ch 8 bus 421

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Which is true about designing A/B tests to extract maximum meaning?

A and B should have identical content except for the hypothesized elements

What is NOT an A/B testing tool

AB Lab

What are some A/B testing tools

AB tasty, Google experiments, Qubit

What is true of a bandit test

It shifts traffic in reaction to real-time preformance

A/B test

controlled experiment that tests two conditions

Fixed Horizon

end-point in time for having the data collected

Type I error

incorrect rejection of a true null hypothesis (a "false positive")

Type II error

incorrect retention of a false null hypothesis (a "false negative")

Promotional campaign

marketing communication designed to present information about, increase demand for or differentiate a product

Statistical significance

measure of whether a research finding is meaningful because it is unlikely the finding has occurred by chance or error

A/B tests are...

more similar to field experiments than lab experiments

Sample size

number of participants to include in an A/B test or other experiment

Digital Marketing Platform

online places for the marketing of good or services

What is NOT a key issue of A/B testing?

overestimating false negatives

Crowdsourcing

practice of gathering information by soliciting the services of a large number of people, either paid or unpaid, typically through online connections

Randomization

practice of using chance methods (e.g, flipping a coin, pulling numbers out of a hat, generating numbers by chance from a computer function, etc.) to assign participants to experimental conditions

Significance level

probability that a statistical test will reject the null hypothesis given that it is true

Scientific method

procedure consisting of systematic observations for testing hypotheses

Hypothesis

proposed explanation of some phenomenon, used as a starting place for further investigation

Availability Bias

reliance on examples that immediately come to mind when evaluating a topic, typically from people's own personal lives

False Positive

results of the exploration stage of the A/B test lead to the belief that one of the options A or B is more successful than the other, when in reality they are likely to perform the same in the exploitation stage

False negative

results of the exploration stage of the A/B test lead to the belief that options A or B do not differ in their success, when in reality one is likely to outperform the other in the exploitation stage

Exploration stage

stage of an A/B test for determining which version is more successful with a smaller portion of the potential audience

Exploitation stage

stage of an A/B test that applies the findings of the exploration stage to a larger portion of the potential audience

Experimental condition

state of the independent variable for which the dependent variable is measured in order to perform statistical calculations

Overconfidence

tendency to think too highly of one's expertise

Statistical power

the probability that a statistical test will REJECT the null hypothesis given that it is FALSE

Controlled experiment

type of experiment in which a hypothesis is tested by looking for changes in a dependent variable measure caused by manipulated changes to an independent variable as the only factor that is allowed to be adjusted

What is a false positive

Incorrect REJECTION of a true null hypothesis

Bandit Testing

A/B test methods with an adaptive exploitation stage

A/B/N test

A/B test that tests more than two conditions

Split testing

A/B testing

Which A/B testing stage typically uses a larger portion of the potential audience

Exploitation phase

What is NOT a type of an A/B test?

Optimize test

What is NOT a crowdsourcing platform

Qualtics

What are some key issues of A/B testing

Underestimating false positives, multiple concurrent tests, ignoring small gains, incomplete timing, and poorly designed hypotheses

What are crowdsourcing platforms

Usability hub, Usertesting, Mechanical turk

Marketing intuition

ability to understand or predict a marketing phenomenon immediately, without the need for data analysis


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