mktg 4344
increase new customers.
A health insurance company uses Neuralmind to drive its customers to log on to its website and complete a primary health assessment and an insurance quote. This is an example of using a neural network to
less than 1
A lift value of ________ indicates a negative relationship in which two or more products in an itemset are unlikely to be purchased together.
classify new customers by their likely profitability when planning direct marketing strategies.
A marketing company uses BrainMaker to identify the customers who are most likely to click on their direct mail based on their past purchase behavior. This resulted in a 35 percent drop in advertising costs. This is an example of using a neural network to
True
A neural network is constantly learning until the final optimized solution is obtained, which is when model prediction is no longer improving.
formula and diapers
A supermarket is trying to mimic the "Target Effect" to boost its sales. It creates a special, fast checkout line for shoppers with toddlers and babies. Which of the following products should this checkout line display prominently?
+1 and −1
A typical silhouette score ranges between __
True
According to a recent survey conducted by Accenture, 40 percent of companies have adopted machine learning for improved sales and marketing performance.
highly dimensional.
According to neural networks practitioner Stephen Brobst, a neural network technology is most likely to be used when the dataset is
to think of traditional machine learning and deep learning as complementary
According to practitioner Stephen Brobst, which of the following is the best approach for cost-effective predictive capabilities?
dendrogram
All of the four measurement approaches for determining clusters when applying hierarchical clustering can be illustrated using a _
classify customers by their likely profitability when planning direct marketing strategies
An advertising company uses a neural network software to determine which buyers are most likely to open their promotional emails based on past purchase behavior. Using data from 20 previous email campaigns, the neural network trains itself to examine the impact of 25 features and develop recommended solutions. The results almost doubled customers' response rates to 8.2 percent, which in turn, reduced product promotion costs by 35 percent. This example illustrates the use of neural network technology to
increase new customers.
An automotive insurance company hired Cognitiv to apply their deep learning platform, Neuralmind, to drive prospects to log on to their website and complete an insurance quote online. This is an example of using a neural network to
True
An ensemble model blends the most favorable elements from all models into a single model.
False
An estimated 95 percent of supermarket product purchases are based on impulse decisions while in the store
True
Appropriate data preparation to ensure the quality of data is an elemental first step in producing accurate model predictions.
True
Association rules in market basket analysis are based on the concept that an antecedent and consequent share a co-occurrent relationship.
True
AutoML, a mainly supervised approach, explores and selects models using different algorithms and compares their predictive performance.
Fabric softener
Based on the concept of market basket analysis, a customer who buys laundry detergent should have immediate and easy access to
Butter
Based on the concept of market basket analysis, a customer who purchases bread should have immediate and easy access to
"Customers who bought pancake mix also bought maple syrup."
Ben, age 65, is shopping for groceries online and adds a pack of pancake mix to his cart. Based on this information, identify an example of a promotional message that uses item to item collaborative filtering.
True
Cluster analysis is an effective and efficient method of executing market segmentation to identify subgroups of customers to help improve business and marketing decisions and therefore performance.
False
In a neural network, inputs that are important in predicting the output have smaller weights, whereas the less important inputs have larger weights.
False
In a neural network, the hidden layer sits on top of the input and output layers.
False
In a neural network, the learning rate consists of negative values that generally range between -1 and -10.
True
In a neural network, the learning rate determines the speed at which the model can reach the most accurate solution.
Output = sum (weights × inputs) + bias.
In a neural network, the output is calculated as
False
In a neural network, weights are values representing features from the dataset that pass information to the next layer via connections.
sending of data through the hidden layer where it is processed using an activation function
In a neural network, which of the following occurs during the process of forward propagation?
shared traits
In cluster analysis, a market is segmented using _
the Euclidean distance or the Manhattan distance
In hierarchical clustering, approaches such as ________ are most often used when numerical variables are analyzed.
confidence
In market basket analysis, ________ measures the conditional probability of the consequent actually occurring given that the antecedent occurs.
