MA - Unit 1 PDF

Marketing Analytics
Unit: 1
The Need & Scope of Analytics
Department of Commerce, New Management Block, MAHE, Manipal, 576 104, Karnataka, India, Ph. No: 0820 25342 Email: doc.office@manipal.edu
What Is Marketing?
Marketing is a process by which
companies create value for customers and
build strong customer relationships to
capture value from customers in return
Understanding the Marketplace
and Customer Needs
Core Concepts
• Customer needs, wants, and demands

• Market offerings
• Value and satisfaction
• Exchanges and relationships
• Markets
and Customer Needs
Customer Needs, Wants, and Demands

and Customer Needs
• Market offerings are some combination of

products, services, information, or experiences
offered to a market to satisfy a need or want
• Marketing myopia is focusing only on existing wants

and losing sight of underlying consumer needs
and Customer Needs
Customer Value and Satisfaction
Expectations
and Customer Needs
Exchange is the act of obtaining a desired
object from someone by offering
something in return
and Customer Needs
Markets are the set of actual and

potential buyers of a product
Designing a Customer-Driven
Marketing Strategy
Marketing management is the art and

science of choosing target markets and
building profitable relationships with them
– What customers will we serve?
– How can we best serve these customers?
Marketing Strategy
Selecting Customers to Serve
Market segmentation refers to dividing the

markets into segments of customers
Target marketing refers to which segments

to go after
Marketing Strategy
Selecting Customers to Serve
Demarketing is marketing to reduce demand

temporarily or permanently; the aim is not
to destroy demand but to reduce or shift it
Marketing Strategy
Choosing a Value Proposition
The value proposition is the set of

benefits or values a company promises
to deliver to customers to satisfy their
needs
▪ Companies want to stay relevant and innovative and often
look at other successful companies, hot industry trends or
new shiny products for inspiration.
▪ However, a vital component to growth is at every
businesses' fingertips -- their customers.
▪ Yes, customers are the ones with the ability to determine
your business' longevity and progress.
Questions
How do you understand customers' needs?
What are customer needs?
A customer need is a motive that prompts a customer to buy a product or service.

Ultimately, the need is the driver of the customer's purchase decision.
Companies often look at the customer need as an opportunity to resolve or
contribute surplus value back to the original motive.
Types of customers?
16 Most Common Types of Customer Needs

 Product Needs
1. Functionality
Customers need the product or service to function the way they need in order to solve their problem or
desire.
2. Price
Customers have unique budgets with which they can purchase a product or service.
3. Convenience
The product or service needs to be a convenient solution to the function your customers are trying to meet.
4. Experience
The experience using the product or service needs to be easy -- or at least clear -- so as not to create more
work for your customers.
5. Design
Along the lines of experience, the product or service needs a slick design to make it relatively easy and
intuitive to use.
6. Reliability
The product or service needs to reliably function as advertised every time the customer wants to use it.
7. Performance
The product or service needs to perform correctly so the customer can achieve their goals.
8. Efficiency
The product or service needs to be efficient for the customer by streamlining an otherwise time-consuming
process.
9. Compatibility
The product or service needs to be compatible with other products your customer is already using.
 Service Needs
10. Empathy
When your customers get in touch with customer service, they want empathy and understanding from the
people assisting them.
11. Fairness
From pricing to terms of service to contract length, customers expect fairness from a company.
12. Transparency
Customers expect transparency from a company they're doing business with. Service outages, pricing
changes, and things breaking happen, and customers deserve openness from the businesses they give
money to.
13. Control
Customers need to feel like they're in control of the business interaction from start to finish and beyond, and
customer empowerment shouldn't end with the sale. Make it easy for them to return products, change
subscriptions, adjust terms, etc.
14. Options
Customers need options when they're getting ready to make a purchase from a company. Offer a variety of
product, subscription, and payment options to provide that freedom of choice.
15. Information
Customers need information, from the moment they start interacting with your brand to days and months
after making a purchase. Business should invest in educational blog content, instructional knowledge base
content, and regular communication so customers have the information they need to successfully use a
product or service.
16. Accessibility
Customers need to be able to access your service and support teams. This means providing multiple
channels for customer service.
What is a customer needs analysis?
A customer needs analysis is used in product development and branding to provide an in-depth analysis of
the customer to ensure that the product or message offers the benefits, attributes, and features needed to
provide the customer with value.
To conduct a customer needs analysis successfully, you need to do the following:
1. Customer Needs Analysis Survey
▪ Questions about positive and negative word associations with your brand
▪ Questions asking customers to group your brand in with similar and/or competing brands
▪ Questions comparing and sorting brands according to their preferences for usage
2. Means-End Analysis
▪ Features
▪ Benefits
▪ Values
Types of Customer Service
▪ Email
▪ Phone
▪ Fax
▪ Chat
▪ Social Media
▪ In Person
Factors influencing consumer Decisions
Customer value Assessment and valuing customers
▪ The consumer buying center involves possible customer roles:

