Marketing Analytics Fundamentals
True or false? Binary, nominal, and ordinal data are considered categorical variables.
True
The data visualization design element that uses distinctive color, form, lines, and so forth to highlight and attract attention is known as what?
Emphasis
What type of marketing analytics tool seeks to organize data into two or more groups that have within group homogeneity and between group heterogeneity?
Cluster analysis
A marketing analyst is creating a predictive sales model based on the association of consumers’ past promotion redemptions, their income, and product preferences as predictors of potential sales. What type of statistical predictive analytics model should they use?
Multiple (linear) regression
Discuss any four of the pricing strategies discussed in class.
Price skimming
Penetration pricing
At/above/below market pricing
Bundle pricing
Psychological pricing
Dynamic pricing
Compare and contrast structured and unstructured data.
Structured --> fits in a table/relational database
Unstructured --> contain information that cannot be easily stored/organized in a table
What does the principle of variety mean in the context of data visualization design?
That different types of graphs are used to increase engagement and promote longer-term memory storage.
What are the two broad types of cluster analysis methods discussed in the readings?
K-means and hierarchical clustering
What are three types of datasets used in creating a predictive model?
Training, validation, and holdout (test) datasets
What are the four types of costs in the context of consumer perception of the value of a good or service?
Monetary, psychological, energy, and time costs
Which level of marketing analytics requires the strongest data management maturity and simultaneously holds the most promise for achieving greater competitive advantage?
AI/Cognitive
When the predictor value involves a span of time, what would be an appropriate data visualization tool?
Time series / line charts
In the context of market basket analysis, what helps define transaction relationships using if-then statements?
Association rules
Which type of regression model is used to minimize error variances?
Ordinary least squares (OLS)
What are four analytics tools could be used for product analytics?
User journey analysis, heat maps, conjoint analysis, bass diffusion model
Explain the difference between supervised and unsupervised learning.
Supervised --> target is known
Unsupervised --> no previously defined target variable
What are the primary purposes of exploratory data analysis?
Identify and remedy data anomalies missed in the data preparation stage
Confirm or find important variables
Changes in variables
Patterns and relationships between variables
In the context of collaborative filtering, what type of filtering is described by the example, “Customers who liked this item also liked…”?
Item to item filtering
Explain the meaning of R2.
The amount of variance in the DV predicted by the IV(s); how well the model fits the data
What should marketers keep in mind with regard to analyzing pricing using conjoint analysis?
Actual purchases not measured; only accounts for a single buyer decision; reliability may be clouded among many attributes/levels
Explain the five characteristics of big data.
Volume --> how much data?
Variety --> structured/unstructured data
Veracity --> how messy are the data?
Velocity --> how fast can we acquire data?
Value --> how useful is the data to strategy?
What type of exploratory and cognitive analytics tool extracts meaning from text into a readable form that marketers and chatbots can use?
Natural language processing
What are two issues with collaborative filtering models?
Cold start problem and popularity bias
Describe the approaches to predictive model feature selection.
Backward elimination
Forward selection
Stepwise selection
What are the inputs to the Bass Diffusion Model and how are they calculated?
Market size at launch
Innovation rate
Imitation rate
Selling price