Support
In market basket analysis, ________ measures the frequency of the specific association rule divided by the total number of transactions.
confidence
In market basket analysis, the measure of ________ indicates the percentage of times the association rule is correct.
Support = Number of transactions that includes both antecedent and consequent/Total number of transactions
In market basket analysis, the measure of support is represented as _
average linkage
In the ... method of linking individual observations both within and between clusters, similarity is defined by the group average of observations from one cluster to all observations from another cluster
the distance between two points is a path with right turns as if one is walking a grid in a city.
In the Manhattan distance approach of measuring similarity between observations
Activation functions help the model to detect non-linear relationships.
In the context of activation functions, which of the statements is true?
Cluster centroids are determined.
In the k-means clustering algorithm, what happens after observations are randomly assigned to a cluster?
after the cluster algorithm has assigned each observation to a cluster
In the k-means clustering analysis, the silhouette score is calculated _
False
In the model recommendation step of the AutoML process, original data outliers and patterns are highlighted.
complete linkage
In the... method of linking individual observations both within and between clusters, similarity is defined by the maximum distance between observations in two different clusters
The Euclidean distance
In which of the following functions is the distance measured equivalent to the true straight line distance between two points?
single linkage
In which of the following methods of linking individual observations both within and between clusters is similarity defined as the shortest distance from an object in a cluster to an object from another cluster?
True
K-means clustering uses the mean value for each cluster and minimizes the distance to individual observations.
True
Market segmentation enables companies to divide business and consumer markets into smaller groups that have shared characteristics.
often do not work well with out-of-range data.
Neural networks
True
Neural networks are acknowledged for their good predictive performance and can be generalized to new values.
True
Regression is useful for forecasting consumer behavior when predictive relationships are linear.
False
Running one supervised learning model technique at a time and comparing the results with other models is a time-saving process that provides the best accuracy and prediction.
"Customers who share your interest also bought a baseball bat."
Rupert, age 16, is shopping online for a baseball cap. Using this information, identify an example of a promotional message that employs user to item collaborative filtering.
develop customized digital content, such as exercise and diet recommendations for its app users.
Shield, a fitness products company, has a health-tracking mobile application called GoFit. The app collects health-related data from sources such as wearable devices and manually entered user data. The data includes sleeping patterns, workouts, nutrition, and related information. Shield can best use this information in a neural network to
makes calculations based on how dissimilar two observations are from each other.
The Jaccard's coefficient approach of measuring similarity between observations
personalize customer experience
The Proctor & Gamble brand Olay has a mobile application that enables customers to obtain skincare assessments. The app examines the customer's image to determine potential skin issues and then recommends specific products to address areas of concern. This is an example of using a neural network to
Manhattan distance
The ________ approach of measuring similarity between observations is also referred to as the "City Block" distance measure.
True
The boosting process in the AutoML process achieves error reduction by observing the error records in a model and then oversampling misclassified records in the next model created.
reducing error in the model.
The boosting process in the creating ensemble models step in the AutoML process serves the purpose of
invalid and unreliable
The common adage that people use when referring to ________ data is "garbage in, garbage out."
False
The confidence in a market basket analysis measures the frequency of the specific association rule.
determining the initial k clusters
The first step in the k-means clustering algorithm is
determining the initial k clusters
The first step in the k-means clustering algorithm is __
True
The goal of cluster analysis is to model the underlying structure and distribution of characteristics in the data to separate a dataset into homogenous subgroups.
False
The goal of collaborative filtering is to recommend repeat purchases of services and products to a customer.
False
The k-means clustering method can be inefficient and complex when used with large sample sizes.
evaluates the strength of an association.
The market basket analysis measure of lift
Lift = Confidence/Expected confidence.
The market basket analysis measure of lift is represented as
measures the similarity between two observations with values that represent the minimum differences between two points
The matching coefficient approach of measuring similarity between observations
extract insights from data.
The purpose of building models in the AutoML process is to
reduce the generalization error of the prediction.
