Big Data in Marketing Strategies

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Questions and Answers

How does walkability of a city influence physical activity levels?

It discourages physical activity during work hours.

It reduces activity inequality and enhances physical activity. (correct)

It leads to increased car dependency among residents.

It has no impact on physical activity levels.

What is the main limitation in the research on activity inequality and obesity prevalence?

Data sources are too diverse.

It primarily focuses on lower socioeconomic groups.

The use of smartphones as a measurement tool may bias results. (correct)

Time spent in sedentary behavior is overrepresented.

What component did the aim of the dog companionship study seek to uncover?

The physical needs of dogs in urban environments.

The economic impact of dog ownership.

The correlation between breeds and owner satisfaction.

The underlying dimensions of dog companionship. (correct)

What was the data collection method used to gather information from dog owners?

Self-administered questionnaires in multiple settings. Signup and view all the answers

Which of the following statements is true regarding a country's activity inequality?

It predicts obesity prevalence better than overall activity levels. Signup and view all the answers

What is one of the biases noted in the research on activity levels?

Bias towards individuals interested in health and fitness. Signup and view all the answers

What analytical method was employed in the dog companionship study?

Exploratory factor analysis. Signup and view all the answers

What aspect of dog companionship is identified as one of its seven dimensions?

The mutually beneficial bond between person and dog. Signup and view all the answers

What information is primarily collected through a loyalty card at checkout?

Demographic profile and shopping habits Signup and view all the answers

How does real-time data analytics help companies like Tesco?

By reducing food waste and improving logistics Signup and view all the answers

Which technology is used to track customer behavior and improve personalized marketing in grocery stores?

Bluetooth beacons Signup and view all the answers

What is a key use of predictive algorithms in data analytics?

To determine service needs for equipment Signup and view all the answers

What can targeted ads based on supermarket purchase data influence?

Consumer entertainment choices Signup and view all the answers

How does sales forecasting utilize customer behavior modeling?

To stock the correct products and manage inventory efficiently Signup and view all the answers

Which standardized scale was used to assess participants' connection to nature?

Inclusion of Nature in Self (INS) Signup and view all the answers

What demographic information might be derived from a customer's purchase habits?

Gender and age Signup and view all the answers

What type of multivariate analysis was conducted to analyze group differences in mental health variables?

MANCOVA Signup and view all the answers

Which of the following is NOT a benefit of using big data in retail?

Reducing product prices Signup and view all the answers

Which of the following groups reported significantly higher subjective well-being scores?

Community gardeners Signup and view all the answers

How did resilience correlate with perceived stress according to the findings?

Resilience is negatively correlated with stress Signup and view all the answers

What is one key finding regarding community gardening?

It is associated with higher resilience and optimism Signup and view all the answers

In the study on Facebook usage, which Big Five personality trait had a significant focus?

Neuroticism Signup and view all the answers

What marketing tool was found to have the strongest influence on consumer purchasing decisions?

Word of mouth Signup and view all the answers

What demographic variable was controlled for during the mental health analysis of community gardeners?

Age Signup and view all the answers

What was one method used to collect data from participants regarding Facebook usage?

Online surveys Signup and view all the answers

What was the methodology used to assess the effectiveness of online marketing tools?

One-sample t-tests based on questionnaire responses Signup and view all the answers

What was the sample size used in the survey conducted to gather data on online marketing tools?

100 participants Signup and view all the answers

Which hypothesis was accepted based on the analysis of the online marketing tools' influence?

Role of word of mouth Signup and view all the answers

What was the key reason for rejecting the hypotheses related to email advertisements and online chat sections?

They had lower mean scores and significant negative t-test results. Signup and view all the answers

What type of scale was used in the questionnaire to gauge participants' responses?

5-point Likert scale Signup and view all the answers

Which of the following statements is true regarding the contact points responsible for driving potential customers to a firm's website?

