Question 1

Explain three ways in which Big Data can help marketers create competitive advantages.

Accepted Answer

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Question 2

Data about how consumers use everyday products is likely to increasingly be communicated through the Internet of Things.

Accepted Answer

As more and more products become connected to the internet through sensors and other devices, data about how consumers use these products will be collected and communicated through the Internet of Things.

Question 3

Describe the different types of Big Data sources available to marketers.How can marketers use this information?

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Question 4

Theresa Fielding owns an Internet company that sells gift baskets.Each customer can pick out what she wants in the basket to make it a personalized gift.Theresa has demographic information about buyers stored in the company database.The database also has the address of each basket recipient,when each basket was sent,the contents of each basket,and if it was sent for a special occasion.How could Theresa use this database?

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Question 5

Marketers can collect and analyze detailed information about consumer attitudes toward a brand from social media sources such as Facebook and Twitter.

Accepted Answer

Social media platforms like Facebook and Twitter provide a wealth of data on consumer behavior and attitudes towards brands, which can be used by marketers for analysis and insights.

Question 6

A catalog retailer studies about 3,500 variables over the lifetime of a customer's relationship.It has found that customers who are married,are between the ages of 31 and 44,and have moved within the past year are its most profitable customer segment.By sending promotional offers to noncustomers who also fit this description,this catalog retailer has engaged in ________.

Accepted Answer

The catalog retailer is engaging in customer acquisition by targeting noncustomers who fit the description of their most profitable customer segment in order to attract them to become customers.

Question 7

Explain how a sporting goods retailer could use both direct and indirect paths to data creation.

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Question 8

How could the Internet of Things benefit marketers?

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Question 9

In her work at Powered Solutions,Angelica helps business clients identify,organize,and analyze data from social media sources,internal CRM databases,commercial entity sources,and government sources.Angelica would best be described as a(n)________.

Accepted Answer

Angelica's work involves analyzing data from various sources, which is the primary task of a data scientist. The other choices, such as web scraper or reality miner, do not fully capture the depth and breadth of Angelica's job responsibilities.

Question 10

Because of recent advances in data warehousing and data mining,the amount of data we produce is expected to decrease in the near future.

Accepted Answer

Recent advances in data warehousing and data mining have actually led to an increase in the amount of data we produce, as we are now able to collect and analyze data more efficiently and effectively.

Question 11

What is the difference between structured and unstructured data?

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Question 12

Data mining can be used to identify customers who are not profitable and who should be abandoned.

Accepted Answer

Data mining techniques can be applied to identify customer behaviors and patterns that are not profitable. By analyzing customer data, businesses can identify which customers are not contributing to revenue, have high maintenance costs, or are not loyal. This information can help businesses to make strategic decisions such as abandoning unprofitable customers or improving customer service to increase customer loyalty.

Question 13

Every action you take online leaves a digital imprint,data that can be used to create valuable insights into consumer behavior.

Accepted Answer

This is true. Every click, search, and transaction online creates data that can be analyzed and used to gain insights into consumer behavior.

Question 14

Sora is a teenager who loves to shop for clothes.She has a points card from Trend Town,her favorite shop.Sora's card is scanned each time she makes a purchase at Trend Town,and the more she uses the card,the more special offers she receives from the shop.Managers at Trend Town are likely to use information from Sora's shopping for the purpose of customer acquisition.

Accepted Answer

The passage states that managers at Trend Town are likely to use information from Sora's shopping for the purpose of customer acquisition, indicating that they may be interested in using her shopping habits to attract new customers to the store.

Question 15

For marketers today,gathering data is a bigger challenge than deciding how to use the data that are collected.

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Question 16

What is the purpose of data mining?

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Question 17

A company that uses data mining is unlikely to need a data warehouse,as the company's data is constantly in use.

Accepted Answer

A company that uses data mining may still need a data warehouse to store historical data, to integrate data from various sources, or to maintain data quality and consistency. Data mining typically involves analyzing specific subsets of data, while a data warehouse serves as a centralized repository for all the company's data.

Question 18

A catalog retailer studies about 3,500 variables over the lifetime of a customer's relationship.It has found that customers who change residences are three times more likely than customers who do not move as frequently to buy tables,fax machines,and decorative products but are no more likely to buy jewelry or footwear.By using data analysis to determine which promotion to target to customers who have recently moved,this catalog retailer has engaged in ________.

Accepted Answer

Market basket analysis is the process of analyzing customer purchase data to identify patterns and associations between products. In this case, the catalog retailer has used data analysis to determine which products customers who have recently moved are more likely to buy. This information can be used to target promotions to these customers.

Question 19

A gambling casino gives its high-spending players free rooms in its hotels along with free meals and tickets to the entertainment shows at the casino.What application of data mining is the casino using?

Accepted Answer

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Question 20

It is just as expensive for a company to retain good customers as it is to acquire customers.

Accepted Answer

Retaining existing customers is generally less expensive than acquiring new ones because it avoids the higher costs associated with marketing and sales efforts to attract new customers.

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