▪ Initiator
▪ Influencer
▪ Decider
▪ Buyer
▪ User
Customer Need and Value
▪ Value = Benefit – Price

Benefits:
▪ Functional
▪ Psychological
▪ Economic
Price:
▪ Monetary
▪ Perceived Risk
▪ Inconvenince
Understanding Customer Needs
▪ Subject and importance of need
▪ Temporary aspect of needs
▪ Information requirements associated with need
Approaches to measure customer Value
Evaluating Competition
Five steps to conduct your own low-cost competitor analysis

1. Identify your competitors
A competitor is someone who targets the same market segments as you with a similar
product. As such, an advertisement company could operate next to another company that
also sells advertisement without competing. How can this be? The businesses can target
different customers: One might serve multinationals, while the other sells to local businesses.
Generally, competitors are divided into three types:
▪ Direct competition—These businesses offer the same products and services to the
same clients within the same territory as your business.
▪ Secondary or indirect competition-Businesses that offer slightly different products and
services or target a different clientele within the same territory.
▪ Substitute competition—Businesses that offer different products and services to the
same clients in the same territory.
2. Gather information about your main competitors
▪ Products and services—Evaluate their products or services and compare them to your
own, ideally by purchasing them and trying them out. How is the quality? What features
do you like or dislike? Who are their suppliers? Does it respond to consumer
preferences?
▪ Pricing—How are their products and services priced? Do their prices vary for channel
partners and customers? What is their discount policy? Can you estimate their cost
structure?
▪ Positioning and branding—Analyze your competitors’ websites, product documents,
brochures and catalogues. Follow them on social media and visit them at trade shows.
What are their target markets? What is their unique selling proposition?
▪ Market reputation—Talk to customers, suppliers and distributors to get their views. What
do they know about your competitors? What are their opinions about their products, sales
andofmarketing
Department Commerce, Newstrategies andMAHE,
Management Block, customer
Manipal,service?
576 104, Karnataka, India, Ph. No: 0820 25342 Email: doc.office@manipal.edu
3. Analyze the competition’s strengths and weaknesses
▪ Preparing a written evaluation of your competitors will allow you to compare their
performance with your own.
▪ You can list your competitors and write out their respective strengths and weaknesses.
Are they popular because of their location? Visibility? The quality of their staff? Are their
prices too high? Or does their product lack a key feature that’s demanded by your target
customers?
▪ This analysis will give you an idea of how you can adapt your strategy to counter their
strong points and take advantage of their weak points.
4. Talk to your competitors directly
▪ It can be a good idea to get to know your competitors personally. In fact, taking that first
step can often lead to a relationship that’s beneficial for both sides.
▪ Indeed, it’s not unusual for two companies to compete sometimes and co-operate at other
times. For example, a competitor may be willing to refer customers to you if they don’t
serve a particular market niche. But to do so, they have to know, trust and like you.
▪ Even if you can’t come to an understanding with your competitors, talking to them can still
help you gather important information to help you differentiate your business in the
market.
5. Identify your competitive advantage
▪ Analyzing the competitive landscape will help you identify your competitive advantage.
Maybe it’s lower prices or promotions that attract new customers—but remember that this
type of strategy can be copied by your competition and might not be viable in the long
run.
▪ Taking advantage of a weakness in the competition is always a good idea. But is it
sustainable? A competitive advantage should ideally be a great strength that’s distinctive
and can appeal to your target clients. Identifying your competitive advantage will help you
