Marketing in the new economy requires strategic and tactical decisions to be made with a high level of precision, at a more granular level and quicker than ever before. It should come as no surprise then that decisions in various marketing functions (including advertising, promotions, pricing and even product design) are now made based on or with the help of data and analytic algorithms. One could say that these algorithms are the marketer’s new competitive toolkit.
In this class we will explore the use of such algorithmic tools in furthering a firm’s digital (and non-digital) marketing goals. In particular, we will focus on methods to capture a consumer’s digital footprint and the algorithms used to use this data to tailor, improve and optimize the firm’s marketing investments. This course will require students to be conversant with digital technologies and somewhat comfortable with data and analytics although expertise is not required.
This course is a part of a two-course sequence. The first (37304) is an introduction to topics related to algorithmic marketing (the lab class (37704) is a more in-depth, hands on project based class that requires students to formulate and implement a working algorithmic product.) This class requires minimal coding apart from some exercises in Excel and running a few scripts in R.