MAR 4674 Final Exam

Which of the following facts are reasons to encourage the use of data visualization? (Select all that apply) A. Studies have shown that the average modern adult attention span is somewhere between 2.8 and 8 seconds. B. Visuals are processed in the brain 60,000 times faster than the text. C. Research indicates that consumer interest in visual content depends of each human preferences. D. 20% of the information transmitted to the brain is visual. E. Posts that include an album or picture receive 120 to 180% more engagement from fans than text-based posts.

A. Studies have shown that the average modern adult attention span is somewhere between 2.8 and 8 seconds. B. Visuals are processed in the brain 60,000 times faster than the text. E. Posts that include an album or picture receive 120 to 180% more engagement from fans than text-based posts.

Big Data is categorized as which of the following data collection method A. Active Data Collection B. Passive Data Collection C. Unique Identifier D. Dynamic Data Collection

B. Passive Data Collection

Which of the following processes best describes the Buyer's Journey illustrated in this course? A. Awareness -> Interest -> Desire -> Purchase B. Attract -> Convert -> Close -> Delight C. Identify an issue -> Research Solutions -> Study Alternative Products -> Decision Criteria -> Decide D. Web Research -> Identify an Issue -> Study Alternative Products -> Decision Criteria -> Decide

C. Identify an issue -> Research Solutions -> Study Alternative Products -> Decision Criteria -> Decide

Which of the following are types of media? A. Value (High or Low), Effort (High or Low) B. Paid advertising, owned media channels and paid collaborations C. Paid, owned and earned D. Traditional advertising, digital advertising

C. Paid, owned and earned

What's the common variable measured in both CLV formulas? A. Average number or payments B. Probability of success C. Profit margin ($) D. Number of periods

C. Profit margin ($)

(Possible essay question) Buyer journey steps/stages

The buyer's journey steps are 1. Identify an issue 2. Research Solutions 3. Study Alternative Products 4. Decision Criteria 5. Decide

Which of the followings is a type of analytics? (Select all that apply)

1. Predictive 2. Prescriptive 3. Descriptive

Which of the following tools help companies collect data from users using their websites? (Select all that apply) A. Cookies B. Ads C. Tracking Pixels D. Customer Lifetime Value E. Mail Chimp

A. Cookies C. Tracking Pixels

Which of the terms below best fit the following definition: "a metric that is generated each time an advertisement is viewed". A. Impressions B. Abandonment Rate C. Clickthrough Rate D. Bounce Rate E. Likes

A. Impressions

What is the main goal of Exploratory Research? A. Merely to explore the research questions and does not intend to offer a final and conclusive solution to existing problems. B. To collect information, metrics, measurements, or data that is collected and needed to make better analysis so that you, as a manager, take better business decisions. C. To help show that the results from the test are real and not just by luck or chance. D. To ask respondents to compare items to each other by placing them in order of preference.

A. Merely to explore the research questions and does not intend to offer a final and conclusive solution to existing problems.

"Business Sufficiency Models" developed by IDS captured the most recent data and conducted a large number of simulations to provide leaders with a measure of the likelihood that the business would be able to deliver on previously set goals and targets." Which of the following statements best matches the quote above? A. The use of historical data and other descriptive metrics allows managers to predict the likelihood of certain events happening. B. Forecasts were based on the business experience of the top management staff, which, predicted disruptive changes in the market. C. Big Data was collected using cellphones, credit card payments, and other passive data collection methods. D. Business Sufficiency Models were created so that no human interaction was needed to take decisions after collecting data, analyzing data, and creating insights.

A. The use of historical data and other descriptive metrics allows managers to predict the likelihood of certain events happening.

Which of the following was not a component of the role of the IDS analyst? A. To commercialize the products in local markets and take better business decisions based on the data collected by GBS. B. To bring technology, visualization and automated alerting functions to the business unit. C. To develop analytical models driving forward-looking insights and simulations within and across the business domains they supported. D. Led the market performance review meeting in the Business Sphere. E. To integrate across diverse data domains and models

A. To commercialize the products in local markets and take better business decisions based on the data collected by GBS.

The Likert Scale is... (Select the appropriate definition) A. A method of collecting information by asking questions with a scale of two opposite answer categories like, for example, True or False. It can be a face-to-face interview, an email, a phone call, or an electronic survey through mobile phones. B. A Descriptive data collection type of scale with five response categories that ranges from, for example, Very Satisfied to Very Dissatisfied having a middle point to point put neither satisfaction or dissatisfaction. C. An ordinal scale that has a brief description ordered in terms of scale positions where the respondents are asked to select the category that best describes their sentiment about the object being rated. D. No answer text provided.

