Question 1

Companies are most likely to use data mining results identifying unprofitable customers for ________.

Accepted Answer

A)   customer retention
B)   customer loyalty
C)   customer acquisition
D)   customer abandonment
E)   market basket analysis

Question 2

With a CRM approach, how might a firm select different methods of contacting and communicating with customers based on their value?

Accepted Answer

Using CRM, a firm would likely use the m...

Question 3

To ensure consistency, churn rate is always determined over the time period of one year.

Accepted Answer

A) True 
 B)False

Question 4

A data scientist is also known as a(n)  ________.

Accepted Answer

A)   intelligent agent
B)   search engine optimizer
C)   data broker
D)   business intelligence developer
E)   reality miner

Question 5

Marketers use the metric of ________ to see the effectiveness of their marketing efforts in comparison to their competitors' actions.

Accepted Answer

A)   clickthrough rate
B)   conversion rate
C)   bounce rate
D)   sentiment analysis
E)   market share

Question 6

A company's first step in one-to-one marketing should be to ________.

Accepted Answer

A)   rank its customers in terms of sales volume
B)   identify customers that cost the company money
C)   identify types of transactions and determine which will be abandoned
D)   identify customers and get to know them in as much detail as possible
E)   determine which aspect of the product will be customized to meet the individual needs of its customers

Question 7

Marketers for Ranch Life, a Connecticut family resort that offers horseback riding and a waterpark, want to determine what percentage of people who visit the resort's webpage actually sign up to receive emails about promotions and special programs at the resort. To do this, Ranch Life marketers will need to calculate the conversion rate.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is NOT one of the four main applications of data mining for marketers?

Accepted Answer

A)   customer retention
B)   customer acquisition
C)   customer abandonment
D)   competitive intelligence
E)   market basket analysis

Question 9

To reduce the workload required to fully take advantage of all of the data collected from customers in a DRM program, firms use ________, a set of rules for handling different processes in a predetermined way.

Accepted Answer

A)   conversion rates
B)   marketing automation
C)   customer lifetime value
D)   share of customer
E)   structured data

Question 10

Which of the following is true of information stored in departmental "silos'?

Accepted Answer

A)   Such information is best described as structured data.
B)   Such information is best described as unstructured data.
C)   Such information is unlikely to be shared with other departments in the firm.
D)   Such information is typically gathered from indirect sources.
E)   Such information is typically gathered by channel partners.

Question 11

Explain how a sporting goods retailer could use both structured and unstructured data to retain customers.

Accepted Answer

Answers may vary, but could include use ...

Question 12

To determine the ________, marketers need to know the number of customers at the beginning of a given time period and the number of customers lost over that same time period.

Accepted Answer

A)   churn rate
B)   conversion rate
C)   cost-per-order
D)   click-through rate
E)   margin on sales

Question 13

A building supply company has many high-volume customers and many low-volume customers. A CRM system would be LEAST likely to help management decide to use which of the following methods for communicating with low-volume customers?

Accepted Answer

A)   Every November, send each customer a new calendar that has the phone number of the building supply company printed on the cover.
B)   Once or twice a year, mail a new product catalog to each customer.
C)   Every few months, have a customer service representative from the building supply company call each customer.
D)   Have a sales representative make a personal one-on-one appointment with every low-volume customer at least twice a month.
E)   Give each low-volume customer the company Web address to check building supply products sold by the company.

Question 14

It is more difficult to determine the ROI on traditional media efforts such as TV commercials than the ROI on digital media efforts such as banner ads.

Accepted Answer

A) True 
 B)False

Question 15

Briefly explain how marketers use marketing controls.

Accepted Answer

Marketers use marketing controls to iden...

Question 16

A regional restaurant chain wants to place ads on a local newspaper's website. The marketing team at the restaurant chain knows from experience that about five percent of the people who see its ads on a newspaper's website will click on the ad to get more information or sign up for a promotion. Because the marketing team wants to keep the price of running the ads low, the restaurant chain will likely opt for ________ pricing.

Accepted Answer

A)   cost per impression
B)   cost per customer
C)   cost per order
D)   cost per click
E)   cost per conversion

Question 17

CRM and enterprise resource planning databases are examples of ________ sources of Big Data.

Accepted Answer

A)   social media
B)   NGO
C)   commercial entity
D)   government
E)   corporate I.T.

Question 18

The publisher of Lifting Life, a magazine and website about weightlifting, wants to develop a clear picture of how readers of the magazine and its competitors feel about the magazine. In order to accomplish this, Lifting Life will likely need to use the technique of ________.

Accepted Answer

A)   search engine optimization
B)   A/B testing
C)   predictive analytics
D)   emotion analysis
E)   churn rate

Question 19

Through the data mining application of ________, marketers target promotional strategies for products based on the records of which customers have recently purchased certain other products.

Accepted Answer

A)   customer retention
B)   customer loyalty
C)   customer acquisition
D)   customer abandonment
E)   market basket analysis

Question 20

Customer relationship management (CRM) programs are often called interactive marketing programs.

