For this post, I will be reviewing a few terms from both chapters 14 and 15.
Another week, another blog post about what we went over in the text. This week, I plan on selecting a few terms that stuck out to me from both chapters.
Causation: one variable is the reason another variable changes
While this isn’t specific to marketing, I feel that this term is important to remember in our line of work. We have to understand that variables are called variables for a reason – things can and will change. We have to be able to adapt and anticipate these changes if we want to continue to be good in the field.
Marketing mix: the broad marketing efforts across any of the Four P’s of Marketing: Product, Place, Price and Promotion
I enjoyed this reminder of the Marketing Mix in our text. It’s a convenient way to remember to cover all of your bases.
Regression: a statistical process that estimates the relationships among variables
This term was a bit confusing to me. When I hear the word regression, I assume it has something to do with going back or remaining stagnant. This article from a university in New York provides great insight into what regression means in marketing analytics.
dichotomous: a variable type with only two possible number values, typically 1 or 0 (e.g., true or false)
This word is easy to understand and remember. It is useful in surveys and focus groups.
moderation: building a model that allows a change in the way a marketing mix variable relates to the marketing outcome
This term provokes a similar feeling to the use of the word regression in chapter fourteen. When I think of moderation, I think of taking things slow. However, in marketing analytics, moderation refers more to anticipating change.
spotlight analysis: a follow-up analysis of moderation in the marketing mix model that compares marketing mix variable estimates across two or more values of the moderator
Here is an article that dives deeper into the use of the spotlight analysis within marketing analytics. As it turns out, it is a procedure that has been around for some time, but has recently been modified to adjust to changing marketing technologies.
In conclusion, these glossary review blog posts have been informative and useful to me as I navigated the chapters in the text. Being able to take the time at the end of each chapter and select a few key words to interpret further helped me understand them in different ways and how I could possible apply them to my line of work. In addition to this, it also allowed me to research these terms in contexts other than what was provided in our book. I was able to find scholarly articles, more casual and candid pieces, and research devoted to these topics we are just learning about. This provided a richer learning experience and allowed me to retain more information about the glossary terms we studied in each chapter.