In the age of analytics, this multimedia platform serves as a comprehensive guide to marketing management, covering the underlying concepts and their application. As can be seen from the snippets, the focus is not on the statistical theory, but more on the application of new analytics techniques and established research methods to enhance the marketing mix.
As advances in technology transform the very nature of marketing, there has never been greater need for marketers to learn marketing.
Essentially a practitioner’s guide to marketing management in the 21st century, the Marketing Analytics web learning platform blends the art and the science of marketing to reflect how the discipline has matured in the age of analytics.
Application oriented, it fuses marketing concepts with the analytical tools that practitioners use, to impart an understanding of how to interpret and apply research information and big data.
The focus is primarily on the practical application of well-established tools, techniques and processes, as the platform sifts through all elements of the marketing mix.
It is only apt that a book on Marketing Analytics should exemplify the use of digital technology. Unlike passive eBooks that replicate print versions in their original linear state, the online guide is a full-blown, multi-media platform that greatly enhances the reader’s experience.
As a website, it is dynamic, fluid, and connected with relevant and useful content, both within and beyond the platform. That it is continually updated and enhanced, keeps the guide evergreen, abreast of the latest developments in a the rapidly evolving fields of analytics and digital marketing. (In addition to numerous updates, over 100 new sections and four new chapter have been added, in the two years since the platform was set-up).
It is interactive with the facilities such as (shareable) notes/comments at any of the approximately 500 sections in the guide. The question papers/exercises allow subscribers to view answers and explanations. The site also supports business analytic platforms so that students can practise as they learn.
The online guide is made available on an annual subscription basis. Subscribers login with their email ID and password.
In a fast changing world, companies must innovate or face extinction. Yet while new products are essential for survival, they do demand high investments and pose great risks, with uncertainties lingering at all stages of development and launch of products. Numerous studies highlight the high incidence of failure of new initiatives, particularly in FMCG where failure rates quoted by various sources vary from 75% to as high as 95%. In business markets too, high risks prevail — it is estimated that roughly one in three business-to-business (B2B) products fail.
As such marketers are confronted by two opposing risks associated with product development: investment risk and opportunity risk. In financial terms, the former is the risk of investment losses should a new product fail, and the latter is the risk of losing the opportunity of revenue and profit that a product might have generated, had it not been shelved. Innovative firms tend to focus on opportunity risk while non-innovative firms tend to focus on investment risk. Irrespective of their orientation, to mitigate these risks, marketers need to be data and research driven.
As depicted in the above Exhibit, broadly, there are four phases to new product development (NPD):
The activities and information needs listed for each of the phases in this Exhibit, are covered in detail in the succeeding sections and chapters.
From a team perspective, a cross-functional approach where some activities can progress concurrently is strongly recommended as it improves the speed-to-market. It also improves communication across departments. Manufacturing for instance needs to translate the soft descriptors they hear from marketing into hard technical specifications, and would be better equipped to do so if involved throughout the NPD process.
This chapter covers a wide range of topic on new product development (NPD) including innovation, ideation, knowledge immersion, consumer immersion, generation of insights, generation of ideas, concept development, product development and product launch.
It imparts an understanding of how new products are conceived, and of the tools, techniques and processes used to filter and refine product concepts.