What is Marketing Engineering
Several forces are transforming the nature, scope, and structure of the marketing profession. Marketers are seeing increasingly faster changes in the marketplace and are barraged with an ever increasing amount of information. While many view traditional marketing as art and some view it as science, the new marketing increasingly looks like engineering. "Marketing Engineering" is a term coined by Professor Gary Lilien, one of the founders of DecisionPro, Inc, to describe this new marketing philosophy.
DecisionPro, Inc. has developed a series of books and software products to further the field of analytical marketing. These books, combined with a comprehensive collection of leading-edge software models provides the know-how and tools to collect the right information and perform analysis to make better marketing plans, better product designs, and better decisions.
The purpose in writing these books is to help educate and train a new generation of marketing managers. Our goal is to train marketing engineers to translate concepts into context-specific operational decisions and actions using analytical, quantitative, and computer modeling techniques. We link theory to practice and practice to theory.
The models included in the Marketing Engineering software package include:
- Bass Forecasting
- The Bass diffusion model is used to forecast the sales of a new product or service that has no close competitors. Learn More...
- Conjoint
- The Conjoint Analysis model is a procedure for measuring, analyzing, and predicting customers' responses to new products and to new features of existing products. Learn More...
- Customer Choice
- The Customer Choice (Logit) model is an individual-level response model that helps to analyze and explain the choices individual customers make in the market. Learn More
- Customer Lifetime Value
- Customer Lifetime Value (CLV) is a metric of a customer's value to the organization over the entire history of the relationship. Learn More...
- GE/McKinsey Portfolio Matrix
- The GE Portfolio approach evaluates a business on the basis of two composite dimensions: industry attractiveness and business strength. Learn More...
- Positioning / Perceptual Mapping
- Perceptual-mapping helps firms to understand how customers view their product(s) relative to competitive products. Learn More...
- Resource Allocation
- Resource Allocation helps optimize resource sizing and resource allocations across segments, products, channels, etc. Learn More...
- Segmentation and Targeting
- Segmentation is the process of classifying customers into homogenous groups (segments) such that each group of customers shares enough characteristics in common to make it viable for the firm to design specific offerings or products for selected segments. Learn More...
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Marketing Engineering is a highly innovative book that brings science to the managerial intuition of marketing decision-making. The user-friendly and non-intimidating software tools and cases allow the user to focus on the decision-making process and its outcomes without having to deal directly with complex mathematical models. This book indeed leads the practice of marketing science to the 21st century.University of Texas at Austin
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