A Study on Marketing Analytics: Boon in 21st century for Marketers and Educational Institutions

Abstract

With advances in technology, especially data mining, marketing analytics has become an invaluable tool and should be viewed as an equal component of the marketing research toolkit. Analytics requires marketers to use data to understand customers at every touch point throughout their lifecycle with the business. In the realm of marketing, research has traditionally focused on quantitative or qualitative methodologies to provide customer insights. Academic Marketing departments must internalize analytics into their overall curriculum inorder to provide students with a compelling career advantage. Academics can also use these in the classroom to promote and demonstrate the importance and benefits of marketing analytics. The value of this paper is that it presents marketers with a strong argument for the integration of marketing analytics into their practice of researching marketing issues and problems. Analytics completes the research triangle of qualitative, quantitative and data mined information gathering, analysis, and interpretation. It is hoped that this paper will generate additional research in this area and, especially, the adaptation of analytics as a standard research tool by marketers and by academician. The purpose of this paper is to discuss the current state of marketing analytics and how it should become a standard marketing research tool in the twenty?first century, data is collected through secondary source of information.