Question 1

Between 2004 and 2020, the Google Trends search volume for the term "HR analytics" has been consistently higher than that for the term "marketing analytics."

Accepted Answer

The search volume for "marketing analytics" has generally been higher than that for "HR analytics" over the years, reflecting broader interest and application in the field of marketing compared to the more niche area of HR analytics.

Question 2

When the target variable is categorical, supervised learning is called prediction.

Accepted Answer

When the target variable is categorical in supervised learning, it is called classification, not prediction. Prediction typically refers to forecasting numerical values, which is known as regression in the context of supervised learning.

Question 3

Identify a valid difference between descriptive analytics and predictive analytics.

Accepted Answer

Descriptive analytics focuses on summarizing what has happened in the past using historical data, while predictive analytics uses statistical models and forecasts to predict future events or trends based on past data.

Question 4

A lack of marketing analytics skills can leave a company in a situation described as "information rich but data poor."

Accepted Answer

The correct phrase is "data rich but information poor," meaning a company has a lot of data but lacks the skills to extract meaningful insights from it.

Question 5

Secondary data can be most helpful ________.

Accepted Answer

Secondary data can provide insights and background information that help in formulating ideas and developing the right questions for further research.

Question 6

In supervised learning, the training dataset is used to

Accepted Answer

The training dataset is used to build the algorithm and learn the relationship between the predictors and the target variable in supervised learning.

Question 7

In the modeling development step of the 7-step marketing analytics process, the developed algorithm is run on the validation dataset to determine how well it will predict the relevant target variable (dependent variable).

Accepted Answer

The answer of In the modeling development step of the...

Question 8

In the context of defining the right business problem, list the questions that need to be asked to determine context.

Accepted Answer

The answer of In the context of defining the right...

Question 9

Which of the following types of data can be easily accessed and analyzed when using descriptive, predictive, and prescriptive data analytics techniques?

Accepted Answer

Structured data is organized in a way that makes it easily accessible and analyzable, which is ideal for descriptive, predictive, and prescriptive analytics.

Question 10

In the context of questions that help identify a business problem, which of the following questions helps to determine the context of the problem?

Accepted Answer

The answer of In the context of questions that help...

Question 11

In the context of variable types in data measurement, explain the difference between numerical and categorical variables.

Accepted Answer

The answer of In the context of variable types in...

Question 12

In the context of questions that help identify a business problem, asking "What factors continue to drive this problem?" will help determine the outcome of the ________.

Accepted Answer

Asking about the factors that continue to drive a problem is a part of root-cause analysis, which aims to uncover the underlying reasons for a problem's persistence.

Question 13

According to the survey by KDnuggets, which of the following is the top software used by companies for marketing analytics?

Accepted Answer

Python is widely recognized for its versatility and efficiency in handling data analytics, including marketing analytics. Its extensive libraries and frameworks, such as Pandas, NumPy, and Matplotlib, make it a preferred choice for data manipulation, analysis, and visualization, which are crucial in marketing analytics.

Question 14

Which of the following businesses would most likely determine demand for its product/service based on the season and the type of technology employed by users?

Accepted Answer

A travel services website would most likely determine demand based on the season, as travel patterns are highly seasonal, and the type of technology employed by users, as the platform's accessibility and functionality can depend on the technology (e.g., mobile vs. desktop, app vs. website).

Question 15

In which step of the 7-step marketing analytics process are the unit of analysis and the target and predictor variables identified?

Accepted Answer

In the data preparation and feature selection step, the unit of analysis and the target and predictor variables are identified to ensure the data is ready for modeling.

Question 16

In supervised learning, the validation dataset is used to "learn" the relationship between the predictors and the target variable.

Accepted Answer

In supervised learning, the validation dataset is used to evaluate the model, not to learn the relationship between predictors and the target variable. The learning occurs using the training dataset.

Question 17

In the context of modeling types, supervised learning is referred to as prediction when the

Accepted Answer

Supervised learning is referred to as prediction when the target variable is continuous, as it involves predicting a continuous outcome.

Question 18

Which of the following offers the ability to answer the question "What should happen?" in marketing analytics?

Accepted Answer

Forecasting is the marketing analytics tool that allows businesses to predict future trends, customer behavior, and sales. It answers the question "What should happen?" by using historical data and statistical models to make informed predictions about future events.

Question 19

In the context of determining the correct business problem, asking "What happened?" will help to determine the timeline of the problem.

Accepted Answer

The answer of In the context of determining the correct...

Question 20

Shop-o-maniac, an e-commerce website, is experiencing low website traffic. Based on the 7-step marketing analytics process, what should be the first step taken by the firm to develop a plan to increase its website traffic?

Accepted Answer

The first step in the 7-step marketing analytics process is understanding the business problem, which in this case is low website traffic. This understanding is crucial for developing an effective plan to address the issue.

Quiz 1: Introduction to Marketing Analytics