Marketing Chapter 5 quiz

Digital marketing has become an increasingly important element of the​ marketer's toolbox. According to a survey conducted by Pew Research​ Center, in​ 2018, ________ of Americans use social networking sites.

69 percent

​_____ searches through​ multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage.

A data scientist

​________ is any connection—​online, by​ phone, or face-to-face—between customers and a company.

A touchpoint A touchpoint refers to any point of direct interface between customers and a company​ (online, by​ phone, or in​ person)

Applications of​ _____ can help marketers determine which television shows current and potential customers​ watch, allowing marketers to determine the value of advertising on a particular show

Big Data

How can Big Data be used to yield a greater return on investment on marketing​ efforts?

By identifying new opportunities through analytics For​ marketers, Big Data has potential to provide competitive advantages in three main​ areas, including identifying new opportunities through analytics that yield greater return on investment​ (ROI) on marketing efforts

_____ is the percentage of a​ company's customers​ (for a given span of​ time) who by the end of that time span can no longer be considered customers of the company​ (e.g., because they have cancelled their contract for a service or they have stopped shopping at the related retail​ location).

Churn rate Churn rate is an important metric for many companies given the expense associated with acquiring new customers compared to the cost of retaining current customers. Reducing the churn rate can be an important financial goal an organization and a sign that customer retention efforts are working.

Which of the following Big Data sources refers to a firm that collects data in large quantities and sells it to organizations that can derive value from​ them?

Commercial entity sources Many companies collect data in large quantities to sell to organizations that can derive value from them. For some provider​ firms, this activity is their primary source of​ revenue; for others it is a nice additional source of revenue over and above their principal business activities.

Which of the following refers to a marketing metric that shows an event that occurs on a Web page met a predefined goal associated with the​ consumer's visit to that​ page?

Conversion

​________ is a marketing metric that signifies an event that occurs on a web page that indicates the meeting of a predefined goal associated with the​ consumer's interaction with that page.

Conversion rate Conversion rate signifies an event that occurs on a web page that indicates the meeting of a predefined goal associated with the​ consumer's interaction with that page

In digital​ marketing, which of the following refers to an online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user​ views?

Cost-per-impression

Which of the following is NOT one of the five major groupings of digital marketing​ channels?

Cost-per-impression Cost-per-impression is an online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views.

According to customer lifetime​ value, why is it better to retain an existing customer than to acquire a new​ one?

Costs are higher and profits are lower if every customer is a​ first-time customer.

Markhov chain modeling is used to measure which of the​ following?

Customer lifetime value Markhov chain modeling is a statistical model used to estimate customer lifetime value. Customer lifetime value of a customer represents how much profit a firm expects to make from a particular​ customer, including each and every purchase he or she will make from them now and in the future.

Which of the following improves​ one-to-one marketing by allowing the firm to tailor the value proposition based on each​ customer's unique wants or​ needs?

Customer relationship management programs CRM programs that involve systematically tracking​ consumers' preferences and behaviors over time are used to tailor the value proposition as closely as possible to each​ individual's unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts.

Which of the following refers to a systematic tracking of​ consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each​ individual's unique wants and​ needs?

Customer relationship management​ (CRM)

​________ is a systematic tracking of​ consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each​ individual's unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts

Customer relationship management​ (CRM) Customer relationship management​ (CRM) refers to a systematic tracking of​ consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each​ individual's unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts.

Which of the following best describes the overall process of using sophisticated analysis techniques to take advantage of the massive amount of transaction information now​ available?

Data mining

Which of the following is a sophisticated analysis technique used to take advantage of transaction​ information?

Data mining Data mining is a sophisticated analysis technique used to take advantage of the massive amount of transaction information now available.

____marketing channels are those specific means of distribution through which digital marketing communications can be delivered to current and potential customers.

Digital

Which of the following allow marketers to understand what marketing communications directly influence current and potential​ customers?

Digital marketing channels With the proliferation of digital media and digital marketing​ channels, it has become more straightforward to understand what actions on the part of marketers drive consumers to ultimately make a decision that aligns with the interests of the organization. Digital marketing channels are those specific means of distribution through which digital marketing communications can be delivered to current and potential customers.

​_____ can analyze the content of social media communications within the context of a specific brand or product and determine what emotional category the communication fits within.

Emotion analysis

​_____ comprises a group of technologies and processes that enable marketers to​ collect, measure,​ analyze, and assess the effectiveness of marketing efforts.

Marketing analytics

Which of the following refers to a group of technologies and processes that enables marketers to​ collect, measure,​ analyze, and assess the effectiveness of marketing​ efforts?

Marketing analytics Marketing analytics is a group of technologies and processes that enable marketers to​ collect, measure,​ analyze, and assess the effectiveness of marketing efforts.

​________ helps marketers pay attention to the performance of their efforts in their​ campaigns, initiatives, and channels and can serve as a control mechanism when necessary.

