Lesson 2: MARKETING OPTIMIZATION
“Optimization” is a term frequently cited by marketers, academics, consultants and software vendors. In the context of marketing analytics, just what do they mean by “optimization”? Having been hands-on practitioners in all of the major approaches to “marketing optimization”, ETS Marketing Science introduces a framework for selecting the approach that is right for you. Broadly speaking, we can define “optimization” as “the act of rendering the most favorable or desirable outcome”. We can further define “marketing optimization” as “the marketing process for maximizing a specified business outcome”. However, the various practitioners of marketing analytics impart a great deal of confusion by differing, not only in the process for conducting marketing optimization, but in the outcome as well.