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Courses and Various Fields of Analytics

There are courses related to analytics in university and colleges. We are only giving a few references to those but you can refer to the related subject material for detailed study. MBA course on analytics is offered by many university and colleges around the globe. Syllabus of such courses are available on websites of the relevant universities but mostly, they contain the topics discussed on this website. MBA is a subject that covers many other subjects with one specialization. So, for the purpose of relevance, you can refer to the notes of other subjects that fall under the MBA (Business Analytics). In this section you can refer to the emerging field of specializations offered under analytics.

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1 

HR Analytics

Human resource planning, acquisition and retaining require a lot of data collection and management and hence, human resource analytics is one of the emerging specializations in the analytics field.

2

Financial Analytics

Financial analysis has been existing since long time, using analytics in financial affairs means analyzing large scale data relevant for financing many projects related to business, evaluation of financial outcomes of firms production and presenting key variables in dashboard for quick use of business decisions.

3

Market Analytics

Although social media and web analytics are part of market analytics, sometimes, to refer to specific purpose of branding, position, and market products of digital platforms, education houses offer market analytics courses and certification programs.

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4

Healthcare Analytics

Health has become a very important topic after COVID 19 outbreak. health care analytics is now referred to frequently by companies and public administrators to control diseases and provide health care services to the people. This require a dynamic, big data analysis with accurate information about disease spread, infection rate and population affected etc.

Marketing Analytics (MA)

It is the process of collecting data, analyzing and creating useful insights for marketing decision making. The goal is to achieve quantifiable objectives of marketing e.g. maximize return on investment (ROI).

 

Why is it important?

1. Better User Experience

2. Achieve Cost Effectivity (ROI)

3. Design Marketing Strategy

 

Let's understand with an example.

For example, say you release a campaign for your product that costs $500 to produce that. You can track number of people on your website using web analytic tools. You came to know that viewers of your campaign on the web site led to 20 new customers in a week. If your product costs $30, and each new lead bought one, you can attribute $600 of revenue to the video. The net profit, in this case, is $100.

You can calculate ROI like this:

ROI = ($100 / $500) x 100

ROI = (0.2) x 100

ROI = 20%

 

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Data Sources

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​Primary

The data coming directly from your team, your website or collected by you.

Usually techniques like surveys, interviews, sales force opinion, group discussion are used for these data. 

Secondary

Someone else has collected and you are using that to generate insights.

Reports, data of census and other government agencies, data archives are sources of secondary data.

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Important Terms to Know for MA

  1. Market Sizing

  2. Sales Forecasting

  3. Market Segmentation

  4. Top down and Bottom up approaches

  5. PESTEL analysis

  6. Porter's Five Forces

  7. Bucket Testing

  8. Lift, Confidence and Support

  9. Pricing strategy

  10. Demand curves

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