Marketing metrics Marketing metrics are specific measures that help marketers to watch the performance of their marketing​ campaigns, initiatives, and​ channels, and when appropriate serve as a control mechanism

Which of the following uses large quantities of data within variables that have identified relationships to more accurately forecast specific future​ outcomes?

Predictive analytics

​________ uses large quantities of data within variables that have identified relationships to more accurately forecast specific future outcomes.

Predictive analytics Predictive analytics uses large quantities of data within variables that have identified relationships to more accurately predict specific future outcomes

For​ years, supermarkets, such as​ Safeway, have sold data derived from all the items processed at the cash register when consumers check out with their loyalty cards. Which of the following refers to this type of​ information?

Scanner data

Which of the following describes a systematic process used to ensure that your company comes up at or near the top of lists of typical search phrases related to your​ business?

Search engine optimization Search engine optimization​ (SEO) is a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business.

Which of the following digital marketing methods refers to a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your​ business?

Search engine optimization​ (SEO)

​________ refers to a process of identifying a​ follower's attitude toward a brand by assessing the context or emotion of his comments.

Sentiment analysis Sentiment analysis refers to the process of identifying a​ follower's attitude toward a brand by assessing the context or emotion of his comments

Which of the following refers to the percentage of an individual​ customer's purchase of a product over time within a single​ brand?

Share of customer

Which of the following refers to data that is typically numeric or​ categorical; can be organized and formatted in a way that is easy for computers to​ read, organize, and​ understand; and can be inserted into a database in a seamless​ fashion?

Structured data

What does the​ click-through rate​ measure?

The percentage of users who clicked on the ad to be redirected to another Web page Most digital marketing campaigns or initiatives use​ click-through rates as a means of determining marketing effectiveness.​ Specifically, they indicate what percentage of users who viewed the ad found it relevant and interesting enough to click on it in order to be redirected to another Web page

Which of the following terms refers to any direct interface between customers and a company​ (online, by​ phone, or in​ person)?

Touchpoint

Which of the following refers to​ non-numeric information that is typically formatted in a way that is meant for human eyes and not easily understood by​ computers?

Unstructured data

​_____ describes the process of using computer software to extract large amounts of data from websites

Web scraping

​________ is the process of using computer software to extract large amounts of data from websites.

Web scraping Web scraping refers to the process of using computer software to extract large amounts of data from websites

The channel partner model can best be described​ as________.

a​ two-way exchange of information between purchasing organizations and their vendors through shared or integrated I.T. systems If​ you're the producer of a product that is sold by a large retailer such as​ Walmart, think about the information and insights you could gain from access to the consumer information that Walmart gathers from its interactions with shoppers in its stores. This example illustrates the value of the channel partner model

The​ _____ rate is the percentage of a​ company's customers​ (within a given span of​ time) who by the end of that time span have defected.

churn

​A(n) _____ is where companies store and process data.

data warehouse

​Click-through rates, conversion​ rates, and​ cost-per-order are all examples of​ _____ that help marketers to watch the performance of their marketing​ campaigns, initiatives, and channels and when appropriate serve as a control mechanism.

marketing metrics

Share of customer refers to the​ _______

percentage of an individual​ customer's purchase of a product over time that is the same brand CRM firms try to increase their share of​ customer, not share of market.

______ is a marketing metric that indicates the percentage of website users who have decided to click on an advertisement in order to visit the website or web page associated with it.

​Click-through Click-through refers to a metric that indicates the percentage of website users who have decided to click on an advertisement in order to visit the website or web page associated with it

_______ is an online ad purchase in which the cost of the advertisement is charged only each time an individual clicks on the advertisement

​Cost-per-click Cost-per-click is an online ad purchase in which the cost of the advertisement is charged only each time an individual clicks the advertisement and is directed to the Web page that the marketer placed within the advertisement

Which of the following refers to the marketing investment made to turn a website visitor into a customer who has chosen to make a​ transaction?

​Cost-per-order

Which of the following utilizes the four steps of​ identifying, differentiating,​ interacting, and customizing to facilitate a relationship with​ consumers?

​One-to-one marketing

​________ utilizes the four​ steps, identify,​ differentiate, interact, and customize to facilitate a relationship with consumers.

​One-to-one marketing One-to-one marketing is facilitated by CRM. It identifies customers and gets to know them in as much detail as​ possible; differentiates among these customers in terms of both their needs and their value to the​ company; facilitates interaction with customers and finds ways to improve cost efficiency and the effectiveness of the​ interaction; and customizes some aspect of the goods or services that are offered to each customer.

Which of the following is NOT one of the major groupings of digital marketing​ channel?

​Pay-per-click The five major groupings of different digital marketing channels are social​ media, digital ad​ networks, email, search​ engines, and short message service​ (SMS), which are digital messages delivered to mobile phones as text messages

​Google's paid search ads can be purchased or bid on based on a​ ________ in which the cost of the advertisement is charged only each time an individual clicks on the advertisement and is directed to the Web page that the marketer placed within the advertisement

​cost-per-click