1.1 Introduction to Digital Marketing Analytics Learning

Artificial intelligence

Advanced computer systems designed to imitate human intelligence, which learns, reason, and solve problems

Binary

Numbering scheme with only two possible values for each digit (Ex. Yes/No, T/F)

Continuous data

Decimal values of possible measurements between two realistic points. (Ex. weight, height)

Discrete data

Quantitative information with whole numbers. (Ex.# of items purchased on a website)

Descriptive analysis

Process of determining historical data to better understand the changes that occur in a business

Marketing Analytics

Qualitative + quantitative data from POE media, competition, continual improvement of customers’ + prospects’ experience

Machine learning

Potential outcomes based on complex interactions

Nominal

Characteristics w/ no meaningful order (Ex. Marital status)

Ordinal

Organized in rank order categories (Ex. Ranking products based on preference)

Predictive analytics

Patterns & trends based on behaviours + relationships

Prescriptive analytics

Recommends optimizing business practices suiting multiple predicted outcomes

Primary data

Information gathered exclusively for your research study via surveys/interviews within the target market

Secondary data

Information gathered by existing data found online or in research reports and books

Structured data

Formatted data used to connect with and understand customers and prospects at a basic level

Unstructured data

Information in various forms, that doesn't follow conventional data models

Predictor variable

Values that will be used to predict the value of the target variable

Target variable

Values are modeled and predicted by other variables

Big data

Gathering, analyzing, and using massive amounts of digital information to improve business operations

Data warehouse

Cloud-based data storage system that allows teams to solidify data from multiple sources

Data mart

Simple form of a data warehouse that is focused on a single subject or line of business

Data lake

Centralized storage repository that stores structured, semi-structured, and unstructured data

Data management

Process of collecting, organizing, analyzing, and applying data to your business strategies

Data quality

Measure of the condition of data based on factors such as accuracy, completeness, consistency, reliability.

Outliers

Data points that deviate significantly from the rest of the distribution

Martech

A range of software and tools that assist in achieving marketing goals or objectives

Tech stack

Set of technology used to develop an application (Ex. programming languages, frameworks, databases, front and back-end tools)

Digital ecosystem

A group of interconnected information technology resources that can function as a unit