CH4

Question 1

market research

Answer 1

process of planning, collecting and analyzing info in order to improve marketing activities and reduce risk

Question 2

metrics

Answer 2

numerical data that is collected and grouped to track performance

Question 3

4 V’s of data

Answer 3

1. volume
2. variety
3. velocity
4. veracity (accuracy)

Question 4

descriptive analytics

Answer 4

what has happened

Question 5

3 types of descriptive analytics

Answer 5

1. website
2. social media
3. RFM (recency, frequency, monetary)

Question 6

predictive analytics

Answer 6

what might happen

Question 7

common types of predictive analytics

Answer 7

1. CRM database
2. social media analytics
3. marketing analytics
4. customer service database
5. purchased data

Question 8

3 main types of market research

Answer 8

1. exploratory
2. descriptive
3. casual

Question 9

exploratory research

Answer 9

preliminary research that clarifies the marketing problem or opportunity

Question 10

descriptive research

Answer 10

describes basic characteristics to clarify usage and attitudes

Question 11

casual

Answer 11

identify cause and effect relationship among variable

Question 12

6 step marketing approach

Answer 12

1. define the problem
2. design research plan
3. conduct exploratory and qualitative research
4. conduct quantitative research
5. compile and analyze data
6. generate reports