Week-2
1.
What is descriptive analytics?
Links the market to the firm through information
Systematic collection and interpretation of data
All answers are correct
Information needed for actionable decisions
2.
When is exploratory analysis best utilized?
When the managerial problem is ambiguous
When the managerial problem is causal in nature
When the managerial problem is descriptive in nature
3.
What is one problem with Marketing Research Online Communities?
Return on Investment is quite uncertain
It does not enhance enagagement with customers
Shorter deadlines are not possible
4.
When are mobile surveys best?
For context-specific, at the moment surveys
For generic context-free surveys
For retrospective feedback
5.
Why do people pay so much for Point of Sales (POS) data?
Timeliness of marketing activity
Accuracy of sales information
All answers are correct
Completeness of the data
6.
What are some caveats with POS data?
Don't know customers purchases
Cannot make causal claims
Don't have information on brand-level promotions
7.
What is sentiment analysis?
It quantifies the amount of promotional activity in POS data
It finds errors in any customer-level data
It is frequently used in social media data to quantify the valence of information
8.
What is required for making the following causal statement: X causes Y?
Temporal antecedence of X
No third factor affecting both X and Y
All answers are correct
Correlation between X and Y
9.
What is an example of active data collection?
Internet surfing data
TV viewing data
Mobile data
Surveys
10.
In Net Promotor Score surveys, how much do "promotors" score on a scale of 0-10.
0-6
7,8
9,10
WEEK-4
1. What is the goal of prescriptive analytics?
Optimize a function
Explain the relationship between actions and outcomes
Develop a model to describe the data
Make a recommendation on an action that will optimize a goal
2.
When would descriptive and predictive results need additional analysis?
When the firm can make a choice of different actions to take
When there are multiple explanations to the same data we observe
When there is competition involved
All answers are correct
When there are strategic consumers involved
3.
Which one of the following is an example of a goal/objective?
The price of a product
The quantity of a product sold
The color of a product
The shape of a product
4.
What is an action?
(Please check all that apply)
The price of a product
A part of the model under the direct control of the firm
A choice that impacts the goal
5.
What does a model do?
Shows in a graph how price changes with quantity
Tells us how to make the maximum profit
Finds a goal
Explain the relationship between actions and parameters to the goal
6.
When does maximizing revenue also maximize profit?
(Please check all that apply)
When there is no cost to the product
When the marginal revenue equals marginal cost
When the marginal cost is zero
7.
Why does it matter to know how a demand curve was generated?
Knowing the truth always helps
We may give a different recommendation for different models
Correlation does not imply causation
It helps find errors in the data
8.
Which one of these is an example of a tradeoff?
Discounts on a product brings more buyers now and makes buyers wait for discounts in the future
Increasing the quality of a product increases it sales
Decreasing the cost of production increases profit
Showing more ads to consumers makes them buy more products
9.
When do we have an attribution problem?
When consumers see many ads
When consumers see the same ads on multiple websites
When we run a campaign for a long time
When we use many websites to show ads
10.
What does online retargeting do?
Tries to remind people to buy more
Targets consumers better with ads
Shows ads to people after they visited a specific website
Show lots of ads to people
WEEK-5
1.
Which type of data provides the most granular level of information about a given individual's customer behavior?
household-level scanner data from their home
market-level sales from where they live
aggregate tracking data for the websites that the person frequently visits
store-level data of the stores that they frequent
2.
Which of the following is the biggest challenge to solving the "advertising attribution problem"?
Most websites don't keep a record of customer visits.
Tracking customers across digital properties is difficult.
There is not significant industry interest, hence no funding available.
There is not enough digital advertising so that the data is sparse.
3.
When setting optimal prices, which of the following is a concern when utilizing a regression of observed sales on observed prices to set them?
Future prices might be outside the range of past prices.
There is not enough variation in observed prices.
Past observed prices are not randomly set.
All of these answers apply.
4.
Which of the following is not a method used to track customers across webpages?
IP address tracking
Pop-up advertising
Registered user login
Cookie insertion
5.
Which of the following are threats to Amazons's use of advanced predictive shipping?
An inability to do prediction at the individual customer level
Lack of data at the individual customer level
None of the answers are correct
A lack of local distribution centers
6.
Which of the following is necessary when running a field experiment?
Massive sample size
Randomization of participants to treatment and control conditions
GPS tracking of individual's location
A lack of competitor interference
7.
Which of the following customers would have a higher expected customer lifetime value?
A customer who spends $200 per year, but has a 30% churn propensity per year.
A customer who spends $100 per year, but has a 10% churn propensity per year.
A customer who spends $150 per year, but has a 20% churn propensity per year.
A customer who spends $250 per year but has a 40% churn propensity per year.
8.
Which of the following statements are correct?
None of these statements is always true.
The most valuable customers to a firm in the future are those with the lowest propensity to churn in the future.
The most valuable customers to a firm in the future are those that currently spend the most.
The most valuable customers to a firm in the future are those with the highest referral value.
9.
When targeting customers for optimal marketing, which of the following rank ordering of customers from highest to lowest is most appropriate to determine which customers to target?
Highest to lowest current period spend
Highest to lowest time with the firm
Highest to lowest marketing effectiveness
Highest to lowest CLV
10.
Which of the following is GPS-based tracking likely to enable firms to do?
Provide targeted advertisements at optimal times
Raise CLV
All of these are correct
Lower churn rates
