Year: 2024 | Month: | Volume 69 |

Creative Economy: Enhancing Value Creation through Marketing Analytics

Svitlana Kovalchuk Valentyna Morokhova Olena Bondarenko Anastasiia Mohylova Andrii Dankevych Jinyi Liu
DOI:10.46852/0424-2513.4.2024.15

Abstract:

The scientific article aims to determine the impact of marketing analytics on the value-creation process in creative industries. The research includes analysing the use of digital marketing analytics tools in value chain creation to increase the efficiency and competitiveness of the creative sectors of the economy and creative industries. The research process used general scientific methods of cognition, namely, analysis of literary sources to determine the main trends in the development of the creative economy,
comparative analysis to evaluate the indicators of different countries, and the method of generalisation and systematisation to identify and arrange the critical aspects of the impact of marketing analytics on the value creation of companies in the creative economy. In addition, an expert survey was conducted to substantiate the necessity and prospects of developing marketing analytics in the value chain creation of creative industries, which forms the basis for calculating the weighted average expert evaluations by SWOT analysis categories and correlation TOWS analysis conducted in the statistical analysis program JASP (Classical Correlation tool). Also, the Six Thinking Hats Technique was applied within the research, allowing for the systematisation of modern theoretical and practical studies of scientists on applying marketing analytics in creative industries. The research results obtained by the SWOT analysis method indicate a high potential for technological transformation in the development of marketing analytics in the value chain creation of creative industries. The correlation TOWS analysis confirmed significant
relationships between the effectiveness of extensive data analysis and the latest marketing analytics tools (r = 0.41, p = 0.02), the individualisation of marketing strategies and the growth in demand for personalised products (r = 0.42, p = 0.02), as well as between the effectiveness of data analysis and the costs of integrating tools (r = -0.36, p = 0.04). In turn, the weighted average risk assessments, such as unstable economic conditions (84.13) and a deficit of creative culture (58.47), underline the need to improve
technological and analytical approaches to the value chain creation for the successful implementation of marketing analytics in companies within the creative economy. The focus of the creative economy on integrating various sectors for innovative development and increasing production efficiency through value creation is justified by the necessity of developing integrated strategies that consider cultural and economic aspects.



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