Question

Investigate Analytics in a functional area of marketing.

Do an internet search. Summarize your understanding of how analytics can be used in that functional area.

Answer 1

The functional area of marketing of my choice is media planning.

Marketing needs appropriate media so that marketing communication effectively reach to the consumers. Marketers often need to evaluate different types of media, such as print media, TV, radio, social media, billboards, etc. to find out the most effective media for the products and services of the firm. The most important challenge firms face in evaluating the different type of media is the availability of relevant information. Analytics can be of immense help in this regard. Analytics is a domain of statistics and computer science which helps in analyzing a large amount of customer data and find out important information and trends. Using analytics firms can easily find out the relative effectiveness of different types of media by finding out the following:

• the average amount of type people are exposed to each type of media
• the probability of purchase after the customer gets exposure to the marketing message through different types of media
• Consumers' attitude towards various types of media, etc.

Analytics tools are designed to collect huge amount of information generated by consumers at various consumer touch points, such as point-of-sale, social media interaction of consumers, etc.