Questions and Answers of Essentials Of Marketing Analytics

What is marketing analytics?
How are companies using marketing analytics to make strategic marketing decisions?
Name several external data sources that might be helpful to marketers.
How might a company use structured and unstructured data to better understand customers?
Define a target variable.
Discuss the difference between supervised and unsupervised learning.
What are the steps of the marketing analytics process?
Visit www.data.gov. Click on Consumer, then click on Data. How many datasets are currently located on this website for free? Select one dataset and develop a scenario where the data might be helpful
Develop two questions that an airline company might be interested in answering. Describe types of unstructured and structured data that might be important to answering the questions. What data
Define and describe the characteristics of big data.
Why is it important for marketers to have a basic understanding of the fundamentals surrounding data management?
What are some characteristics of data quality that need to be examined to avoid invalid analytics results?
How is the data prepared in ETL?
Explain several tasks that might be involved when preparing data for analysis.
What are some basic questions you can answer by querying data from a relational database using SQL?
Congratulations, you were just hired as a marketing analyst for a large company.The VP of Marketing has asked you to examine how the company might improve sales. What data might be helpful in your
Consider the avocado data within the Case Study. What additional data fields might be necessary to explore the following questions:a. What is the average income of customers in the cities that yield
What is exploratory data analysis?
How does cognitive analytics augment traditional exploratory data analysis?
Why would a marketing analyst use cognitive analytics?
How might the integration of internal and external data provide value for a company?
Establish three different business scenarios where an exploratory data analysis using cognitive analytics might be helpful.
Using the different scenarios, determine internal and external data that might be useful in better understanding the relationship between the company and customers.
Define data visualization.
Why is it so important that marketers have a basic understanding of the fundamentals surrounding data visualization?
What are the two main objectives surrounding the graphical depiction of quantitative values?
What are the six basic principles of design?
Explain the basic elements of design.
Describe the eight common relationships that exist in business data.
Examine a public Tableau dashboard at https://public.tableau.com/en-us/gallery/?tab=viz-of-the-day&type=viz-of-the-day. How are the principles and elements of design used in the dashboard? How does
Suppose that you are presenting insights from the last two weeks to the management team at your company. You need to convey insights clearly and quickly. How would a dashboard facilitate your
What is a simple linear regression?
How is multiple regression different from simple linear regression?
Explain how predictive regression performance is assessed.
Name some techniques used for selecting features to use in a model.
Locate an article on a struggling business. Identify a business problem from the article. List 15 features that could be helpful in predicting a target variable.
Use the features identified in question 1. Draw two different models that include features and a target variable. The first model should be developed using all of the 15 features that could predict
Define neural network.
Describe how marketers use neural networks.
What are basic structural elements of a neural network?
Explain the functions of a neural network.
What types of neural networks exist?
How does a neural network learn?
Review the data fields in Exhibit 6-7. What are some additional variables not contained in the dataset that could be used to predict whether customers might be satisfied?Exhibit 6-7 VARIABLE NAME
What outcomes other than customer satisfaction would be helpful for marketing managers to predict?
Explain Automated Machine Learning (AutoML).
What questions might arise when presenting AutoML learning results?
How can AutoML learning be used in marketing?
Describe an ensemble model.
What are the key steps in the AutoML process?
Identify other business problems you might face as a marketer in the P2P lending industry. Considering your new business problem, what other free data sources can be blended with Lending Club data to
Examine Exhibit 7-37. Are there other customers that should be monitored for default? Should the marketing team consider developing communications for customers that are not at risk for
Identify the variables necessary when using AutoML to predict customer churn (customers that stop purchasing from the brand) for your favorite clothing brand.
Define cluster analysis.
How is cluster analysis useful in marketing segmentation?
How can marketers use cluster analysis?
How does a cluster analysis function?
Differentiate between hierarchical and k-means cluster analysis techniques.
Review Exhibit 8-48. What are the differences seen in the groups when examining the three cluster results versus four cluster results?Exhibit 8-48. Jupyter Cluster Analysis Last Checkpoint: 40
Review Exhibit 8-49. What are some marketing strategies that might meet the needs and wants of customers within the four different clusters? Exhibit 8-49. SEGMENT NAME Silver: weakest customers.
Define market basket analysis.
How can marketers use market basket analysis insights in decision making?
What are association rules?
What does an apriori algorithm identify?
Explain the difference between support, confidence, and lift.
What is the difference between collaborative filtering and association rule?
Upon evaluation of Exhibit 9-32, what is Support, Confidence, and Lift indicating for results of the association rule IF [Hoodie] THEN [Pants]?Exhibit 9-32 Result History Data 7 Graph Description
How could marketing managers use the results from Exhibit 9-32 when making email marketing and general promotion decisions?Exhibit 9-32 Result History Data 7 Graph Description Annotations Process
Define natural language processing.
How can marketers use natural language processing?
What are the basic steps of text analytics?
What is the difference between stemming and lemmatization?
How does removing stop words improve the analysis?
How does a term-document matrix work?
Collect five reviews from your favorite retail website for one product. Using the reviews, develop a term-document matrix similar to Exhibit 10-5. What terms appear most frequently? Exhibit 10-5.
Create a scenario in which this text data might be helpful to a company. Then, consider which data sources (e.g., customer service transcripts, customer-generated social media posts, etc.) would be
Define social network analysis.
How can marketers use social network analysis?
Differentiate between a node and an edge.
What information does a graph provide?
Explain the difference between degree centrality, betweenness centrality, and eigenvector centrality.
How can link prediction be used?
How does knowledge of what Twitter users are tweeting about regarding electric cars help refine and develop innovative products? What are some other sources of information that might also be helpful?
A company wants to identify three influencers in the network to discuss and review the new electric car model. Using Exhibit 11-43, which three people could serve as influencers? Why did you select
Define digital marketing.
How can marketers use digital marketing analytics?
What are the three categories of digital marketing media touchpoints?
List several examples of touchpoints for each digital marketing media.
What are some basic and complex measurements associated with digital marketing analytics?
Describe A/B testing and explain its purpose.
Consider the data in the Google Analytics reports. What external data might be helpful to combine with this data to drive more insights?
Exhibit 12-28 indicates which age groups are exiting the landing page at a slightly higher rate. Brainstorm some ideas that might be helpful to keep them engaged longer on our website.Exhibit 12-28