Test (1) PDF - Marketing Exam Questions

Question 1 What is NOT a benefit of market mix modelling (MMM)? Optimize Budgets Understand and measure ROI Discover Sales Drivers Predict Future Performance o Predicting Product Prices Question 2 ____ is used to determine whether two or more independent variables are good predictors target variabl...

Question 1 What is NOT a benefit of market mix modelling (MMM)? Optimize Budgets Understand and measure ROI Discover Sales Drivers Predict Future Performance o Predicting Product Prices Question 2 ____ is used to determine whether two or more independent variables are good predictors target variable. The Ordinary least squares method Predictive modeling o Multiple regression Explanatory modeling Question 3 Which is the objective of least square regression? Maximize the sum of squared residuals. Minimize the square of the regression. Minimize the sum of squared residuals. All of the above. Question 4 Which of the following is true about metrics and linear regression? Metrics are typically used as different predicted response (y) values in a regression. Metrics are typically used as different × values in a regression. Metrics are typically used as different covariates or control variables in a regression. Question 5 The ST marketing model was introduced in class. What does the ST acronym stand for? Segmentation, Targeting and Positioning Sales, Targets, Price Strategy,Target, Promotion Source, Transform, Placement Question 6 Predicted Sales (Y) = $7.03 + 47.53 ( TVAd Sales) Which of the following is the correct interpretation of this linear regression model? For every extra $47.53 spend on TV ads, the predicted sales increase by $7.03 For every extra $47.53 spent on TV ads, the predicted sales increase by $100 The average sale is $7.03 Predicted sales increases by $47.53 for each extra dollar spend on TV ads Question 7 K-means clustering is the most used clustering technique True False Question 8 What is the definition of Artificial Intelligence? The use of neural networks to automate marketing processes. The development of human-like computers. The creation of algorithms that make robots work The creation of intelligent machines that work and react like humans. Question 9 The level of statistical significance is often expressed as a p-value between 0 and 1. True False Question 10 Which of the following is NOT part of Machine learning? Regression Clustering Classification Programmatic Learning Unsupervised Learning Supervised Learning Question 11 The best marketing mix is one that minimizes marketing outcomes that reflect the company's True False Question 12 Clustering enables marketers to identify patterns and structures. hidden big data quantitative obvious Question 13 Which of the following include all four types of segmentation? Product, Price, Place, Promotion Demographic, Geographic, Psychographic, Behavioral Primary, Secondary, Tertiary, Quaternary Awareness, Interest, Desire, Action Question 14 Which statement is true? K-means clustering tells you how many segments your data has K-means clustering names the segments (e.g. "low -income males") to which each individual belongs K-means clustering is a method for putting data into a statistically significant number of groups None of the above Question 15 In cluster analysis, once you determine the market segments, to make things actionable you want to compute who is in what segment. This is called____ marketing profiling differentiation segmentation differentiation segmentation Question 16 Marketing __is a form of market research where your objective is to discover how customers react to changes (product, price, promotion, place, etc.) in order to analyze the effectiveness of those changes. segmentation experimentation profiling analysis profiting analysis Question 17 What was the name of Google's Neural Network we tested in class? Quick Draw Looker Studio Google Analytics Teachable Machine Fableau Question 18 Which of the following is NOT a step in the scientific method used in experiments? Analyze Hypothesis Ask a question Research the topic Request funding Question 19 Let's say that you have ten blog posts. Two are highly successful. They receive a ton of views, experience extended times on site, and they're shared on various social channels. By all accounts, those blogs are certainly ones to emulate. You observe that the successful blogs have larger images and shorter paragraphs than the other, less successful posts. Which of the following would be the best hypothesis? We think the blog posts will experience a 10% increase in views in the next three months and a 15% jump in social media shares when 25% larger images and better formatting are applied. All blog posts will experience a 10% increase in views in the next three months and a 15% jump in social media shares when 25% larger images and better formatting are applied. All blog posts will experience a 10% increase in views and a 15% jump in social media shares. Some blog posts might experience an increase in views in the next three months. Question 20 In A/B Testing, to determine a winner between Variation A and Variation B, you need to wait until you have enough results to see if there is a statistically significant difference between the two. True False Question 21 Describe linear regression in marketing and its significance. Provide an example of how linear regression can be used to analyze and predict marketing outcomes. It's a way to analyze the relationship between one dependent variable and two or more independent variables. It helps identify the impacts of different factors such as advertisong spend, pricing on performance metrics like sales, website traffic or customer retention. Question 22 Write a short definition and description of Marketing Analytics. Include some simple examples where you could use what you have learned in this course to help you, as a marketer, make better decisions. It is the practice of using data to evaluate the effectiveness and success of marketing activities. This course has taught us how to gather deeper consumer insight, optimize our marketing objectives and how to get a better return on investment. Question 23 Examine the role of experiments and A/B testing in marketing strategies, discussing methodology and the impact on decision-making. Provide at least TWO real-world applications of testing in marketing. The impact that a/b testing has is minimizing risk by testing small changes, improving decision making with data driven insight, and increasing ROl through improvements. Some real world applications are email marketing where we test subject lines and content styles to improve open conversion rates. The second where we test different landing page designs to increase conversions, such as sign ups and purchases. Question 24 Explain what cluster analysis is in marketing, how it is performed and why it's important. Then, give a real example of how a business might use cluster analysis to understand their customers and market to them better. It's used to identify groups of customers with a large dataset who share similar characteristics allowing businesses to have a specific target market strategies and market based on their buying behaviours, demographics and preferences. For example e-commerce retailers, it improves marketing efficiency and also helps customer satisfaction by delivering a relevant and personalized experience. Question 25 As seen in class there are six steps you should follow when implementing ST with marketing data. List and briefly describe each of the six steps. 1. market segmentation: breaking larger groups into smaller groups with similar needs and wants 2. segment profiling : Understanding what each group likes, their needs and how the behave so getting to know them better 3. target market selection: choosing a group to focus on where you pick the group that is most likely to buy your product/service 4. positioning strategy development: deciding how you want your product to be seen by the chosen group 5. marketing mix development: where you create the 4 P plan which is product, price, place promotion 6. measurement and evaluation: where you look t sales, customer feedback and other results to see if your plan is helping your business