B. A Descriptive data collection type of scale with five response categories that ranges from, for example, Very Satisfied to Very Dissatisfied having a middle point to point put neither satisfaction or dissatisfaction.

How did Wright and Torres know that the total category sales in the stores covered by Wave 1 increased by slightly above 2% over the same period the year prior? A. Web Metrics B. Historical data and descriptive metrics C. Prescriptive Analytics D. Corporate Functions

B. Historical data and descriptive metrics

After defining the objective function of your resource allocation plan, the next step in the process involves: A. Apply linear regression to analyze the relationship between the variables B. Analyze historical data C. Decompose a metric based on the objective function D. Compute market share calculations in order to determine your current position in the market

C. Decompose a metric based on the objective function

A ___________________________ visual analysis refers to a single variable captured over a period of time. (Fill the blank) A. Correlation B. Nominal Comparison C. Time-Series D. Part-to-whole

C. Time-Series

When is exploratory analysis best utilized? A. When the managerial problem is causal in nature B. When you need to determine the objective function and set of constraints C. When the managerial problem is ambiguous D. When the managerial problem is descriptive in nature

C. When the managerial problem is ambiguous

(Possible essay question) Customer lifetime value (clv)

Customer lifetime value can be defined as the dollar value of a customer relationship based on the present value of the projected future cash flows from the customer relationship. The CLV estimates the overall profitability of a customer over a lifetime. When we calculate the customer lifetime value for a specific customer, we have to use the estimate of the future stream of cash flows. Customer lifetime value is also an estimate of the present value of the future cash flows. CLV is ultimately an estimate, not an approximate amount. CLV analysis helps business people keep this long term perspective on the value of customer relationships. This is because it generally costs a company more money to gain new customers than to retain their current customers. Managers should look at the long-term value of customers instead of in the short. For example, a customer who makes one or two big make look good in the short-term but won't have as high of a CLV of a customer who is a loyal customer for years that is consistently profitable for the company. When projecting CLV for a particular customer, we have to use an estimate of the future stream of cash flows. There are two approaches for doing this based on the data available. Average number of payments or probability of success over a given time horizon.CLV. Simple EstimationFormulas: CLV = $ Margin * Average Number of Payments CLV = $Margin * Probability of Success * Number of Periods *A way to create a marketing campaign based on clv is through loyalty programs.* This way, a company can differentiate between their best customers and reward the best ones, therefore reinforcing their behavior.

What is Descriptive Analytics? A. Information needed for actionable decisions B. Systematic collection and interpretation of data C. Metrics that link the market to the firm through information D. All of the above

D. All of the above

Which of the following is a Passive Data Collection method? A. Surveys B. Focus Groups C. Self Reports D. Big Data E. Interviews

D. Big Data

Predictive Analytics: (Select the correct definition) A. Prescribe an action allowing the business manager to take any type of information and act based on that information. B. Connect the marketing inputs to the objective function. C. Guess what will happen in the future. D. Forecast what might happen in the future or the "most likely" outcome based on data and its probabilistic nature.

D. Forecast what might happen in the future or the "most likely" outcome based on data and its probabilistic nature.

In which independent global organization was "Information and Decisions solutions" (IDS) housed? A. Global Business Units (GBU) B. Market Development Organizations (MDO) C. Corporate Functions D. Global Business Services (GBS)

D. Global Business Services (GBS)

Nir Eyal states that "Through consecutive Hook cycles, successful products reach their ultimate goal of unprompted user engagement, bringing users back repeatedly, without depending on costly advertising or aggressive messaging." Which of the following cycles best describes his four-step Hook Model? A. Variable reward > Action > Trigger > Purchase B. Trigger > Action > Investment > Habit C. Action > Trigger > Purchase > Habit D. Trigger > Action > Variable Reward > Investment

D. Trigger > Action > Variable Reward > Investment

Abandonment Rate refers to: (Select the correct definition) A. When a visitor arrives to your website and leaves after visiting one page. Fraction of Web site visitors who view a single page. B. A metric that is generated each time an advertisement is viewed. C. The number of unique Web site viewers in a given period. D. When a visitor arrives to your website and does not complete the goal intended for them. The rates of purchases started but not completed.

