DATA SCIENCE IN MARKETING

SUBMITTED BY
NUTTARINYA DANUDOM (2237048)
WHAT IS MARKETING?
• Marketing is the process of recognising, foreseeing, and meeting client requirements

and wants via the development, advertising, and distribution of goods or services. It

entails gaining an understanding of the intended audience, creating a plan to reach

that audience, and putting that plan into action through a variety of marketing

channels.

• Market research, advertising, public relations, branding, sales, and customer

umbrella of marketing. Identification and comprehension of consumer demands,

creation of a distinctive value offer, and efficient customer communication through a

variety of marketing channels are all necessary for successful marketing.

• The strategy and tactics of marketing may be both long-term and short-term,

requiring both daily execution and daily preparation. A great marketing plan should

work to increase brand recognition, generate leads, and eventually boost a

company's sales and income.

• In general, any company that wants to survive in a cutthroat market must have a

strong marketing department. It entails comprehending the requirements and desires

of the target market, developing a special value proposition, and convincingly

expressing that value to the target market using a variety of marketing channels.
WHAT KIND OF APPLICATIONS OR PROBLEMS ARE FACED IN THE FIELD OF MARKETING?

The field of marketing faces a wide range of applications and

1 Market research: Understanding customer behaviour, interests, and demands

2 Branding and positioning: This involves developing a unique brand identity and
messaging that resonates with target customers. Companies must understand the
competitive landscape and consumer perceptions of their brand to create effective
branding and positioning strategies.

3 Advertising: This involves creating and executing advertising campaigns across

4 Pricing strategy: This involves setting prices for products or services based on market demand, competition, and customer perceptions. Companies
must balance the need to generate revenue with the need to remain competitive in the marketplace.

5 Sales management: This involves managing sales teams, developing sales strategies, and tracking sales performance. Companies must use
effective sales techniques to convert leads into customers and maintain customer relationships.

6
Customer relationship management: This involves managing customer interactions and using data analysis to improve customer satisfaction
and retention. Companies must use effective customer service techniques to build loyalty and improve customer lifetime value.
HOW CAN DATA SCIENCE CAN SOLVE MARKETING PROBLEMS?

Data science can help solve marketing problems by providing insights into customer behavior, preferences, and needs. Here are some ways in which
data science can help in marketing:

a) Customer segmentation: Based on their demographics, activity, or interests, multiple consumer segments may be identified by
businesses with the use of data science. This can assist businesses in focusing their marketing efforts on certain client
segments, resulting in more successful marketing campaigns.

b) Predictive modeling: Businesses may use data science to forecast future consumer behaviour, such as attrition rates or buying
trends. This can assist businesses in creating focused marketing plans and enhancing client retention.

c) Personalization:Personalized marketing offers and communications may be sent by businesses with the use of data science and
are based on the tastes and habits of specific customers. Increased engagement and conversions may result from this.

d) Optimization: Data science may assist businesses in maximising their marketing initiatives by determining the most successful
marketing channels, messaging, and offers. By doing this, businesses may increase the ROI of their marketing initiatives.

e) A/B testing: Companies may test various marketing methods and gauge their effects on consumer behaviour with the use of data
science. This can aid businesses in determining the best marketing tactics to use going forward.Overall, by offering insights into
consumer behaviour and preferences, data science may assist businesses in making better educated marketing decisions. By
analysing client data with data science methodologies, businesses may create more successful marketing plans that stimulate
business growth.
Three Ways Data Science Can Help Solve Problems In Your Business
Data science might seem like contemporary magic to outsiders. It could appear to be a combination of a wide understanding of
mathematics and statistics, hacking prowess, and knowledge of a particular area the data scientist has decided to specialise on. Finding a
data scientist with high skill across a variety of businesses and technologies, however, is a goal that might not be feasible to realise. Luckily,
the results are now available without relying on a single super-scientist thanks to data science.
The more profound and important fact is that data does not exist in a mystical world separate from customary business procedures and
disciplines. Instead, data and the insights it offers are effective instruments for recognising, evaluating, and quickly solving business issues.
Data science may be used to solve business challenges in this way, enhancing customer happiness while enhancing procedures and
lowering inefficiencies and redundancies.

The Dynamics Of Data Science And Business Problems:

It's easy to lose sight of the forest amidst so many towering trees. Many times, the real problem isn't the problem you're looking at. It's what
you cannot see. This analogy can easily apply to any business, big or small, that has so many priorities it is unable to see the most
pressing. That is where data science can step in.

The answers to your toughest problems are right in front of you. The best source for the data needed to solve your business problems is
your business. The challenge is in the actual size of the data. Human eyes cannot see patterns in datasets this massive. It takes a
computer, often more than one, and analytics to harvest meaningful insight. Data analytics and business intelligence can use KPIs to
identify priorities based on the relevant data for that problem.

Here are three examples of how your data, analytics and scientists can make beautiful music by employing data to identify problems and
opportunities – while orchestrating a perfect, almost artistic, solution.
Three Ways Data Science Can Help Solve Problems In Your Business

2. Developing New Products And Services

Sometimes a whole new product or service is required, frequently one that is tied to your current business objectives and operations.
Netflix is a good place to start when looking for this new development. It started out as a practical and cost-effective substitute for
renting movies. They gradually improved their service as needs and technology changed. First, by providing streaming services as a
supplemental watching choice. Customers quickly realised its ease, and streaming services developed to dominate the watching
landscape.
Smartly, Netflix also anticipated the demand by gamers, adding games to their entertainment rolls. Finally, they wisely saw the
opportunity of squeezing the last pennies of profit by selling their previously viewed games and movies to loyal customers. This
example perfectly demonstrates how a company can follow data each step of the way to piggyback off initial successes for continued
growth and success.
Three Ways Data Science Can Help Solve Problems In Your Business

3. Data-Value Identification
The ability to perceive the possibility that data presents is different from simply having data. I noted before that some people see data
science as mystical and magical. While not quite true, it must be acknowledged that data science has certain mystical qualities. By
offering fresh possibilities and guidance, data may reveal new value in well-known circumstances and opportunities.

One area where data science may show its strength is through freeform analysis. Without a predetermined aim, quest, or conclusion in
mind, the capacity to evaluate and appraise may take you to unexpected and occasionally enlightening locations.

Patterns that are far too nuanced for the human mind to anticipate can easily be captured by algorithms. Think of it as a broad scanning of
your massive data landscape which can often highlight or reveal previously unseen or unexplored terrain and offer something entirely new.
This treasure trove of valuable data and information can potentially expand your customer base and increase individual sales volume
because you are now serving a different set of clientele.

One of the best outcomes of using data science to solve business problems is that you often end up inspiring and motivating data
scientists on your team. They can feel like more than simply analysts of information. Rather, they're part of a team imagining elegant
solutions that add value to customers, communities and business culture. By using the data your business already collects, data science
has the potential to help solve various problems in new ways. It's another tool in your toolbox to build up your business by tackling
obstacles head-on.