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

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

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 analyze ________ retrieved from social media posts related to weight lifting.

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.

To better tailor the services it offers to the needs of specific customers,First City Bank should first collect,verify,and update the information it has about its customers.

Some cellular providers are signing deals with business partners wanting to market products based on specific phone users' locations and calling habits.These cellular providers are participating in a new trend called ________.

Identify two actions other than the purchase of a good or service that could be measured through calculation of a conversion rate.

Explain two reasons that digital marketing has become an increasingly important element of the marketer's toolbox.

A CRM strategy allows a company to identify its best customers,stay on top of their needs,and increase their satisfaction.

Cost per impression advertising is typically more expensive than cost per click advertising.

The term share of customer is synonymous with share of market.

________ are put in place to identify deviations in expected performance of marketing efforts.

Through the use of marketing metrics,the marketing team for the charity American Harvest,a national food bank program,learned that there was a significant increase in positive mention of American Harvest in discussions on social networks.American Harvest marketers quickly decided to increase the number of ads the charity was running on these social networks.This is an example of the use of ________.

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

The process through which analysts sift through massive amounts of available data to identify unique patterns of behavior among different customer groups is called ________.

When a company uses computer software to extract large amounts of data from social media platforms,it is using ________.

To take advantage of the massive amount of data now available,sophisticated analysis techniques called ________ are becoming a priority for many firms.

________ are techniques that use large quantities of data and variables to forecast specific future outcomes of marketing efforts.

Identify any product or service.How can a marketer calculate the lifetime value of a customer relating to the purchase of this product or service? Explain your answer.

Which of the following is not a focus of customer relationship management?

Walgreens customers can sign up for the Balance Rewards program,entering a member number or using a member card every time they make a Walgreens purchase in order to receive discounts and build up points that can be redeemed for rewards.Information that Walgreens collects through these purchases is best described as ________.