Statistics for Marketing

This course takes a deep dive into the statistical foundation upon which marketing analytics is built. The first part of this course will help you to thoroughly understand your dataset and what the data actually means. Then, it will go into sampling including how to ask specific questions about your data and how to conduct analysis to answer those questions. Many of the mistakes made by Marketing Analysts today are due to a lack of understanding the concepts behind the tests they run, leading to incorrect tests or misinterpreting the results. This course is tailored to provide you with the necessary background knowledge to comprehend the "what" and "why" of your actions in a practical sense. By the end of this course you will be able to: • Understand the concept of dependent and independent variables • Identify variables to test • Understand the Null Hypothesis, P-Values, and their role in testing hypotheses • Formulate a hypothesis and align it to business goals • Identify actions based on hypothesis validation/invalidation • Explain Descriptive Statistics (mean, median, standard deviation, distribution) and their use cases • Understand basic concepts from Inferential Statistics • Explain the different levels of analytics (descriptive, predictive, prescriptive) in the context of marketing • Create basic statistical models for regression using data • Create time-series forecasts using historical data and basic statistical models • Understand the basic assumptions, use cases, and limitations of Linear Regression • Fit a linear regression model to a dataset and interpret the output using Tableau and statsmodels • Explain the difference between linear and multivariate regression • Run a segmentation (cluster) analysis • Describe the difference between observational methods and experiments This course is designed for people who want to learn the basics of descriptive and inferential statistics and analytics in marketing.