This course is part of the Foundations of Marketing Analytics Specialization

4.3
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64 ratings

David Schweidel

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Offered By

Foundations of Marketing Analytics SpecializationEmory University

About this Course

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Marketers must make the best decisions based on the information presented to them. Rarely will they have all the information necessary to predict what consumers will do with complete certainty. By incorporating uncertainty into the decisions that they make, they can anticipate a wide range of possible outcomes and recognize the extent of uncertainty on the decisions that they make. In Incorporating Uncertainty into Marketing Decisions, learners will become familiar with different methods to recognize sources of uncertainty that may affect the marketing decisions they ultimately make. We eschew specialized software and provide learners with the foundational knowledge they need to develop sophisticated marketing models in a basic spreadsheet environment. Topics include the development and application of Monte Carlo simulations, and the use of probability distributions to characterize uncertainty.

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Course 2 of 6 in the

Foundations of Marketing Analytics Specialization

Intermediate Level

Approx. 10 hours to complete

English

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Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Coursera Labs

Includes hands on learning projects.

Learn more about Coursera Labs

Course 2 of 6 in the

Foundations of Marketing Analytics Specialization

Intermediate Level

Approx. 10 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

David Schweidel

Associate Professor of Marketing

Goizueta Business School

56,675 Learners

6 Courses

Offered by

Emory University

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Syllabus - What you will learn from this course

Week1

Week 1

2 hours to complete

Randomness and Probability

2 hours to complete

3 videos (Total 40 min), 2 readings, 1 quiz

Week2

Week 2

2 hours to complete

Conducting Monte Carlo Simulations in Excel

2 hours to complete

1 video (Total 33 min), 4 readings, 1 quiz

Week3

Week 3

3 hours to complete

Using Probability Distributions to Model Uncertainty

In Module 3, we look at the use of probability distributions as a means of characterizing uncertainty. We initially look at how uncertainty is incorporated into a general decision making framework. We then turn our attention to different probability distributions that can be used to model uncertainty, depending on the nature of the data. We examine the application of these probability distributions to assess the likelihood of events using features within Microsoft Excel.

3 hours to complete

5 videos (Total 51 min), 1 reading, 1 quiz

Week4

Week 4

4 hours to complete

Application: Designing Extended Service Warranty Plans

Building the the discussion of probability distributions in Module 3, we apply this knowledge to a specific application: the design of extended service warranty plans. We provide an overview of the business problem and discuss how to incorporate uncertainty in customers' use of the warranty plan using the Poisson distribution. Using Microsoft Excel, we design a spreadsheet tool that enables a user to adjust features of the service plans. By comparing firm profit under different scenarios, we investigate how different features of the service plan result in risk being shared by the consumer and the firm.

4 hours to complete

4 videos (Total 58 min), 4 readings, 1 quiz

Reviews

4.3

10 reviews

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3 stars
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2 stars
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1 star
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TOP REVIEWS FROM MANAGING UNCERTAINTY IN MARKETING ANALYTICS

by EWSep 24, 2017

Just as other courses in the series, this course offers hands-on experience with statistical analysis and many opportunities to apply acquired learnings in practice.

by AGJun 10, 2020

The instructor instructions were very brief for the assignments and tests. The questions in the test were very difficult to understand as to what answer is required.

by SIJun 4, 2017

Great course with very applicable skills for professional or personal life.

View all reviews

About the Foundations of Marketing Analytics Specialization

In this specialization you will learn how to:

• Find, extract, organize and describe data to support business decisions • Identify, quantify and interpret relationships between variables • Derive customer insights from your data • Develop spreadsheet models to analyze data, evaluate risk and optimize business decisions • Present and justify a course of action to management The capstone project will give you an opportunity to apply what has been covered in the specialization to solve a marketing analytics problem.

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions? Visit the Learner Help Center.

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Managing Uncertainty in Marketing Analytics

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