Chris Hackley's, Marketing in Context: Setting the Scene
Marketing analytics is the topic of my choice which should be included in the Chris Hackley's, “Marketing in Context: Setting the Scene” second edition. Basically, marketing analytics refers to the processes and the technologies that are used in measuring, managing and making analysis of the marketing performance. Its sole purpose is to help marketers in optimizing the return on investment (RIO) and maximizing the effectiveness (Wedel & Kannan 2016, 1). Marketing analytics also gives a highlight of how exactly the marketing programs are running and performing at different intervals of marking assessment.
Marketing analytics is a topic that cannot afford to miss in the second edition of the book. This is because the first edition did not equip marketers with the most important information on market analytics. There is vast information concerning higher level marketing in the topic and therefore its presence in the second edition would complement the knowledge in the existing chapters. It would e out of phase to offer brilliance and excellence for readers who dream to become online marketers and fail to present the concept of market analytics. The chapter offers market analytics methods, and their critical examinations in a precise and weighed manner (Wedel & Kannan 2016, 1). The chapter also provides a historical development of these analytical methods and their application in the current marketing fields. Marketers are given different tips that would be used to apply both the structured and unstructured data that is either generated internally or externally from the operating firms. The trending and new analytical research methods have also been covered for the purpose of understanding the current and the future marketing analytics and education (Challagalla, Murtha & Jaworski, 2014, 79).
The significance of this chapter is more sounding when decisions that are based on data are required. For instance, individual channels such as web metrics cannot be handled by the social media alone. Web analytics are also not enough to offer the best analytics of marketing. Other tools that offer just a small glimpse or a snapshot of a single event are not sufficient in conducting the required data analysis (Hackley, 2013, 257). In this regard, marketing analytics rescues all these insufficiencies by placing readers at a position that considers every marketing effort they make, and also cuts across all the channels in the marketing field (Wedel & Kannan 2016, 5). The skills gained get to be applied for over a long span of time since marketing analytics goes hand in hand with the current trends of the market. All these aspects are essential for todays and future marketers as long as making sound marketing decisions is concerned.
In three phases, marketing analytics offers a balanced understanding of the three techniques. First, reporting the past like for instance, answering data questions. Such a question would be which among the campaigns managed to generate the highest amount of revenue? How do the blog post and social media compare in the generation of leads? These are just but sample questions that are used to report the past. Marketing analytics also reports and analyzes the present (Winston, 2014, 45). In this phase, a marketer gets to know how exactly the marketing performance of the industry brands. The current questions that would be answered in the marketing analytics would be: which of the channels are more profitable to our company? How are the customers fairing and responding to our services? Such questions would help the marketer to understand the arising needs and the changing trends. Finally, marketing analytics have a crucial role in predicting and influencing the future. In collaboration with other analytics techniques, marketers can easily evaluate their analytical capabilities and aim at bridge the gaps that may be between their current knowledge and perfection (Winston, 2014, 45).
Based on the significance of the recommended chapter, its absence in the first edition can be termed as first providing a basis of market analysis. Few insights have been popped out in the first edition but a more organized and detailed coverage of the marketing analytics needed to be made for homogeneousness. The second edition would be therefore more equipping and sufficient in preparing current and future marketers in understanding the analytic techniques and methods (Saboo, Kumar & Park, 2016, 100).
Addressing the chapter in the second edition will have a great impact to the education systems majorly in the undergraduate and post graduate programs (Challagalla, Murtha & Jaworski, 2014, 78). First, it will guide the educators and challenge them to be offering the learning of marketing analytics from the early studies of students. It will also bring a reinforcement of marketing analytics to be adopted as a multidisciplinary skill that would be basic for every business and marketing student. This is because the demand for marketing analysts is overwhelmingly growing strong and faster than the available trainees (Winston, 2014, 70). For instance, the University of Maryland as well as the University of Rochester is in their early development since they are offering masters programs in marketing analytics. More universities are urgently needed to offer both the undergraduate and post graduate courses in marketing analytics. In this regard, the second edition will become a very useful resource in helping the educators and educational institutions to raise professional marketing analysts fit for the rising market demands.
The world is continually growing into a big data environment and market analysts will be needed to act as interfaces between statistics, computer science and marketing. The second edition will provide this essential skill to the learners and the current marketers while they seek to improve their performance (Wedel & Kannan 2016, 120). Marketing analytics has got an additional advantage such that it is the bigger set of the overall marketing analysis. This means that topics such as promotion, advertising and branding have different analytics which have already been covered in the marketing analytics. In addition, including the chapter in the second edition would offer a broad and deep understanding of the analytical requirements, marketing modeling strategies and the skills for predicting the future response.
Finally, data rich environments are the ones which are in urgent need of marketing analytics. A perfect example of where marketing analytics are widely needed is Netflix. Its analytics are wholly centralized and this makes generation of data, prioritization of matters and coordination to become cumbersome. However, marketing analytics would help in breaking down the tasks by decentralizing based on the nature of the analytical data. Much success would be realized since marketing analytics offers flexibility (Wedel & Kannan 2016, 127).
Understanding the security and privacy are part of the focus in the marketing analytics. This is because the decentralized data solution it offers promotes data security and privacy in an organization. Methods of handling data are integrated and therefore personalization and marketing-mix effectiveness are well covered in the chapter.
Developing the Topic
While developing the chapter, the topic will involve several segments which will include types of data, analytics for marketing decisions, analytics training, and implementation of analytics, analytical methods, and future marketing analytics together with strategies. Under the types of data, the topic will cover the revenant data to be analyzed regarding the market as a guide to advertising and other promotional strategies to be implemented by the business (Wedel & Kannan 2016, 97). Thus, it is factual that the major objective of type of data on marketing analytics is to increase familiarity with the type of information required in order to conduct the analysis. Under analytics for marketing decisions, topics such as personalization, customer relationship management (CRM), marketing mix, privacy and security are the major areas of focus.
