore it also helps to overcome complexities by mitigating risks.

As perfectly said " if you don't know what is broken, you won't be able to fix it " Therefore marketing analytics helps us to identify and locate what actually is broken and also suggests ways that can be undertaken to solve it.

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Thanks dear student.. Hope this wil help you.. Good luck