Who is the Intended Audience for This Blog?
This is not meant to be an academic tome filled with mathematic minutia and cluttered with statistical mumbo-jumbo. There will need to be an equation now and then, but if your interest is econometric rigor, you’re in the wrong place. A couple of good books for that areEconometric Analysis by William H. Greene and Econometric Models, Techniques and Applications by Michael Intrilligator, Ronald G. Bodkin and Chang Hsiao. So, this is not aimed at the statistician, although there will be a fair amount of verbiage about statistics.
If you’re all about (and only about) BI (business intelligence), which means mostly reporting / visualizing data, (if you live and die by creating KPIs) this is not for you.
This will not be a marketing strategy guide, but be aware that as mathematics is the handmaiden of science, marketing science is the handmaiden of marketing strategy. There is no point to analytics unless it has a strategic payoff. It’s not what is interesting to the analyst, but what is impactful to the business, that is the focus of marketing science.
So, to whom is this blog aimed? Not necessarily at the professional (academic) econometrician / statistician, but there ought to be some satisfaction here for them. And not necessarily for the student, but a conceptual overview is usually what students need most. Primarily, the aim is at the practitioner. The intended audience is the business analyst that has to pull a targeted list, the campaign manager that needs to know which promotion worked best, the guy that has to forecast next quarter’s demand units, the marketer that must DE-market some segment of her customers to gain efficiency, the marketing researcher that needs to design and implement a satisfaction survey, the pricing analyst that has to set optimal prices between products and brands, etc.
Why Do I Think I Have Something to Say about Marketing Science?
Fair question. My whole career has been involved in marketing science. For more than 25 years I’ve done direct marketing, CRM, database marketing, marketing research, decision sciences, forecasting, segmentation, DOE and all the rest. While my BBA and MBA are in finance and economics, my PhD is in marketing science. I’ve published a few trade and academic articles, I’ve taught school at both graduate and undergraduate levels and I’ve spoken at conferences, all involved in marketing science. I’ve done all this for firms like Dell, HP, the Gap, Sprint as well as consultancies like Targetbase, etc. Over the years I’ve gathered a few opinions that I’d like to share with y’all. And yes, I’ve been in Texas for over 15 years.