D. When a visitor arrives to your website and does not complete the goal intended for them. The rates of purchases started but not completed.

Which of the following is not a characteristic or use of a metric? A. Quantifies a trend B. Helps to describe a phenomenon C. Supports to share findings D. Assists to project future events E. Connect the marketing inputs to the marketing objective

E. Connect the marketing inputs to the marketing objective

Based on the article "Data Visualization: Making Big Data Approachable and Valuable", Which of the following is the top benefit of Data Visualization Tools? A. Reduce burden on IT B. Improved collaborations/information sharing C. Increased ROI D. Time savings E. Improved decision-making

E. Improved decision-making

Which of the following definitions best describes customer lifetime value? A. The difference between the revenues earned from and the costs associated with the customer relationship during a specified period. B. The number of people (businesses) who bought from the firm during a specified time period. C. The ratio of customers retained to the number at risk. D. The response rate times the sum of the initial margin and the CLV of the acquired customer minus the cost of the prospecting effort. E. The present value of the future cash flows attributed to the customer relationship.

E. The present value of the future cash flows attributed to the customer relationship.

(Possible essay question) What is marketing analytics?

Marketing analytics is the process of identifying, studying, and managing metrics that are valid indicators of marketing's performance in pursuit of its objectives, in order to determine the ROI of marketing efforts, as well as the act of identifying opportunities for improvement Marketing analytics manages and analyzes data to determine marketing efforts, as well as identifying opportunities for improvement. Marketers need to manage and analyze the information that is available, as well as know how to research for it. In order to do this, a marketer needs to use metrics, which is defined as a measured system that quantifies a trend or specific dynamic. While metrics are just the data points themselves, analytics is putting that data into context. There are 3 types of marketing analytics: 1. Predictive - can't tell you exactly what will happen in the future, but can help to forecast what will happen in the future 2. Prescriptive - allows the business decision-maker to to take any type of information and act 3. Descriptive - helps to explain or describe a phenomenon There are various roles of marketing analytics. These roles include to create insights, to measure, and to help the overall decision-making process. *The main objective of marketing analytics is to make an informed decision.* Planning, collecting, analyzing, and reporting is an important guideline for marketing analytics. After following the above steps, marketing analytics can be used as a tool to enhance your core business strategies. Nowadays, marketing efforts are informed-based decisions. *Intuition is no longer relied on, and instead should be backed up by data

S.M.A.R.T. is an acronym that is used to guide the development of measurable goals. From the following list, select all the terms that refers to the acronym SMART.

Specific Measurable Achievable Realistic/Relevant Time-Oriented

(Possible essay question) Data visualization & visual storytelling

The definition of visual storytelling is the use of images, videos, infographics, presentations, and other visuals to craft a graphical story around key brand values and offerings. Examples of visual storytelling evolution includes blogs, social media platforms, email, and increased usage of mobile phones. 90% of the information transmitted to the brain is visual, and visuals are processed in the brain 60,000 times faster than the text 40% of people respond better to visual information than to plain text. The average adult lifespan is relatively short, making visualization more efficient to get a message across. Research indicates that consumer interest in visual content isn't necessarily just a preference. it's actually easier and faster for humans to process. Visual content is way easier and faster for humans to process. Posts that include an album or picture receive 120 to 180% more engagement from fans than text-based posts *Any message can be turned into a visual story.*

Quantitative messages we could use from a set of data to attempt to communicate the message:

Time-series: Which refers to a single variable captured over a period of time. Ranking: Categorical subdivisions are ranked in ascending or descending order, such as a ranking of sales performance (the measure) by sales persons (the category, with each sales person a categorical subdivision) during a single period. Part-to-whole: which as it name explains, subdivisions are measured as a ratio to the whole. Deviation: which means that categorical subdivisions are compared against a reference. For example a comparison of actual vs. budget expenses. Frequency distribution: Shows the number of observations of a particular variable for given interval, such as the number of years in which the stock market return is between intervals such as 0-10%, 11-20% Correlation: Comparison between observations represented by two variables (X,Y) to determine if they tend to move in the same or opposite directions. Nominal comparison: Comparing categorical subdivisions in no particular order, such as the sales volume by product code. A bar chart may be used for this comparison Geographic or geospatial: Comparison of a variable across a map or layout, such as the unemployment rate by state or the number of persons on the various floors of a building.

Cannibalization is a marketing concept that acknowledges the fact that new product growth is often gained at the expense of existing products.

True