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Forecasting Models for Marketing Decisions

How will customers act in the future? What will demand for our products and services be? How much inventory should we order for the next season? Beyond simply forecasting what customers will do, marketers need to understand how their actions can shape future behavior. In Developing Forecasting Tools with Excel, learners will develop an understanding of the basic components of a forecasting model, how to build their own forecasting models, and how to evaluate the performance of forecasting models. All of this is done using Microsoft Excel, ensuring that learners can take their skills and apply them to their own business problems.

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What's inside

Syllabus

Basics of Forecasting Models

This module will discuss how to identify the necessary components of a forecasting model based on patterns in the history data. You will also be able to evaluate the performance of a forecasting model using both in-sample and out-of-sample metrics.

Customer Analytics: Predicting Individual Customer Behavior

"Meaningful Marketing Insights," This content will be familiar for learners who completed the first course; please think of this portion of the class as a review.

Managing Customer Equity: Linking Customer Analytics to Customer Value

This module will discuss managing customer equity, acquisition, retention, & market value, and customer valuation. You will learn how to decompose customer value into its underlying components.

Marketing Mix Modeling

A common task in developing forecasting models is to use them to make decisions regarding the marketing mix activity. With a marketing mix model, organizations can assess the efficacy of different marketing actions. Included is a sample of data for a popular frozen food category. In addition to weekly sales and pricing, for the focal brand we have information on whether the product was featured in the store’s advertising (e.g., newspaper circular) and if the product was on display in the store. We also have pricing information from competitors. In this module, we will build a series of regression models to evaluate the impact of the brand’s actions and competitors’ actions.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops core skills for managing customer equity, including acquisition, retention, and market value

Applies concepts to a real-world data set, providing practical experience in using forecasting models

Introduces the fundamentals of forecasting models, making it accessible to learners with varying backgrounds

Taught by David Schweidel, an experienced instructor in forecasting and analytics

Utilized by Microsoft Excel, a widely used tool in business and analytics

Builds a strong foundation for understanding the principles and applications of forecasting

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Reviews summary

Well-received forecasting course

Learners say this course provides engaging and practical content that is very useful in a marketing context. This course, led by Professor Schweidel, covers practical, hands-on Excel learnings, and keeps a good pace.

Videos and content are clear and interesting.

"each video is engaging"

Course material is useful in real-world settings.

"Incredibly useful and practical."

"I have already put everything into practice at work!"

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Forecasting Models for Marketing Decisions with these activities:

Weekly data analysis compilation

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In this practical activity, you'll put your data analysis and visualization skills to the test by creating a weekly compilation.

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Collect data from various sources relevant to the course topic.
Clean and organize the data.
Analyze the data using appropriate techniques.
Create visualizations to represent the data effectively.
Share your compilation with others for feedback.

Excel forecasting practice

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Sharpen your Excel skills and gain practical experience in forecasting by completing a series of practice drills.

Browse courses on Forecasting

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Download the provided Excel dataset.
Create a forecast model using the historical data.
Evaluate the accuracy of your forecast.
Repeat the process with different forecasting techniques.

Advanced Excel for forecasting

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Take your Excel skills to the next level by exploring advanced tutorials on forecasting techniques.

Browse courses on Forecasting

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Identify online tutorials or courses on advanced Excel for forecasting.
Follow the tutorials and complete the exercises.
Apply the techniques to real-world forecasting scenarios.

Two other activities

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Forecasting competition

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Put your forecasting skills to the test and compete against others in a forecasting competition.

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Find an appropriate forecasting competition.
Develop a forecasting model.
Submit your forecast and track your progress.
Analyze the results and identify areas for improvement.

Develop a forecasting model for a real-world business

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Apply your forecasting skills to a real-world business scenario and develop a model to predict future outcomes.

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Identify a business problem that can be addressed through forecasting.
Collect relevant data and analyze it.
Develop a forecasting model and validate its accuracy.
Implement the model and monitor its performance.

Career center

Learners who complete Forecasting Models for Marketing Decisions will develop knowledge and skills that may be useful to these careers:

Marketing Analytics Manager

Marketing Analytics Managers seeking to advance their skills in forecasting will find Forecasting Models for Marketing Decisions highly beneficial. The course covers the fundamentals of forecasting, as well as advanced techniques for building and evaluating forecasting models, providing Marketing Analytics Managers with the tools they need to make data-driven decisions and optimize marketing strategies.

