Deck 2: Harnessing Big Data Into Better Decisions

Question 1

Environmental scanning entails all information gathering designed to detect changes in the external operating environment of the firm.

Answer 1

True

Question 2

The goal of a CRM system is to describe customer relationships so that managers can access information themselves.

Answer 2

True

Question 3

Managers must have sufficient information to develop explanations and predictions useful in decision-making.

Answer 3

True

Question 4

An organization's salesforce frequently provides important marketing intelligence information.

Question 5

Data and information can be delivered to consumers or other end users via either primary technology or secondary technology.

Question 6

Web tracking is illegal.

Question 7

Big data is large quantities of data taken from a single source.

Question 8

Timeliness means that the data are not more than a few years old.

Question 9

A data warehouse is the multitiered computer storehouse of current and historical data.

Question 10

Many of our everyday activities leave no data traces behind.

Question 11

One way to describe marketing research is to categorize it based on the four possible functions that it serves in business: foundational, testing, issues, and validation.

Question 12

Relevant data are facts about things that cannot be changed.

Question 13

Input data can come from internal sources of the organization, but not from external sources.

Question 14

Global information systems allow management to track the whereabouts of delivery personnel.

Question 15

The purpose of a decision support system is to store data and transform data into information that is easily accessible to marketing managers.

Question 16

Data quality reflects how accurately the gathered data actually match reality.

Question 17

A party that maintains Web sites on the World Wide Web is called a content provider.

Question 18

Scanner data refers to the accumulated records resulting from point of sale data recordings.

Question 19

Electronic data interchange (EDI)refers to linking computerized data sources to statistical tools that can search for predictive relationships and trends, allowing for more accurate predictions of consumers' opinions and actions.

Question 20

Data, information, and intelligence all have the potential to create value to a firm through better decision making.

Question 21

Retailers use ______ technology both to offer customers uniquely tailored promotions and to keep track of customers' shopping behavior through a small microchip used to communicate with data systems.

A) RFID
B) URL
C) NFC
D) HIPAA

Question 22

The DIALOG catalog is a useful source for finding lists of university libraries.

Question 23

Which characteristic is LEAST important in evaluating the value of information?

A) timeliness
B) relevance
C) completeness
D) consistency

Question 24

Proprietary marketing research refers to research projects conducted to study specific company problems.

Question 25

Harold is conducting marketing research to determine what consumer segment his company should serve with its services.Which function is this marketing research serving?

A) testing
B) issues
C) foundational
D) performance

Question 26

An example of behavioral tracking is ____.

A) product sales histories
B) test market results
C) supermarket scanner data
D) survey findings

Question 27

The process that allows important day-to-day operational data to be stored and organized for simplified access is called ____.

A) global information tracking
B) data warehousing
C) proprietary marketing
D) keyword searching

Question 28

Which term describes a subset of data and information that actually has some explanatory power to enable effective decisions to be made?

A) knowledge
B) intellectual capital
C) market intelligence
D) decision support system

Question 29

Facts or recorded measures of certain phenomena (things or events)are known as ____.

A) data
B) information
C) market intelligence
D) knowledge

Question 30

Structured data openly shared between companies is called ____.

A) big data
B) open source information
C) universal product codes
D) scanner data

Question 31

UPC refers to bar-coded information containing product information that can be read by optical scanners.

Question 32

Jennifer is conducting marketing research to determine the best prices for her new line of clothing.Which function is this marketing research serving?

A) testing
B) issues
C) foundational
D) performance

Question 33

The convenience that a consumer gets from technologies supersedes any concerns for privacy.

Question 34

Which part of the decision support system addresses exchanges between the firm and its customers?

A) customer relationship management (CRM)system
B) data warehouse
C) global information system (GIS)
D) intellectual capital system

Question 35

The data characteristic that refers to the degree to which data represent the true situation is known as ____.

A) timeliness
B) completeness
C) quality
D) relevance

Question 36

Which source of input data is represented when a company conducts marketing research to identify the characteristics of its customers?

A) internal records
B) proprietary marketing research
C) salesperson input
D) behavioral tracking

Question 37

Which is a characteristic of valuable data?

A) consistency
B) global outreach
C) relevance
D) performance

Question 38

Market dynamism represents the rate of change in environmental and competitive factors.

Question 39

An organization's mailing list of current customers is an example of a ____.

A) cookie
B) script
C) database
D) hyperlink

Question 40

An organization's inventory figures are a good example of ____.

A) cookies
B) internal records
C) external records
D) CRM

Question 41

Information that is accurate, valid, and reliable is said to be of high ____________________.

Question 42

John is using analytical tools to measure relevant data in order to better understand his company's marketing performance.This is called ________.

