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Marketing Analytics Minor

Marketing
Labovitz School of Business and Economics
  • Program Type: Undergraduate minor related to major
  • Requirements for this program are current for Fall 2018
  • Required credits in this minor: 41 to 45
  • This program requires summer terms.
Marketing analytics is the systematic study of customer data to optimize customer utility, while simultaneously improving the return on marketing and business investments. The term analytics refers to the application of statistical techniques to large databases to convert data into information and actionable recommendations. Analytics can also be used to study an organization's purchase and sale data to understand the value of different customer segments and create more accurate customer response and demand forecasting models. Analytics can provide critical and timely input to managerial decision making to make it more data drive and, ultimately, more effective. LSBE's minor is marking analytics for non-LSBE students is designed for students with strong mathematics and statistics backgrounds. The marketing analytics minor builds upon these quantitative skills and develops data analysis skills and business knowledge.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
A GPA above 2.0 is preferred for the following:
  • 2.60 already admitted to the degree-granting college
  • 2.60 transferring from another University of Minnesota college
  • 2.60 transferring from outside the University
Students will need to apply for admission into the Retail Marketing Analytics Program to pursue this minor. Admission will be based on interviews and review of previous academic record, particularly students' quantitative courses.
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
Required prerequisites
Pre-Minor Core (17-21 cr)
Math
MATH 1160 - Finite Mathematics and Introduction to Calculus [LE CAT2, LOGIC & QR] (5.0 cr)
or MATH 1296 - Calculus I [LE CAT2, LOGIC & QR] (5.0 cr)
Computer Science/IT
CS 1511 - Computer Science I [LE CAT3, LOGIC & QR] (5.0 cr)
or MIS 2201 - Information Technology in Business (3.0 cr)
Accounting
ACCT 2001 - Principles of Financial Accounting (3.0 cr)
Economics/Statistics
ECON 2030 - Applied Statistics for Business and Economics [LOGIC & QR] (3.0 cr)
or PSY 3020 - Statistical Methods (4.0 cr)
or SOC 3155 - Quantitative Research Methods and Analysis (4.0 cr)
or STAT 1411 - Introduction to Statistics [LE CAT2, LOGIC & QR] (3.0 cr)
or STAT 2411 - Statistical Methods [LE CAT2, LOGIC & QR] (3.0 cr)
or STAT 3411 - Engineering Statistics (3.0 cr)
or STAT 3611 - Introduction to Probability and Statistics (4.0 cr)
Economics
ECON 1003 - Economics and Society [LE CAT8, SOC SCI] (3.0 cr)
or ECON 1022 - Principles of Economics: Macro [LE CAT6, SOC SCI] (3.0 cr)
ECON 1023 - Principles of Economics: Micro [LE CAT6, SOC SCI] (3.0 cr)
Minor Requirements
LSBE Upper Division (3 cr)
MKTG 3701 - Principles of Marketing (3.0 cr)
Marketing Analytics (21 cr)
Group A (6 cr)
MKTG 3711 - Marketing Research (3.0 cr)
MKTG 4731 - Consumer Behavior (3.0 cr)
Group B (9 cr)
MKTG 3761 - Marketing Analytic I: Introduction to Marketing Metrics and Fundamental Analytic Techniques (3.0 cr)
MKTG 3767 - Marketing Analytics Summer Internship (1.0-6.0 cr)
MKTG 4762 - Marketing Analytics II: Advanced Metrics and Analytic Techniques (3.0 cr)
MKTG 4763 - Marketing Analytics Practicum (2.0 cr)
Group C (6 cr)
MIS 3220 - Database Management and Design (3.0 cr)
ECON 4040 - Econometrics II (3.0 cr)
or STAT 5411 - Analysis of Variance (3.0 cr)
or STAT 5511 - Regression Analysis (3.0 cr)
 
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MATH 1160 - Finite Mathematics and Introduction to Calculus (LE CAT2, LOGIC & QR)
Credits: 5.0 [max 5.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Elementary functions, matrices, graphical and algebraic methods for solving systems of linear equations and inequalities, introduction to linear programming, and abbreviated treatment of calculus with emphasis on business and social science applications. prereq: Math ACT 24 or higher or a grade of at least C- in Math 1005 or department consent; if you have received credit for 1290 or 1296 or 1596, you will not receive credit for Math 1160.