create your messaging and brand image by relying on your key differentiator(s).
▪ Another way of looking at it is that it’s important to keep tabs on the competition and
improve your business in response, but you shouldn’t allow concerns about what others
are doing to dominate your strategy.
Best Practices for Business Analysis Tools and Strategies
▪ Business analysts have become one of the most impactful resources in business. This
comes as no surprise, given the value the discipline can create. Business analysis tools
can create a shared understanding of the needs facing a business while offering
legitimate recommendations for meeting them, successfully enabling positive change.
▪ A growing number of companies are realizing that building and improving their business
analysis competency, following professional procedures for utilizing the business analysis
tools at hand, can not only reduce business risk, but can lead to far greater project
success.
▪ Utilizing practices and strategies in business analysis typically requires laying the proper
groundwork to ensure agreement upfront on what is expected to be delivered from the
analysis. This might include things like gaining a better understanding of how outside
forces are impacting the business’ growth strategy, or establishing an action plan in
response to a business unit’s SWOT analysis.
Considerations the requirements and expectations may include the following:
▪ Ensure the team understands the business issue being addressed and its context for the
organization. This dictates the approach taken.
▪ Building a software solution is different than outsourcing it, for example, and can hinge on
internal capabilities and culture.
▪ Also important is the ability to define the type of project being undertaken. Understanding
the problem is half the battle.
▪ Don’t delay asking for help, if needed. Experience in similar areas may obscure new
possibilities, and an outside perspective can be invaluable. The idea is to avoid wasting
time and resources to devise the best solutions.
The five steps of conducting a business requirement analysis
▪ Step 1 – Identify Key Stakeholders: Who has the biggest stake in the project, and who
is the sponsor? The first step is to identify the stakeholders who have influence over the
project’s scope. From there, end-users should be identified, as their insights are critical if
the project is to meet their needs.
▪ Step 2 – Capture Stakeholder Requirements: Each group of stakeholders should
provide input on their expectations and requirements of the project. These can be
solicited through individual interviews or group workshops. It can also be valuable to
develop ‘use cases’ that help take the user through the system or process to add a better
understanding of functionality. Building prototypes of the system or product can also be
helpful.
▪ Step 3 – Categorize Requirements: The analysis process can be made easier by
grouping the stakeholder requirements in four categories: functional, operational,
technical
Department andNew
of Commerce, transitional.
Management Block, MAHE, Manipal, 576 104, Karnataka, India, Ph. No: 0820 25342 Email: doc.office@manipal.edu
▪ Step 4 – Interpret and Record Requirements: This aspect has several facets: The first
is to precisely define requirements in clear detail, while noting the requirements’
relationship to business needs. Then, they should be prioritized to help organized the
process. Interpretation also includes an analysis of the impact of change on processes,
products and people. It’s also important to work with stakeholders in resolving conflicts
with the requirements, and then to undertake a feasibility analysis to identify major issues.
▪ Step 5 – Sign Off: This stage represents a formal commitment by stakeholders to
requirements that reflect their needs. Sign off is critical to preventing scope creep.
▪ Systematically identifying what the organization and its leaders want and expect from the
new system, strategy or process is a critical practice for business analysis. In the end, it
can help ensure resources have been invested with optimal effectiveness to match
solutions with needs.
Role of a marketing analyst
▪ The role performed by Marketing Analysts is considered one of the most

