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

Which of the following refers to the application of artificial intelligence?

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

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

With a CRM approach, how might a firm select different methods of contacting and communicating with customers based on their value?

Rather than focusing on improving cost efficiencies, a CRM program helps marketers focus on the effectiveness of each interaction with a customer.

Walmart's Retail Link provides real time purchase data to suppliers of goods sold at Walmart stores. Retail Link is an example of a ________ source of Big Data.

CRM programs are used by e-commerce firms, but not by brick-and-mortar firms.

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

CRM firms focus on increasing their share of ________, not share of market.

Marketers use the metric of ________ to inform how they price a particular product or service.

What is the difference between a click-through rate and a conversion rate? Explain why marketers may want to use both metrics.

To determine the ________, marketers need to know the number of customers at the beginning of a given time period and the number of customers lost over that same time period.

In marketing metrics terms, a(n) ________ is a desired consumer action.

________ is a term that refers to a system in which everyday objects are able to communicate information throughout an interconnected system.

Customer relationship management (CRM) programs can systematically track customers' preferences and behaviors over time.

Briefly explain how marketers use marketing controls.

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

RBC Royal Bank wanted to evaluate the financial value of its substantial personal customer base to determine which type of customers were the most valuable to the bank. To do this, the bank looked at revenues and expenses from each of its financial products, including loans and credit card usage. To identify and then analyze this information, the bank utilized the marketing information systems analysis technique called ________.

What is the difference between structured and unstructured data?

To determine an ad's click-through rate, marketers must know both the number of click-throughs and the number of impressions.