Managing Uncertainty in Marketing Analytics

Marketers need to make the right decisions based upon the information they have. Marketers rarely have the complete information they need to predict consumer behavior with absolute certainty. They can incorporate uncertainty into their decisions and anticipate many possible outcomes. Learners will learn how to identify sources of uncertainty and make marketing decisions that are affected by it. We do not recommend using specialized software, but instead provide the knowledge necessary to create sophisticated marketing models within a spreadsheet environment. Topics include the application and development of Monte Carlo simulations and the use probability distributions to identify uncertainty.