See salaries and explore the career path for Marketing Analytics Manager

Marketing Science Manager

Forecasting Models for Marketing Decisions is a valuable resource for Marketing Science Managers, who use data and analytics to drive marketing strategies. The course provides a deep understanding of forecasting techniques, enabling Marketing Science Managers to build robust forecasting models that inform decision-making and optimize marketing campaigns.

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Demand Planner

Demand Planners play a critical role in managing inventory and ensuring efficient supply chain operations. Forecasting Models for Marketing Decisions provides Demand Planners with the skills to build forecasting models that predict customer demand, enabling them to optimize inventory levels, reduce costs, and improve customer satisfaction.

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Marketing Researcher

Marketing Researchers seeking to enhance their quantitative skills and gain a deeper understanding of forecasting will find Forecasting Models for Marketing Decisions highly valuable. The course provides a comprehensive overview of forecasting techniques, enabling Marketing Researchers to conduct rigorous market research studies and deliver data-driven insights to inform marketing strategies.

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Pricing Analyst

Pricing Analysts responsible for setting prices for products and services can gain valuable insights from Forecasting Models for Marketing Decisions. The course teaches how to build forecasting models that predict future demand, enabling Pricing Analysts to make data-driven pricing decisions that maximize revenue and profitability.

See salaries and explore the career path for Pricing Analyst

Digital Marketing Manager

Digital Marketing Managers responsible for executing online marketing campaigns can benefit from Forecasting Models for Marketing Decisions. The course provides a framework for building forecasting models that predict digital marketing performance, enabling Digital Marketing Managers to optimize campaign strategies, allocate budgets effectively, and maximize ROI.

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Marketing Manager

To make informed decisions about marketing strategies, Marketing Managers require a deep understanding of customer behavior and demand forecasting. Forecasting Models for Marketing Decisions equips Marketing Managers with the skills to build and evaluate forecasting models, helping them optimize marketing campaigns, allocate resources effectively, and achieve business goals.

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Quantitative Analyst

Forecasting Models for Marketing Decisions can provide valuable insights for Quantitative Analysts, who utilize mathematical and statistical modeling to solve business problems. The course's focus on building and evaluating forecasting models can help Quantitative Analysts enhance their ability to predict market trends and make data-driven decisions.

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Consultant

Consultants who specialize in business strategy or marketing can benefit from Forecasting Models for Marketing Decisions. The course equips Consultants with the skills to build forecasting models, which can help them provide data-driven insights and recommendations to clients seeking to optimize their marketing strategies and business operations.

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Customer Relationship Manager

Customer Relationship Managers (CRMs) can enhance their ability to build and maintain strong customer relationships by taking Forecasting Models for Marketing Decisions. The course provides a foundation in customer analytics and forecasting techniques, enabling CRMs to predict customer behavior, identify opportunities for growth, and develop targeted marketing campaigns.

See salaries and explore the career path for Customer Relationship Manager

Market Research Analyst

Forecasting Models for Marketing Decisions can enhance the capabilities of Market Research Analysts, who gather and analyze market data to understand customer behavior. The course provides a foundation in forecasting techniques, enabling Market Research Analysts to make more accurate predictions about future market trends and customer preferences.

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Business Analyst

For Business Analysts seeking to understand and improve business processes, Forecasting Models for Marketing Decisions offers valuable knowledge. The course teaches how to build forecasting models, which can help Business Analysts identify trends, predict outcomes, and make informed recommendations to optimize business operations.

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Product Manager

Product Managers responsible for developing and launching new products can leverage Forecasting Models for Marketing Decisions to enhance their decision-making process. This course provides Product Managers with the ability to build forecasting models to predict product demand, optimize pricing strategies, and make informed decisions about product development.

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Financial Analyst

Forecasting Models for Marketing Decisions can provide a strong foundation for Financial Analysts, who use financial data to make investment decisions. The course introduces the principles of forecasting, enabling Financial Analysts to build models that predict financial performance and make informed investment recommendations.

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Data Analyst

Data Analysts who wish to expand their skillset in forecasting will benefit from Forecasting Models for Marketing Decisions. The course introduces the fundamentals of forecasting, including model building and evaluation, enabling Data Analysts to extract meaningful insights from data and make data-driven predictions.

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Reading list

We've selected 20 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Forecasting Models for Marketing Decisions.

Building Models for Marketing Decisions

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Provides a comprehensive and practical guide to forecasting for marketing decisions, covering both conceptual foundations and practical applications. It is particularly useful for learners seeking a deeper understanding of the underlying theory and methods of forecasting.

Forecasting Models for Marketing Decisions

What's inside

Syllabus

Good to know

Save this course

Reviews summary

Well-received forecasting course

Activities

Career center

Reading list

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