CRM strategies will be discussed in details in order to identify ways that will help in acquisition, satisfaction and retention of customers through marketing so as to enhance their lifetime value to the business (Saboo, Kumar & Park, 2016, 97). On the other hand, marketing mix will encompass different methods applicable as promotional practices together with the things to consider in selecting the appropriate marketing mix for the business. For personalization, the subject will address consideration of individual consumers as a way of developing approaches that help in capturing consumer heterogeneity. For privacy and security, the chapter will focus on the increasing concern regulations and firm’s operations (Wedel & Kannan 2016, 97). It is factual that privacy and security are the major pillars of an effective implementation and development of marketing strategies in a business. It is noteworthy that privacy and security effectuates adoption of the organizational culture and structure that determine data-oriented decision making in marketing, and employees training and education prior to implementation of marketing analytics (Hackley, 2013, 266).
Furthermore, the chapter will offer a brief history of marketing data analytics together with the applicable analytical methods that is important for marketing decision making (Wedel & Kannan 2016, 98). It is factual that the analysis will lead to the future research on marketing analytics with regard to the trends exhibited by marketing in history and in modern world of business. Therefore, the topics will also assess optimizing marketing mix spending by a firm, personalization, and the context of data security together with the privacy of the customers (Wedel & Kannan 2016, 98). The chapter will also review the implications of implementing marketing analytics on the organization and on the overall effectiveness of marketing. For training, the chapter will identify the marketing trends which will derive the correlation between marketing practices and marketing as a discipline for training.
In order to emphasize on the importance of marketing analytics, the chapter will employ the theory of practice which will derive information from interviews among managers and other relevant sources that can help in determining the appropriate way of implementing the analytics (Wedel & Kannan 2016, 99). Thus, the chapter will cite from different firms that have conducted marketing analytics and those which appear to have close ties with academia. The importance of marketing academia is based on the fact that it focuses on impact and validity of marketing practices which makes it fit for marketing analytics. However, it is factual that marketing academia does not focus on developments of marketing practices which means that the chapter ought to focus on tools of future marketing analytics.
Citing from Chris Hackley's book “Marketing in Context: Setting the Scene”, it is factual that the main concern revolves around the marketing context. As a result, the book offers topics revolving around marketing citing from the current trends. For example, Hackley uses Superbowl 2013 to describe how marketing is used as communication. In this case, marketing depends greatly on public relations which by the use of digital communication achieve its objectives. It is evident that the book focuses on implementation of marketing practices after defining the setting of marketing practice. Since Hackley intends to define the ideology of marketing and how an organization should implement it, it is factual that the book misses a step that comes before implementing marketing practices which is marketing analytics.
It is noteworthy that an organization cannot effectively implement marketing strategies without first understanding the target market. This means that the firm should first understand that current market trends, the demands of the customers and the strategies employed by the competitors. As a result, the organization will be able to enhance its competitive advantage effectively through marketing. This means that the second edition of the book should explain the marketing analytics context as a starting point of implementing marketing strategies effectively. Generally, marketing analytics is of more importance to the organization as implementation of marketing strategies which means that the book should focus on analyzing the market data as well. This is based on the fact that the effectiveness of marketing strategies is based on how well the firm understands the market with regards to customer satisfaction and persuasion together with the competitive force. Generally, the organization cannot make marketing decision making without understanding the market which can only be obtained from marketing analytics.
In conclusion, marketing analytics is important in the second edition of the “Marketing in Context: Setting the Scene” because of its coverage in the marketing techniques and methods. It shall effectively provide the readers such as the educators, students and marketers with the essential market analytic skills. Absence of this chapter in the first edition meant that the book did not offer homogenous and balanced skills to the readers since market analytics are very essential in the current and emerging big data world. Including this chapter will also have an impact in the education system where students and educators will specifically tackle and learn the analytical methods and techniques that are essential in driving forward big data organizations. It is also evident that it offers an interface between computer science, statistics and marketing. Professionals in this area are credible in delivering quality marketing analytics and hence becoming relevant in the field. The development of this chapter will on the other hand correlate the concepts in the other chapters until a seamless edition is formed. Emphasis shall be stressed on the key areas so that reader’s attention is paid accordingly. Lastly, the topic will involve several segments which will include types of data, analytics for marketing decisions, analytics training, and implementation of analytics, analytical methods, and future marketing analytics together with strategies.
References
Wedel, M, & Kannan, P 2016, 'Marketing Analytics for Data-Rich Environments', Journal Of Marketing, 80, 6, pp. 97-121, Business Source Complete, EBSCOhost, viewed 2 January 2017.
Winston, W. L. (2014). Marketing analytics: Data-driven techniques with Microsoft Excel.
Challagalla, G, Murtha, B, & Jaworski, B 2014, 'Marketing Doctrine: A Principles- Based Approach to Guiding Marketing Decision Making in Firms', Journal Of Marketing, 78, 4, pp. 4-20, Business Source Complete, EBSCOhost, viewed 2 January 2017.
Hackley, C. E. (2013). Marketing in context: Setting the scene.
Saboo, A, Kumar, V, & Park, I 2016, 'USING BIG DATA TO MODEL TIME-VARYING EFFECTS FOR MARKETING RESOURCE (RE)ALLOCATION', MIS Quarterly, 40, 4, pp. 911-940, Business Source Complete, EBSCOhost, viewed 2 January 2017.
