Principles of Marketing Engineering 2nd Edition

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The 21st-century business landscape requires a more analytical approach to marketing decision-making, blending concepts, data, analyses, and simulations to understand the marketplace and design effective marketing strategies. This evolving view sees marketing as a combination of art and science, resembling engineering. Marketing Engineering systematically leverages data and knowledge to facilitate informed decision-making through a technology-enabled, model-supported process. This book is tailored for business school students and marketing managers who need to grasp and apply essential tools and models in Marketing Engineering with minimal technical training. It provides an accessible overview of widely used concepts and tools, emphasizing the importance of collecting the right data and conducting appropriate analyses for improved marketing plans, product designs, and decisions. In the 2nd edition, while the core structure remains intact, updates include refreshed examples and references, new content on customer lifetime value and valuation methods, additional pricing models, and insights into "reverse perceptual mapping." Enhancements to the Marketing Engineering for Excel software and perspectives on the future of Marketing Engineering are also included, ensuring better alignment between the text, software, and available cases.