LinkedIn Introduction to Business Analytics

A soccer supply store notices its sales are increasing more than usual, and assumes there is an increased interest in youth soccer. Based on only the increased sales, which error is the store making?

The store is relying on an unquantified variable.

What is the first step you need to take when working with psychographic data?

Identify the key features in your product or service.

Why is it vital to include external data in your sales and marketing strategy?

It provides insights your internal data does not have.

You start running three different TV commercials in three different time slots, with a special phone-in offer. How can you determine which commercial brings in the most sales?

Use a different promo code for each commercial.

How do pivot charts in Excel provide a way to perform quality data analysis for someone who is not a data scientist?

by providing fields you can use to manipulate the data

Which type of cost is a fixed cost?

lease payments for your warehouse

Which part of business analytics utilizes dashboards and optimization models?

data analysis

Where will your data source contain mostly qualitative data?

in psychographic data

Which type of data is best tracked with a tool such as Google?

marketing data

Which data quality issue is often caused by poor tracking?

missing data

Which aspect of data is a challenge and not an opportunity?

time relevance

What is key when you combine different data sources to get a bigger picture of your sales data?

using a unique identifier

Your company is considering expanding into a highly competitive market. Which data-use strategy will most likely make your move successful, with success defined as an increase in revenue and margin?

using internal cost data and external market data to determine the most advantageous selling price in the new market

Why is interactivity advantageous when creating dashboards?

They allow users to drill down to see more detail regarding the data.

What is a limitation of data visualizations?

They are limited to the quality of the data you provide.

You have an exciting video on your company's website. You add the number of hits on your video to a visual. Which best practice for visuals are you violating if you do this?

Focus on the most important metrics.

You run television commercials in the evening in your local area. If your sales data reveals that sales are coming primarily from males in the age group of 35 to 55, how should you use this data?

Focus your other sales efforts on this demographic.