A combination of various marketing measures affects customer reach. Signup and view all the answers

What is the independent variable in the analysis of restaurant survival?

Whether a restaurant received a Michelin star Signup and view all the answers

What was the location from which the survey participants were recruited?

Gurugram Signup and view all the answers

What does the dependent variable represent in the study?

Restaurant exit status (closed or active) Signup and view all the answers

Which statistical technique was used to estimate the effects on restaurant survival?

Parametric proportional hazards regression Signup and view all the answers

Which finding was observed regarding Michelin-starred restaurants?

They had a higher likelihood of closing compared to non-starred counterparts. Signup and view all the answers

What challenge did Michelin-starred restaurants face from consumer expectations?

Operational changes and financial strain Signup and view all the answers

What percentage of Michelin-starred restaurants closed during the study?

46% Signup and view all the answers

What effect do Michelin stars have on restaurant operations according to the findings?

They impose burdens that may increase closure risk. Signup and view all the answers

What managerial implication can be drawn from the study regarding Michelin stars?

Consideration of trade-offs of pursuing prestigious evaluations is crucial. Signup and view all the answers

What does willingness to adapt refer to in the context of dog ownership?

The readiness to change personal habits for the dog's needs Signup and view all the answers

What is a common characteristic of incompetent individuals regarding their self-appraisal?

They usually arrive at inflated self-appraisals. Signup and view all the answers

What burden do incompetent individuals face according to the content?

They make poor decisions without realizing it. Signup and view all the answers

Which of the following reflects the above-average effect in self-assessment?

People thinking they are better than most others Signup and view all the answers

What is metacognition in the context of incompetent individuals?

Awareness of one’s own thought processes and performance Signup and view all the answers

In which area do incompetent individuals often suffer the most due to their lack of awareness?

Decision-making in social interactions Signup and view all the answers

Why do incompetent individuals continue to feel satisfied with their performance?

They lack the ability to recognize their errors. Signup and view all the answers

What typically motivates a dog owner to modify their living arrangements?

The dog’s comfort and needs Signup and view all the answers

Study Notes

Big Data Use

Businesses can assess consumer reaction to product announcements, pricing changes, policy changes, and other moves.
They can gauge the effect of promotions, advertising campaigns, and publicity programs.
They can compare sentiment associated with their brands to competitors.
Analysis of website clickstreams, product reviews, product registration information, and public reaction to products helps merchandisers and product planners understand buyer motivation.

Segment Populations

Not all customers are the same—different interests, wants
When marketers understand attributes of different market segments and how members react to products, advertising, and promotions, they can tailor marketing actions for optimal results.

Enable Experimentation

When business leaders can quickly assess the effect of changes in products, marketing, and operations, they can perform experiments to assess the value of changes and determine the best course of action.

Predict Outcomes

Insight into previous changes coupled with market reaction lets businesses predict outcomes of price increases, advertising, and promotions.

Enable New Business Models

Information services that aggregate and analyze Big Data have grown in industries like healthcare, real estate, finance, retail, and other sectors.
Data on economics is crucial to understand how different sectors of an economy are performing.

Loyalty Program Examples

When customers check out using their loyalty card, they provide demographic information and shopping patterns.
This data is used for targeted ads (e.g., supermarket offers vouchers for specific produce based on previous purchases) and personalized product recommendations.
Credit card transactions can be tracked to further predict customer purchasing habits.
Real-time data analytics from IoT and sensor data enables predictive algorithms for service needs, product replacements, and consumer behavior.

Bluetooth Beacons

Small electronic devices strategically placed in stores enable precise tracking of customer movements within the store (e.g., time spent in different areas, product interest).
This enables businesses to adjust pricing, improve service, and improve store layout efficiency.

Research Papers

E-commerce

Online marketplaces enable online shopping, threatening traditional retail businesses.
Online transaction depends on product (price/quality), advertising, service (shipping, return policy), buyer intentions, and sellers' qualifications.
Online peer-to-peer marketplace characteristics are vast, with typically millions of products, sellers, buyers, and transactions.