demanding in the Marketing field.
▪ These professionals thoroughly examine any relevant information that may help
the company make informed decisions on market tactics; in other words, they
act as “analytics translators” who determine what products should be sold and
what would be the most profitable way to do it.
▪ Marketing Analysts focus on reducing the risks related to a marketing initiative
or project.
▪ Marketing Analyst track campaigns and segment the customer base, as well as
identify market trends and monitor competitors.
▪ Marketing Analyst consider aspects such as response rates, return on
investment (ROI), and consumer dropout rates.
▪ Marketing Analysts usually work for Marketing firms and business associations
or any other organization that performs marketing activities.
▪ They can also be self-employed, in which case they usually work as freelance
consultants.
Primary Responsibilities
▪ Gathering information and examining buying trends to develop successful
marketing plans
▪ Preparing detailed reports on sales volume, customer experience, market
trends, and competitors’ outcomes
▪ Delimiting the target audience to which products or services will be sold
▪ Identifying competitors and potential markets (e.g. wholesalers, retailers,
government, and the general public)
▪ Providing recommendations for future tactics, seeking to increase sales volume
Daily Task
▪ Researching, gathering, and analyzing business data for Marketing Managers and
Coordinators to review.
▪ Using intelligence tools to monitor current customers and to identify new ones.
▪ Updating business intelligence tools or methods.
▪ Designing and carrying out social, economic, and marketing surveys, as well as
demographic studies to define target markets and their buying habits and preferences, as
well as to determine existing and future trends.
▪ Conducting comparative research on marketing strategies.
▪ Reviewing marketing initiatives to provide advice on procedures and requirements.
▪ Preparing reports on market trends, consumer habits, and outcomes.
Traits required to be a successful analyst.
Required Skills and Qualifications
Outstanding insight and analytical thinking

▪ Effectively reading and interpreting information, numerical,
and statistical data, drawing logical inferences and
providing reasonable recommendations; and
▪ Being able to anticipate and adapt to customers’ needs in a
proactive and strategic manner.
Strong organizational and time management skills
▪ Having strong multitasking skills; being able to work
independently and as part of a team in a dynamic, fast-
paced environment;
▪ Being versatile, flexible, and willing to work within
constantly changing priorities; and:
▪ Being able to prioritize tasks and responsibilities
accordingly.
Administrative skills
▪ Demonstrated computer proficiency in Microsoft Office
Suite, including the ability to develop and use formulas; and
▪ Having experience in creating graphics, flow charts, and
projections in order to generate statistics.
Strong attention to detail
▪ Efficiently and accurately reviewing and summarizing
marketing data; and
▪ Staying focused during highly repetitive tasks.
6 Personal Traits That A Professional Analyst should have
Good Communication Skills

