There are three main types of analysis. Learn about the differences and applications for each of the three analytic types.
- [Narrator] Analytics is a pretty broad catch-all term, … but there are three specific types … that you should know about, … descriptive, predictive, and prescriptive. … Each of these types build off the previous type … of analysis that came before. … First, we have descriptive analytics. … This type of analytics is by far the most common. … It looks back at your historical trends … to shed light on what's working … and it mostly leverages internal data sources … that your organization is actively creating, … such as sales or marketing data. … The second type of analytics is predictive. … This phase is quite a bit more sophisticated … than descriptive, as it leans on more advanced forms … of calculations to get the job done, … such as linear regression modeling. … This phase builds off of descriptive analytics … in that you need solid data sources … with a lot of data to create an effective predictive model. … Last, we have prescriptive analytics … and this form takes predictive analytics even further …
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- Differentiate between internal and external data sources.
- Describe the three types of data analytics.
- Classify the three main categories of marketing data.
- Give an example of each of the three types of marketing goals.
- Recognize the strengths of different visualization tools.
- Identify a benefit of having a solid reporting infrastructure.