ABSTRACT
Analytics is a major element of creating value from data. Statistical analytics of marketing data have been around for decades. The revolutions in scanner data and customer relationship management have considerably increased the importance of analytics in marketing: it creates a strong market and customer insights and models that can be used for decision support, campaigns, and data-driven solutions. This chapter discusses the different strategies for analyzing data, and describes the role of analytics and general types of marketing analysis. It distinguishes four analytical strategies: problem solving, data exploitation, data mining, and collateral catch. One of the easiest ways of taking advantage of data is probably just to start up analyses and dig into the available data. The chapter provides an understanding of the meaning of data science, Artificial Intelligence (AI), Machine Learning, and Deep Learning. This is followed by a discussion on how big data and AI is changing the working field of analytics.
