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Forecasting Models for Marketing Decisions

David Schweidel

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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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.

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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

Forecasting with excel for marketing

According to learners, this course offers a very practical and actionable approach to forecasting for marketing decisions. Many appreciate the Excel-based format, finding it makes concepts easy to apply immediately in their work. The marketing mix modeling and customer analytics modules are highlighted as particularly useful. While many find the explanations clear and the structure logical, some reviewers note a lack of statistical depth, suggesting it's more focused on application than theory. Some also felt certain parts were rushed or that instructions could be unclear. Overall, it's seen as a solid foundation, particularly for practitioners.

Provides a good base for applying forecasting.

"A solid introduction to forecasting models for marketing."

"Overall, a good learning experience for applying forecasting in marketing."

"The course provides a solid foundation."

Specific sections are highly relevant.

"I found the marketing mix modeling module particularly useful for my job."

"The customer analytics section was insightful."

"The forecasting basics and customer valuation modules were well done."

"The marketing mix modeling was interesting."

Excel-based and immediately applicable.

"The instructor explained complex concepts clearly and the examples using Excel were very practical."

"The hands-on exercises in Excel make it easy to follow along and apply the concepts."

"Very practical and actionable course. The focus on using Excel makes it immediately applicable in my work."

"I learned how to use practical tools and strategies that I could apply immediately to my work."

Some parts felt rushed or explanations unclear.

"The course covers relevant topics, but I found some of the explanations a bit rushed."

"The Excel workbooks were helpful, but sometimes the instructions could be clearer."

"Some explanations were hard to follow."

"Some parts felt a bit rushed, but overall a good learning experience..."

Focuses on application over statistical theory.

"A solid introduction to forecasting models for marketing... though I wish it went a bit deeper into statistical theory."

"Disappointed with the lack of depth. While the Excel examples are shown, there's not much explanation of the underlying statistical models."

"Felt like it was more about how to click buttons in Excel than truly understanding forecasting. Expected more theory."

"It's very Excel-centric... but maybe limits exploring more advanced techniques found in R or Python."

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.

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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.

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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.

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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.

See salaries and explore the career path for Marketing Manager

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.

See salaries and explore the career path for Quantitative Analyst

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.

See salaries and explore the career path for Financial Analyst

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.

See salaries and explore the career path for Data Analyst

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

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What's inside

Syllabus

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Reviews summary

Forecasting with excel for marketing

Activities

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Reading list

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