MATH 1296 - Calculus I (LE CAT2, LOGIC & QR)
Credits: 5.0 [max 5.0]
Course Equivalencies: 01420 - Math1290/1296/1596
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
First part of a standard introduction to calculus of functions of a single variable. Limits, continuity, derivatives, integrals, and their applications. prereq: Math ACT 27 or higher or a grade of at least C- in Math 1250 or department consent
CS 1511 - Computer Science I (LE CAT3, LOGIC & QR)
Credits: 5.0 [max 5.0]
Course Equivalencies: 01383 - CS 1211/1511/1581
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
A comprehensive introduction to computer programming using the C++ language. The course covers program design, C++ programming basics, control structures, functions and parameter passing. Students write and implement programs with data structures (arrays), pointers and files. Object-oriented programming is also introduced, along with concepts of abstraction, ADTs, encapsulation and data hiding. prereq: 3 1/2 yrs high school math or instructor consent
MIS 2201 - Information Technology in Business
Credits: 3.0 [max 3.0]
Course Equivalencies: 01392 - FMIS 2201/1201/3201/CS 1011
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Introduction to information technology (IT) concepts: computer hardware and software; use of personal productivity tools (spreadsheet, database, and presentation software); system development processes; Web technologies; applications of IT in business processes. prereq: LSBE major or minor student or Graphic Design and Marketing major or Graphic Design with Marketing subplan major or Computer Information Systems majors or minors, minimum 15 credits or college consent; credit will not be granted if already received for FMIS 2201
ACCT 2001 - Principles of Financial Accounting
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall, Spring & Summer
Concepts of financial accounting and external reporting. Nature and measurement of assets, liabilities, equities, revenues, expenses. Emphasis on use and understanding of external financial statements. prereq: Minimum 15 credits or college consent
ECON 2030 - Applied Statistics for Business and Economics (LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Introduction to modern business statistics, emphasizing problem solving applications through statistical decision making using case studies. Topics include organization and presentation of data, summary statistics, distributions, statistical inference including estimation, and hypothesis testing. prereq: minimum 30 credits, LSBE student, pre-business or pre-accounting or Econ BA major or Graphic Design and Marketing major or Graphic Design with Marketing subplan major or Econ minor or Accounting minor or Business Admin minor; credit will not be granted if already received for Econ 2020, Stat 1411, Stat 2411, Stat 3611, Soc 3151, Psy 3020
PSY 3020 - Statistical Methods
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Descriptive statistics; introduction to correlational analysis and regression; sampling techniques and statistical inference; applications of simple and factorial design analysis of variance and other parametric and nonparametric hypothesis-test statistics in the behavioral sciences. prereq: Math ACT 21 or higher or MATH 1005
SOC 3155 - Quantitative Research Methods and Analysis
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Descriptive statistics. Measures of central tendency, deviation, association. Inferential statistics focusing on probability and hypothesis testing. T-tests, Chi-square tests, analysis of variance, measures of association, introduction to statistical control. Statistical software (SPSS) used to analyze sociological data. Lab. prereq: 2155, crim major or soc major or URS major, min 30 cr
STAT 1411 - Introduction to Statistics (LE CAT2, LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Statistical ideas involved in gathering, describing, and analyzing observational and experimental data. Experimental design, descriptive statistics, correlation and regression, probabilistic models, sampling, and statistical inference. prereq: Math ACT 21 or higher or a grade of at least C- in SSP 0103 or department approval
STAT 2411 - Statistical Methods (LE CAT2, LOGIC & QR)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Graphical and numerical descriptions of data, elementary probability, sampling distributions, estimations, confidence intervals, one-sample and two-sample t-test. prereq: Math ACT 24 or higher or a grade of at least C- in Math 1005 or higher or department approval
STAT 3411 - Engineering Statistics
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Statistical considerations in data collection and experimentation. Descriptive statistics, least squares, elementary probability distributions, confidence intervals, significance tests, and analysis of variance as applied analysis of engineering data. prereq: MATH 1297 with a grade of C- or better, cannot be applied to a math or statistics major
STAT 3611 - Introduction to Probability and Statistics
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Basic probability, including combinatorial methods, random variables, mathematical expectation. Binomial, normal, and other standard distributions. Moment-generating functions. Basic statistics, including descriptive statistics and sampling distributions. Estimation and statistical hypothesis testing. prereq: A grade of at least C- in Math 1290 or Math 1296
ECON 1003 - Economics and Society (LE CAT8, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
General description of U.S. economy and analysis of contemporary economic problems. Introduction to major economic issues and problems of the day, providing a simple framework used by economists for analysis. prereq: Cannot apply credit to economics major or minor or BAc or BBA majors
ECON 1022 - Principles of Economics: Macro (LE CAT6, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Analyzing overall performance of an economic system. National income accounting and theory, unemployment, inflation, fiscal policy, money, monetary policy, economic growth, international trade, non-U.S. economies, and real-world application of these concepts. prereq: Minimum 15 credits or department consent