▪ Business analysts must have communication skills as they have to communicate with a
variety of stakeholders. They need to understand why what they’re doing has value and
then articulate that to stakeholders. This includes convincing people to work on activities
that may not be their top priority.
▪ For example, a business analyst might have to persuade a Sales Director to help define
performance metrics for the upgrade of a CRM database.
▪ Good communication skills involve both verbal and written communication. Business
analysts who have excellent verbal communication skills but battle with the written words.
▪ Various forms of communication, such as workshops, meetings and other informal
methods may be necessary to bring every stakeholder on board.
Active Listening Skills
▪ Business analysts use active listening skills to make sure that all stakeholders
are heard. They understand the importance of making eye contact with
speakers and always attempt to identify exactly how they feel about what they
are saying.
▪ Observing words and body language is important for them to get to the bottom
of what is being said. To do this, they must know how to dial out any internal or
external distractions.
▪ Business analysts can keep an open mind and acknowledge different opinions
as well as know when to move the subject along. They are able to take all input
into account without being too ruffled by disagreements. There will always be
disagreeing stakeholders and part of their skill is in being able to handle this.
▪ Holding excessively lengthy sessions is not necessary for them and they
understand that these often lead to a lack of interest and attention. They prefer
web conferences over traveling to different offices and hold meeting. This saves
times and shows that you believe in working fast and don’t mind being tech-
savvy.
▪ They and honor confidentiality agreements and are generally seen as being
above listening to any office gossip. This enables them to establish trusting
relationships where they follow through on commitments.
Problem-Solving Skills
▪ Many business analysts say that what they love most about their work is solving
problems. Problem-solving can combine analytical thinking and creative
thinking. It involves resolving cases of conflicting information, incomplete
information, missing information etc.
▪ Solutions aren’t always simple when problems occur within a company.
Analysts often have to examine multiple scenarios and operations to find a
solution. Understanding the problem usually involves exploring the overt
symptoms, in the form of the effects on costs, sales, and performance metrics.
▪ Examining every aspect of the situation provides context and a greater
understanding of the big picture. All parties need to have input and give
feedback. They have to answer many questions posed by the business analyst
such as “why do you need this?”, “what does this mean?”, and “what happens
next?”
▪ Finding a solution involves some kind of change within the organization. For
example, putting the change into practice could involve augmenting technology
or improving a process. The ideal scenario when solving a problem is not only
to solve the current problem but to ensure that it never occurs again.
Analytic Skills
▪ Analytic skills are necessary to be able to interpret business needs and
translate them into practical, operational requirements.
▪ Business analysts have to analyze information from a variety of sources, such
as documentation, surveys, existing systems and requirement gathering
sessions.
▪ Business analysts are passionate about analyzing data and usually have a
variety of different ways to analyze it. They want to see what they can do with it
and how they can tease different facets of meaning from it.
▪ Everyday interpretations of data can easily fall into patterns that can hide
shades of meaning. Critical thinking and valuable analysis are not necessarily
straightforward. Good analysts will resist trying to come up with a neat solution
to solve the problem before extensively analyzing data. Of course, analysis
paralysis can also occur and they have to understand when to stop analyzing.
Multi-Disciplinary Skills
▪ Many business analysts have expertise and experience in IT and their domain.
However, it also helps to have experience in performing tasks in unrelated
fields across various industries.
▪ Those with such experience are more easily able to elicit information, interact
with stakeholders and identify opportunities. They know more about the world,
business trends, tech updates and have a deeper knowledge of the processes
of business.
▪ They can leverage this knowledge to apply information and techniques to their
current project. Their wide range of knowledge affords them with innovative
ways to deliver value. They tend to be more versatile and to avoid the thinking
that certain tools, techniques and work products are suitable for every situation.
Decision-Facilitation Skills
▪ In consulting with managers and offering advice to developers, business
analysts need to exercise sound judgment. After they have received input from
all the stakeholders and assessed a situation, they need to facilitate the making
of certain decisions.
▪ The goal is not just to bring about change but to bring about the right change.
Business analysts need to help others to make the right decisions so that the
right needs are met. If a decision isn’t made, nothing happens.
▪ Good business analysis involves defining all the decisions that need to be
made, who will make the decisions and the information the decision-maker will
use to make the decision. When multiple people need to make a decision, they
are not always on the same page. Getting buy-in from all decision-makers takes
some
Department skill. New Management Block, MAHE, Manipal, 576 104, Karnataka, India, Ph. No: 0820 25342 Email: doc.office@manipal.edu
of Commerce,
Thank you

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Marketing Analytics

• Customer needs, wants, and demands

Customer Needs, Wants, and Demands

• Market offerings are some combination of

• Marketing myopia is focusing only on existing wants

Markets are the set of actual and

Marketing management is the art and

Market segmentation refers to dividing the

Target marketing refers to which segments

Demarketing is marketing to reduce demand

Choosing a Value Proposition

The value proposition is the set of

How do you understand customers' needs?

A customer need is a motive that prompts a customer to buy a product or service.

16 Most Common Types of Customer Needs

▪ The consumer buying center involves possible customer roles:

▪ Value = Benefit – Price

Five steps to conduct your own low-cost competitor analysis

▪ The role performed by Marketing Analysts is considered one of the most

Required Skills and Qualifications

Outstanding insight and analytical thinking

Good Communication Skills

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