Johns Hopkins University 2 credits Marketing
The retail and service sector is the largest of all economic activities and evolving rapidly in the age of big data and Artificial Intelligence. This course will leverage data-driven tools and theoretical models to analyze decisions of retail firms. We will cover a wide range of topics in strategic decisions in retailing: pricing, location, franchising, and omni-channel retailing. Using the real data in retailing, we will demonstrate and implement a wide range of statistical methods in econometrics and machine learning: single and multi-variate linear regressions, logistic regressions, classification trees, random forest, and multi-layer neural network. The focus is on predicting the effects of marketing decisions on profitability, although we will touch on causality as well. The questions this course will explore includes:How is the landscape of retailing changing in the age of Artificial Intelligence and big data?What is the right price and promotion in presence of competitors?How should a retailer choose a store location?How does omni-channel retailing influence the way shoppers move through all channels in their search and buying process?This class is practical and hands-on. All strategic decisions in business require a quantitative assessment of cause and effect. Each week we will introduce a new data set and data-driven tool that is valuable in the context of data scientists in retailing. You will learn how to perform convincing data analyses to answer specific questions. We will use R and ArcGIS for analyzing data. We do not assume that you have used R or ArcGIS, software for statistical and geographical analyses, respectively, in a previous class. For potential overlaps with other courses, we will cover them at a faster pace and emphasize techniques that are not covered in other courses. Prerequisite(s): (BU.510.601 OR BU.914.610 OR BU.920.621 OR PH.140.611 OR PH.140.621 OR AS.410.645 OR AS.440.605) AND (BU.410.620 OR BU.911.610 OR BU.920.605)(Please note that MS Business Analytics and Artificial Intelligence students are exempt from this prerequisite requirement).
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