MKT3600 Exam 1 Study

Marketing research attempts to provide accurate information in order to reduce uncertainty in decision-making. True or False?

True

In a dataset, values that are at a considerable distance from any of the other data clusters are treated as outliers. True or False?

True

Data collected from social media sources such as Facebook, Instagram, and YouTube is structured data. True or False?

False

In supervised learning, the validation dataset is used to "learn" the relationship between the predictors and the target variable. True or False?

False

In the context of data measurement types, ratios have no true zero point. True or False?

False

Marketing research is restricted to the promotion aspect of the marketing mix. True or False?

False

In the context of relational databases, a(n) ________ is a set of one or more columns in a table that refers to the primary key in another table. foreign key unique key undefined figure alien number

Foreign Key

In the context of data quality, ________ is the extent to which information is adequately presented or delivered for efficient and effective understanding. accuracy format consistency timeliness

Format

The goal of unsupervised learning is to model the underlying structure and distribution in the data to discover and confirm patterns in the data. True or False?

True

Companies that adopt ________ typically achieve up to 6 percent higher productivity and output than their peer companies. multi-channel interactions data-driven decision making static information and fixed rules social media sales campaigns

data-driven decision making

In the context of database management systems, primary keys and foreign keys are important in relational databases because they help manage the volume and speed of incoming data. customers search for products online effectively. database users collate data from different tables. databases consistently maintain the same properties.

database users collate data from different tables.

Secondary data can be most helpful ________. in formulating ideas about how to ask the right questions in identifying customers that are unhappy in addressing specific marketing problems since it does not rely on existing data that has been collected for another purpose

in formulating ideas about how to ask the right questions

A company combines monthly sales data into a single group to calculate the total sales by a quarter or a year. This is an example of the ________ step of data transformation. aggregation normalization dummy coding feature construction

Aggregation

Which of the following statements is true of supervised learning? Supervised learning has no previously defined target variable. Supervised learning is used to discover and confirm patterns in the data. In supervised learning, the target variable of interest is known. The goal of supervised learning is to model the underlying structure and distribution in the data.

In supervised learning, the target variable of interest is known.

A common adage used in data management and utilization circles about poor data quality is "a bad workman always blames his tools." "a cat has nine lives." "garbage in, garbage out." "adversity and loss make a man wise."

"garbage in, garbage out."

Asking the question "Is the data correct, reliable, and precisely measured?" will help in determining the data quality of ________. consistency format accuracy timeliness

Accuracy

When AT&T discovered an 80 percent recognition of its logo with consumers who typically spend at least $75 per month on long-distance and wireless services, this was an example of which type of research? A. Product Research B. Pricing Research C. Promotion Research D. Distribution Research

C. Promotion Research

When Procter & Gamble attempts to determine the effectiveness of mailing free samples of a new type of shampoo to residents in specific zip codes on unit sales performance, it is engaged in which type of research? A. Product Research B. Pricing Research C. Promotion Research D. Distribution Research

C. Promotion Research

When Sears conducted research to determine which products it should offer to customers over the Internet, this was an example of which type of research? A. Product Research B. Pricing Research C. Promotion Research D. Distribution Research

D. Distribution Research

Identify a valid difference between descriptive analytics and predictive analytics. Which one is correct? Descriptive analytics predicts new needs and opportunities, whereas predictive analysis reinforces existing beneficial practices. Descriptive analytics uses data to explain the past, whereas predictive analytics uses data to explain the future. Descriptive analytics mimics human-like intelligence, whereas predictive analytics identifies the best optimal decision. Descriptive analytics can identify patterns in data, whereas predictive analytics can recognize objects from an image.

Descriptive analytics uses data to explain the past, whereas predictive analytics uses data to explain the future.

The veracity characteristic of big data provides businesses a holistic understanding of their customers and market situations. True or False?

False

In data transformation, ________ involves subtracting a variable from the mean and then dividing it by the standard deviation. new column construction normalization overfitting dummy coding

Normalization

In the Extract, Transform, and Load integration process, the ________ step requires conforming to the appropriate data storage format for where data will be stored. cleaning transformation loading extraction

Transformation

A marketing researcher needs to be objective in order to provide accurate information. True or False?