The step of creating ensemble models in the AutoML process allows us to
False
The support measure in market basket analysis indicates the percentage of times the association rule is correct.
k-means clustering; hierarchical clustering
The two most common techniques of cluster analysis discussed in the chapter are ________ and ________.
True
To achieve the most effective models while using AutoML, analysts must understand the context of the data and ensure that it meets quality standards.
False
To calculate a lift ratio in market basket analysis, we divide the confidence with a benchmark score that is called expected support.
if-then statements
To explore patterns between two or more products, market basket analysis uses association rules that employ ________.
False
Using AutoML in marketing analytics requires extensive coding and modeling experience.
False
Ward's method measures the average distance between each observation in a cluster and a cluster centroid.
Best Buy
Which of the following companies spent $50 million remodeling stores and training staff according to identified consumer segments, labeled as Buzz, Jill, and Barry, to enhance in-store customer experiences, resulting in a 10 percent growth in sales?
Netflix uses neural networks to develop insights into viewer preferences to improve production and procurement of relevant movies.
Which of the following is an example of using a neural network to create products and make service recommendations?
The AutoML platform is typically capable of analytical discovery of relationships actually present in the dataset.
Which of the following is true of AutoML?
They are algorithms trained to recognize patterns in large volumes of data.
Which of the following is true of neural networks?
At the end of the process, all observations are included in a single cluster.
Which of the following is true of the agglomerative clustering approach?
A supervised model is one that consists of a defined target variable.
Which of the following is true of the supervised model of analytics?
A neural network is considered to be optimally trained when model prediction no longer improves.
Which of the following is true of training a neural network?
It enables marketers to identify hidden structures in data.
Which of the following statements is true of the clustering process?
Preparing data
Which of the four key steps in the AutoML process involves handling missing data, outliers, variable selection, data standardization, and data transformation to maintain a common format?
are a set of inputs that are multiplied by their weights.
Within a neural network, nodes or neurons
True
the logic of neural networks is based on patterns recognized by observing biological activities in the human brain
False
when running k-means clustering, it is best to begin with a dataset in which each variable is measured differently.
personalize customer experiences.
HealthX, a fitness products company, launched a mobile application that enables customers to obtain fitness assessments. The app analyzes customers' data to determine potential health issues and then recommends specific measures and products to address areas of concern. The digital interaction mimics an in-person transaction while allowing customers to remain in the comfort of their home. This example illustrates the use of neural network technology to
AutoML facilitates accurate decision making for users with limited coding and modeling experience.
Identify a true statement about AutoML.
An unsupervised model has no target variable.
Identify a true statement about an unsupervised model.
Calculations are carried out in this method and weights are produced from the input layer.
Identify a true statement about the hidden layer of a neural network.
The process starts with a single cluster of 100 and ends up with 100 different clusters.
Identify a true statement regarding the divisive clustering approach of hierarchical clustering.
preparing data, building models, creating ensemble models, recommending models
Identify the correct sequence of the four key steps in the AutoML process.
are variables from the dataset that move information to the next layer via connections.
In a neural network, inputs
False
Data groups exhibit dissimilar characteristics (heterogeneity) within cluster (intra-cluster) and homogeneity or similarities between groups (inter-cluster).
predict lead scoring.
DialogTech provides neural network-driven marketing analytics solutions to manage customer inbound call centers. The collected data includes incoming caller objectives, interactions between the callers and salespersons, and assessment of conversation outcomes. This example from the text illustrates the use of neural network technology to
True
Differential market basket analysis is the use of market basket analysis techniques across stores, locations, seasons, days of the week, and so forth.
True
Distinguishing clusters from the larger population or dataset is necessary for learning and responding to different engagement or buying behaviors.
False
End-of-aisle displays in a supermarket can increase product sales a by a maximum of 50 percent during the time that products are placed there.
True
Facebook uses AutoML to understand user patterns to improve business performance, such as increasing ad revenues and user engagement.