ECON 1023 - Principles of Economics: Micro (LE CAT6, SOC SCI)
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall, Spring & Summer
Analyzing free enterprise system through study of product and resource markets. Supply and demand, utility, production and cost, market structure, resource use, market failures, regulatory role of government, and real-world application of these concepts. prereq: Minimum 15 credits or department consent
MKTG 3701 - Principles of Marketing
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Marketing as a process of exchange management. Emphasis on conceptual tools necessary to deal with both strategic marketing management issues and tactical management of product, price, promotion, and distribution. prereq: LSBE candidate or non-LSBE Marketing minor or approved non-LSBE business administration minor or college consent
MKTG 3711 - Marketing Research
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Emphasis on improving skills of conducting secondary research, designing a primary research study, and analyzing and reporting results of a research study. prereq: MgtS 3701 or Mktg 3701, LSBE candidate or Graphic Design and Marketing majors or Graphic Design with Marketing subplan major or non-LSBE Marketing Minor or college consent
MKTG 4731 - Consumer Behavior
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Buyer behavior and implications for marketing strategy. Emphasis on information processing concepts, influences on behavior, and decision-making processes from both conceptual and pragmatic perspectives. Students requiring graduate credit must complete additional coursework. prereq: MgtS 3701 or Mktg 3701, LSBE candidate or Graphic Design and Marketing majors or Graphic Design with Marketing sub plan major or non-LSBE Marketing Minor or college consent
MKTG 3761 - Marketing Analytic I: Introduction to Marketing Metrics and Fundamental Analytic Techniques
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
This course introduces students to marketing metrics and develops core quantitative skills necessary to convert large amounts of data into actionable information for businesses. The course builds knowledge and understanding of the essential marketing metrics as well as the statistical techniques necessary for students to be able to competently summarize data, appropriately classify data and use data to make predictions. Emphasis is placed on the application of skills and techniques to data sets and using the analysis to answer business questions and formulate recommendations. prereq: Marketing Analytics Major
MKTG 3767 - Marketing Analytics Summer Internship
Credits: 1.0 -6.0 [max 6.0]
Grading Basis: A-F or Aud
Typically offered: Every Summer
The Marketing Analytics Summer Internship provides students with an opportunity to work as a member of a marketing analytics team for a minimum of 100 hours during the summer. During the internship, students have the opportunity to apply their analytic knowledge and skills in a chosen business or industry sector. In order to help you determine your internship course credit value, the number of work experience hours required per credit are as follows: 0 1 credits 100 hours minimum; 2 credits 150 hours minimum; 3 credits 200 hours minimum; 4 credits 250 hours minimum; 5 credits 300 hours minimum; 6 credits 350 hours minimum. prereq: LSBE candidate, completion of at least two courses in the major and consent of internship director
MKTG 4762 - Marketing Analytics II: Advanced Metrics and Analytic Techniques
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall
This course builds upon the quantitative knowledge and skills that were introduced in Marketing Analytics Fundamentals, and introduces students to important customer relationship management metrics for customer acquisition, retention and defection, and customer lifetime value measures. prereq: 3761, no grad credit
MKTG 4763 - Marketing Analytics Practicum
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall
This course provides students the opportunity to apply their analytic knowledge and skills to an industry project and/or data sets. During the course, students will work with industry clients and the course instructor to formulate realistic recommendations based on their analysis of the information. prereq: Markeing Analytics Major, no grad credit
MIS 3220 - Database Management and Design
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Concepts and structures relating to design, implementation, and administration of database management systems. Emphasis on relational databases and development of integrated applications. prereq: FMIS 2201 or MIS 2201 or CS 1121 or CS 1511, LSBE candidate or non-LSBE MIS minor or college consent; credit will not be granted if already received for FMIS 3220
ECON 4040 - Econometrics II
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Spring Even Year
Development and application of tools of economic research and analysis; emphasis on critical thinking using computer-based statistical methods. Econometrics (theory and practice), applied research techniques, economic forecasting, and time series analysis. Research report. prereq: 3030 or Stat 5511 or MKTG 3761
STAT 5411 - Analysis of Variance
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Analysis of variance techniques as applied to scientific experiments and studies. Randomized block designs, factorial designs, nesting. Checking model assumptions. Using statistical computer software. prereq: 3411 or 3611; a grade of C- or better is required in all prerequisite courses
STAT 5511 - Regression Analysis
Credits: 3.0 [max 3.0]
Prerequisites: 3611, Math 3280 or Math 4326, a grade of C- or better in is required in all prerequisite courses
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Simple, polynomial, and multiple regression. Matrix formulation of estimation, testing, and prediction in linear regression model. Analysis of residuals, model selection, transformations, and use of computer software. prereq: 3611, Math 3280 or Math 4326, a grade of C- or better in is required in all prerequisite courses