True

A relational database stores data in structured columns and rows similar to an Excel spreadsheet. True or False?

True

Achieving value through big data requires a thorough understanding of the goals and objectives of a business. True or False?

True

Data inconsistencies can lead to uncoordinated strategic decision-making and embarrassing dilemmas for businesses. True or False?

True

Variables are characteristics or features that pertain to a person, place, or object. True or False?

True

Which of following characteristics of big data means the data can be converted into meaningful, quality information that can be used to achieve tangible business benefits? variety volume velocity value

Value

The ________ characteristic of big data enables real-time business responses and strategies. variety velocity variety volume value

Velocity

Which of the following characteristics of big data increases complexity and reduces confidence in the data? volume variety velocity veracity

Veracity

The largest unit of measure of data is the ________. yottabyte exabyte petabyte zettabyte

Yottabyte

In supervised learning, which of the following datasets is used for assessing how well an algorithm estimates the target variable? an unlabeled dataset a training dataset an independent dataset a validation dataset

a validation dataset

A marketing analyst at a gaming company is studying the effect of school holidays on sales of video games. In this study, what type of variable is school holidays? an independent variable an outcome variable a target variable a dependent variable

an independent variable

In supervised learning, the training dataset is used to build the algorithm and "learn" the relationship between the predictors and the target variable. evaluate the final selected algorithm and see how well it performs. assess how well the algorithm developed using the validation dataset estimates the target variable. select the model that most accurately predicts the target value of interest.

build the algorithm and "learn" the relationship between the predictors and the target variable.

Shop-o-maniac, an e-commerce website, is experiencing low website traffic. Based on the 7-step marketing analytics process, what should be the first step taken by the firm to develop a plan to increase its website traffic? data preparation and feature selection model development business problem understanding data understanding and collection

business problem understanding

In supervised learning, the testing dataset is used to "learn" the relationship between the predictors and the target variable. select the model that most accurately predicts the target value of interest. assess how well the algorithm developed using the training dataset estimates the target variable. evaluate the final selected algorithm and see how well it performs on a third dataset.

evaluate the final selected algorithm and see how well it performs on a third dataset.

Unlike relational databases, non-relational databases are used by companies dealing with fixed, well-defined data. provide greater flexibility for storing ever-changing data. distribute all data into structured tables. make drilling down to very specific types of data easy.

provide greater flexibility for storing ever-changing data.

Which of the following types of data can be easily accessed and analyzed when using descriptive, predictive, and prescriptive data analytics techniques? categorical data nominal data structured data unstructured data

structured data

In the context of database management systems, relational data is accessed by a database management language called ________. object-oriented language structured querying language business-oriented language machine and assembly language

structured querying language

In the context of modeling types, supervised learning is referred to as prediction when the target variable is categorical. historical dataset is categorical. target variable is continuous. historical dataset is continuous.

target variable is continuous.

A major challenge of today's data management is that the inbound data goes on to increase exponentially. data tends to trickle in, making simultaneous processing difficult. data is not held in vaults for viewing by business department heads. converting structured data into a usable form is a complex process.

the inbound data goes on to increase exponentially.

In the context of modeling types, supervised learning is called classification when a testing dataset is used to evaluate the final selected algorithm. the target variable is categorical. an unlabeled dataset is used to develop an algorithm. the target variable is continuous.

the target variable is categorical.

Imagine a company wants to send a follow-up email to its best customers immediately after a purchase. However, email addresses were not collected from the customers at the time of purchase. This is an example of missing the data quality of ________. accuracy timeliness consistency variety

timeliness

In the context of data preparation, a power calculation helps determine the what, when, and who of the analysis. if any data observations have a considerable distance to other data clusters. what outcomes will be estimated from a sample with a sufficient level of precision. whether an existing, valuable customer is likely to leave the business.

what outcomes will be estimated from a sample with a sufficient level of precision.