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

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

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

A building supply company has many high-volume customers and many low-volume customers. A CRM system would be LEAST likely to help management decide to use which of the following methods for communicating with low-volume customers?

Marketers use the metric of ________ to see the effectiveness of their marketing efforts in comparison to their competitors' actions.

To ensure consistency, churn rate is always determined over the time period of one year.

It is more difficult to determine the ROI on traditional media efforts such as TV commercials than the ROI on digital media efforts such as banner ads.

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.

Through the data mining application of ________, marketers target promotional strategies for products based on the records of which customers have recently purchased certain other products.

A data scientist is also known as a(n) ________.

Which of the following is true of information stored in departmental "silos'?

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.

To reduce the workload required to fully take advantage of all of the data collected from customers in a DRM program, firms use ________, a set of rules for handling different processes in a predetermined way.

A regional restaurant chain wants to place ads on a local newspaper's website. The marketing team at the restaurant chain knows from experience that about five percent of the people who see its ads on a newspaper's website will click on the ad to get more information or sign up for a promotion. Because the marketing team wants to keep the price of running the ads low, the restaurant chain will likely opt for ________ pricing.

Companies are most likely to use data mining results identifying unprofitable customers for ________.

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

Explain how a sporting goods retailer could use both structured and unstructured data to retain customers.

CRM and enterprise resource planning databases are examples of ________ sources of Big Data.

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 use the technique of ________.

Briefly explain how marketers use marketing controls.

A company's first step in one-to-one marketing should be to ________.