Accepted Answer

A) True 
 B)False

Exam 5: Marketing Analytics: Welcome to the Era of Big Data

To determine the ________, marketers need to know the number of customers at the beginning of a given time period and the number of customers lost over that same time period.

Correct Answer
verified

Correct Answer
verified

A company's first step in one-to-one marketing should be to ________.

Correct Answer
verified

With a CRM approach, how might a firm select different methods of contacting and communicating with customers based on their value?

Correct Answer
verified
Using CRM, a firm would likely use the m...
View Answer

A data scientist is also known as a(n) ________.

Correct Answer
verified

The publisher of Lifting Life, a magazine and website about weightlifting, wants to develop a clear picture of how readers of the magazine and its competitors feel about the magazine. In order to accomplish this, Lifting Life will likely need to use the technique of ________.

Correct Answer
verified

CRM and enterprise resource planning databases are examples of ________ sources of Big Data.

Correct Answer
verified

A building supply company has many high-volume customers and many low-volume customers. A CRM system would be LEAST likely to help management decide to use which of the following methods for communicating with low-volume customers?

Correct Answer
verified

To ensure consistency, churn rate is always determined over the time period of one year.

Correct Answer
verified

Through the data mining application of ________, marketers target promotional strategies for products based on the records of which customers have recently purchased certain other products.

Correct Answer
verified

Explain how a sporting goods retailer could use both structured and unstructured data to retain customers.

Correct Answer
verified
Answers may vary, but could include use ...
View Answer

Marketers use the metric of ________ to see the effectiveness of their marketing efforts in comparison to their competitors' actions.

Correct Answer
verified

Correct Answer
verified

It is more difficult to determine the ROI on traditional media efforts such as TV commercials than the ROI on digital media efforts such as banner ads.

Correct Answer
verified

Companies are most likely to use data mining results identifying unprofitable customers for ________.

Correct Answer
verified

Customer relationship management (CRM) programs are often called interactive marketing programs.

Correct Answer
verified

Which of the following is true of information stored in departmental "silos'?

Correct Answer
verified

Briefly explain how marketers use marketing controls.

Correct Answer
verified
Marketers use marketing controls to iden...
View Answer

To reduce the workload required to fully take advantage of all of the data collected from customers in a DRM program, firms use ________, a set of rules for handling different processes in a predetermined way.

Correct Answer
verified

Which of the following is NOT one of the four main applications of data mining for marketers?

Correct Answer
verified

Exam 5: Marketing Analytics: Welcome to the Era of Big Data

To determine the ________, marketers need to know the number of customers at the beginning of a given time period and the number of customers lost over that same time period.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A company's first step in one-to-one marketing should be to ________.

Correct AnswerverifiedShow Answer

With a CRM approach, how might a firm select different methods of contacting and communicating with customers based on their value?

Correct AnswerverifiedUsing CRM, a firm would likely use the m...View AnswerShow Answer

A data scientist is also known as a(n) ________.

Correct AnswerverifiedShow Answer

The publisher of Lifting Life, a magazine and website about weightlifting, wants to develop a clear picture of how readers of the magazine and its competitors feel about the magazine. In order to accomplish this, Lifting Life will likely need to use the technique of ________.

Correct AnswerverifiedShow Answer

CRM and enterprise resource planning databases are examples of ________ sources of Big Data.

Correct AnswerverifiedShow Answer

A building supply company has many high-volume customers and many low-volume customers. A CRM system would be LEAST likely to help management decide to use which of the following methods for communicating with low-volume customers?

Correct AnswerverifiedShow Answer

To ensure consistency, churn rate is always determined over the time period of one year.

Correct AnswerverifiedShow Answer

Through the data mining application of ________, marketers target promotional strategies for products based on the records of which customers have recently purchased certain other products.

Correct AnswerverifiedShow Answer

Explain how a sporting goods retailer could use both structured and unstructured data to retain customers.

Correct AnswerverifiedAnswers may vary, but could include use ...View AnswerShow Answer

Marketers use the metric of ________ to see the effectiveness of their marketing efforts in comparison to their competitors' actions.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

It is more difficult to determine the ROI on traditional media efforts such as TV commercials than the ROI on digital media efforts such as banner ads.

Correct AnswerverifiedShow Answer

Companies are most likely to use data mining results identifying unprofitable customers for ________.

Correct AnswerverifiedShow Answer

Customer relationship management (CRM) programs are often called interactive marketing programs.

Correct AnswerverifiedShow Answer

Which of the following is true of information stored in departmental "silos'?

Correct AnswerverifiedShow Answer

Briefly explain how marketers use marketing controls.

Correct AnswerverifiedMarketers use marketing controls to iden...View AnswerShow Answer

To reduce the workload required to fully take advantage of all of the data collected from customers in a DRM program, firms use ________, a set of rules for handling different processes in a predetermined way.

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the four main applications of data mining for marketers?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Using CRM, a firm would likely use the m...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Answers may vary, but could include use ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Marketers use marketing controls to iden...
View Answer

Correct Answer
verified

Correct Answer
verified