Physical Activity Data

Measurements of physical activity across 111 countries, using smartphones/accelerometers, show significant disparities: (i) between countries, (ii) within countries, and (iii) between genders.
Activity in females is generally lower than for males, and countries with lower activity levels and high activity inequality exacerbate this difference.
Walkability of cities has a large impact on physical activity levels.

Dog-Human Companionship

Dog companionship has attitudinal, experiential, and behavioural components, and our objective is to uncover its underlying dimensions.
Data was collected via dog-owning Internet discussion-group settings, veterinarian waiting-room settings, and mall-intercept settings.
Seven dimensions of the symbiotic relationship between person and dog were identified to understand the relationship.

Incompetence

People often overestimate their skills and abilities.
Incompetent individuals' lack of metacognition (knowing when one is making an error), metamemory (self-awareness about memory abilities), metacomprehension, and self-monitoring skills prevents them from noticing their flaws, thereby making them overly optimistic.

Humour

Competence in humour requires sophisticated knowledge about other people's tastes and reactions.
Incompetence in humor correlates to overestimating one's ability to perceive humour in comparison with peers

Taxis

Yellow taxis have fewer accidents than blue taxis, possibly due to visibility.
Training of taxi drivers or characteristics of yellow taxis are investigated in order to determine if the accident rate changes with the car's or driver's characteristics.

Tree Density

Measurement and assessment of forests is a complex, multi-factor process involving environmental, social, and economic goals.
Various methods, including measurement of amounts, classifications into categories, and ranking, are available to understand forest metrics.

Body Temperature

Variability in body temperature is critical for diagnosis, a fact most studies from before 1950 failed to consider.
The method of evaluation is imprecise, using instruments of varying levels of precision and sample sizes on the smaller end when considering larger populations.
Data analysis improves upon historic methods of temperature evaluation to obtain greater certainty of accuracy and insights into various factors influencing the recorded temperature (e.g., patient's age, time of measurement, type of illness, among others).

Choral Singing

Measuring the impact of choral singing on quality of life, wellbeing, and physical health.
This is a large-scale study of choral singers utilizing the WHOQOL-BREF questionnaire and a specifically designed choral song wellbeing and quality-of-life scale with 12 items.

Education

Studying the scholarly culture in homes where books are valued, and how this is related to children's educational achievement.

Crime Rates

Studying the nature of crime rates based on data, which could predict crime in certain neighbourhoods or in certain parts of the city (with different characteristics) given that data available are used to understand trends and characteristics of different areas within a city.

Facebook

Facebook analysed posting patterns of couples to predict when couples fall in love.
Changes in interaction before and after the relationship start were used as measures for understanding the dynamics of relationships.

Personality and Creativity

Personality traits (e.g., extraversion, psychoticism) correlate with creative tasks (verbal/drawing).
Cognitive abilities influence creativity types (verbal vs. artistic).
Experimental conditions affected creative fluency.

Private Traits and Attributes

Using Facebook "Likes" to predict personality attributes (93% accuracy for gender, 95% for ethnicity, 85% for political affiliation).
Personal attributes (e.g., intelligence, life satisfaction) can be inferred from Facebook activities.

Community Gardening

Community gardening correlates with higher subjective well-being, resilience, and optimism.
This supports the idea that community gardens offer unique mental health and resilience benefits via social and environmental factors.

Double-Edged Stars

Michelin-starred restaurants have a high likelihood of closing compared to non-starred restaurants.
Factors driving the closure of starred restaurants include downstream (e.g. consumers/customers expectations), and upstream changes (e.g. suppliers, landlords).

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Description

Explore how businesses utilize big data to assess consumer reactions, gauge the effectiveness of advertising campaigns, and segment populations. This quiz covers the importance of data analysis in tailoring marketing actions and enabling experimentation for better decision-making.