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

CRM stands for ________.

A catalog retailer studies about 3,500 variables over the lifetime of a customer's relationship. It has found that customers who are single, between the ages of 22 and 35, and have no children are its least profitable customer segment. By severely reducing the number of communications and promotional offers sent to this segment, this catalog retailer has engaged in ________.

Which of the following statements about the lifetime value of a customer is true?

Which of the following is NOT an example of a marketing metric?

How could the Internet of Things benefit marketers?

Which of the following could a retailer use to determine which of two different marketing messages generates the most sales?

With the use of data mining, it is no longer a common business practice to fire an unprofitable customer.

Describe the four steps of one-to-one marketing.

Prep for Success is an educational services company that specializes in preparing students for selective private school entrance exams. Prep for Success sends information about its services to consumers who have purchased school supplies such as backpacks and lunchboxes online and who live in a community with an average household income of above $85,000 per year. This is an example of a company using ________ to identify and contact potential customers.

The text of an email or a social media post would best be categorized as ________.

Because of ________, it can be difficult to decide what data are useful and what data are not useful.

Marketers for Ranch Life, a Connecticut family resort that offers horseback riding and a waterpark, want to make sure that Ranch Life comes up at the top or near the top of every list of online search results for the phrases "Connecticut family vacation," "Connecticut horseback riding," and "Connecticut waterpark." Ranch Life marketers will likely use predictive analytics to achieve this goal.

The marketing team for the charity American Harvest, a national food bank program, wants to know how much it costs to attract a new donor to visit its website and complete a donation. American Harvest will most likely use the metric of ________.

A company that compiles and uses large amounts of data to understand its customers is likely to have a ________ to store and process its data.

Which of the following is an approach to calculating customer lifetime value?

Through the data mining application of ________, marketers identify big-spending customers and target them for special offers that other customers won't receive.

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

Soundz, a marketer of high-end headphones, wants to identify new markets in Asia with high potential for growth and dense pockets of consumers with growing incomes. Which of the following would be the best source of data to help the leadership at Soundz decide which new markets present the best opportunities?

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

A new "smart" refrigerator has been designed with sensors that send information to the manufacturer about the refrigerator's use and performance. One advantage of the system is that it will detect any possible performance issues before they interfere with consumer use of the refrigerator and communicate that information to both the manufacturer and consumer so that service and/or repairs can take place immediately. This is an example of ________.