A) marketing analytics
B) data technology
C) database mining
D) web tracking

Question 43

LexisNexis is a company that puts together consortia of data sources into packages that are offered to municipal, corporate, and university libraries for a fee.LexisNexis is an example of a data ____.

A) compiler
B) wholesaler
C) warehouse
D) miner

Question 44

Amazon.com recommends books for purchase when a customer who has ordered books from Amazon previously returns to the site.This is an example of ____.

A) push technology
B) electronic data interchange
C) pull technology
D) a URL

Question 45

In information technology, ____________________ is data formatted (structured)to support decision-making or define the relationship between two facts.

Question 46

Parties that furnish information on the World Wide Web are called ____.

A) browsers
B) content providers
C) search engines
D) Intranets

Question 47

Melanie is using the Internet to gather information designed to detect changes in her company's external operating environment.What is Melanie performing?

A) environmental scanning
B) behavioral tracking
C) search engine marketing
D) electronic data interchange

Question 48

Which technique covertly discovers and records the websites that consumers visit?

A) cloud storage
B) history sniffing
C) RFID rags
D) Boolean operators

Question 49

Most companies use a private data network that uses Internet standards and technology, but only allows those individuals whom the organization deems as appropriate participants to access data.This is an example of a(n)____.

A) Intranet
B) smart network
C) internal source
D) content provider

Question 50

Information that is provided when a marketing manager needs it to make an important decision is said to be ____________________.

Question 51

A computer-based system that helps marketing managers to solve problems through interaction with databases is known as a(n)____________________.

Question 52

Procter & Gamble regularly monitors trends and information posted about their products and brands by consumers on several Web sites.Which source of data input does this represent?

A) scanner data
B) Internet records
C) behavioral tracking
D) Web tracking

Question 53

Data collected in an open data partnership is ____.

A) available only to the researchers gathering the information
B) available to the consumers from whom researchers gather the information
C) made publicly available on the Internet
D) sold to the consumers from whom researchers gather the information

Question 54

When a marketing manager has sufficient information to make a good decision, the information is said to be ____________________.

Question 55

The U.S.government's effort to nationalize the privacy of health-related information while still trying to allow the transfer of information is called a(n)____.

A) electronic data exchange
B) HIPAA
C) URL
D) RFID

Question 56

An Internet user sets up his computer so that it will send him regular news about his favorite professional football team.What application is in use?

A) push technology
B) pull technology
C) smart agent software
D) RFID

Question 57

CompuStat, which publishes financial data, such as income statements and balance sheets, is an example of which type of database?

A) statistical database
B) financial database
C) video database
D) electronic interchange database

Question 58

Ginger is using data that has been previously collected for some purpose other than the one at hand.This is called ____________ data.

A) big
B) archival
C) corporate
D) global

Question 59

Wal-Mart transmits information electronically each day to Wrangler jeans about unit sales of this product in its retail outlets so that Wrangler can replenish Wal-Mart's inventory on an as-needed basis.What term describes this function?

A) cookies
B) EDI
C) pull technology
D) data transference

Question 60

Laurie finds the perfect sweater on Talbot's Web site during its season's clearance sale, but is unable to purchase it in her size.The following year, Talbot's sends Laurie an email notifying her of a similar sweater in the same style and color.Talbot's has linked computerized data sources to statistical tools to search for relationships that will produce more effective marketing communications, which is an example of ____.

A) electronic data interchange
B) Web tracking
C) pull technology
D) predictive analytics

Question 61

Explain what a decision support system (DSS)is and how it helps marketing managers.

Question 62

A decision support system that gathers information about customers such as sales history and customer preferences is known as a(n)____________________ system.

Question 63

Name and describe the four characteristics that help determine how valuable data may be to marketing researchers and managers.

Question 64

____________________ technology refers to users requesting information from a Web page and the browser, and then determining a response.

Question 65

____________ are small data files that record a user's Web usage history.

Question 66

Explain how data, information, and intelligence represent value to a firm.

Question 67

____________________ refers to linking computerized data sources to statistical tools that can search for predictive relationships and trends, allowing for more accurate prediction of consumers' opinions and actions.

Question 68

Parties that furnish information on the World Wide Web are called ____________________.

Question 69

When researchers agree to make the information they collect available to consumers from whom they gather the information, this is called _____________________

Question 70

Compare and contrast pull technology and push technology.

Question 71

The subset of information that actually has some explanatory power enabling effective decisions to be made is called ____________________.

Question 72

Numerical, text, voice, and image data that enter a decision support system are known as ____________________.

Question 73

A company's private computer network that uses Internet standards, but which is accessible only by its own employees, is known as a(n)____________________.

Question 74

A(n)____________________ occurs when one company's computer system is integrated with another company's computer system.

Question 75

Define predictive analytics and discuss a marketing researcher's job in predictive analytics.