Data insights Practice Flashcards
(23 cards)
Changing consumer preferences, long product introduction cycles, inaccurate store testing results and over and underpricing are some of the reasons ___________________.
New Products Succeed
New Products Fail
New Products demand a lower initial mark up
New Products frequently miss the delivery deadline
New Products Fail
When setting up an insight, choose no more than 1 to 15 _____________. If you include more than 15, consumers tend to drop out of the game. Everything included should have the same end use. Everything should be substitutable; a consumer should able to use any of the included selections for the same purpose. Lastly, everything should target a similar consumer.
Ticketed Items
Test Items
Consumer Items
Reference Items
Test Items
The process at First Insight involves 5 steps:
Set Objective, Increase Testing Items, Write Survey Questions, Determine Pricing Strategy and Gain Insight.
Set Objective, Apply Multiple Variables, Determine S Thru %, Reduce First Cost and Gain Insight
Set Objective, Determine Margin Movers, Apply Markdown Strategy, Revise Sales Plan and Gain Insight
Set Objective, Select Items, Engage Consumers, Apply Analytics and Gain Insight
Set Objective, Select Items, Engage Consumers, Apply Analytics and Gain Insigh
A _______________ is a product you have previously sold. Used to identify game respondents who know most about the products and target the consumer whose feedback you want. They are key to good insight results. Analytics weigh consumer responses, targeting consumers who understand the reference items and product category. Results are not generated for these products, as they are used as a benchmark to generate Value Scores for the new items
Test Item
Margin Mover
Output Item
Reference Item
Reference Item
The items selected for an insight must be similar in price. The closer the price points to the test items and the product from question number 11, the more accurate the results will be. Items should be within a range of _______________ each other.
2X – 4x
0.5X – 2.0X
1X – 1.5X
1.5X – 2.0
1X – 1.5X
________________ allows marketers to gain a better understanding of buyer personas by leveraging consumer insights on their products and integrating this data with additional data sources to identify and thoroughly profile customer segments.
Insight Supply Chain Planning
Insight Merchandising and Design
Insight Pricing
Insight Marketing & Selling
Insight Marketing & Selling
A(n) _______________ is a characteristic or feature of an item, such as color, material, heel type, hem length, and so on. You can use a(n) ______________ to categorize, or group, items to better understand the Insight results. You can also edit or remove an item’s ______________. (same answer for all blanks)
Sentiment
Attribute
Direction
Value Score
Attribute
First Insight works with retailers and brands to create a set of online games to connect and interact with consumers and gather real-time feedback on their new products. First Insight’s online engagement tools are customizable and are unique to the customer’s brand identity. From mobile apps to social games that can live on Facebook, each interaction is designed to create relevant and meaningful experiences with customer brands. Which step of the First Insight process does this describe?
Select Items
Gain Insight
Engage Consumers
Apply Analytics
Engage Consumers
To customize the game design, you will need; text for headlines on the landing and end pages, text for messages on the landing and end pages, photos or files to for display on the landing pages. The dimensions for the images is most important, the desktop dimension for an image is:
1920 x 1080 pixels
600 x 500 pixels
336 x 40 pixels
400 x 775 pixels
1920 x 1080 pixels
Unlike the Value score, ______________ is not weighted. It is a direct representation of all consumer responses. This is identified in the insight results by PINK (love it/like it) or Grey/Black (hate it/leave it).
Margin Movers
Sentiment
Comments
Reference Items
Sentiment
As informed by First Insight, you should keep the number of survey questions limited to _____________ questions. You do not want to fatigue the respondent before they begin seeing your products.
5 – 7
7 – 10
4 - 6
3 -5
3-5
First Insight’s application is not market research. First Insight delivers actionable results in as little as 24 hours, providing guidance on the performance of 100s of items at any single time. The data is based on scientifically proven analytics that retailers use to accurately predict future behavior and the guidance is actionable – offering clear product rankings, AUR forecasts, segmented results, etc. First Insight uses four capabilities to achieve these results, which are they?
Build, Analyze, Review and Execute
Plan, Executive, Review and Publish
Speed, Scale, Science and Results
Research, Speed, Publish and Condense
Speed, Scale, Science and Results
You should only have ONE _______________ per insight. Make it specific. Who is the customer? What do you want to learn about these test items? Test for one variable. Actionable, what will you do with the results.
Model Price
Value Score
Objective
Test Price
Objective
Once you have published your insight, you ______________ change your settings.
a) might be able to
b) can
c) cannot
d) Both A and B
c) cannot
Color is important in an insight. While an insight is live, collecting data, the respondent light is red, you do not have enough responses, do not end the insight. Another color indicates you have enough to get fair quality results, but more responses would be better. Which color, when indicated, suggest you have enough responses and it is time to end an insight?
Blue
Green
Yellow
Orange
Green
The _________________ is the strongest measure of how an item is going to perform when it hits the market. Ranges from 1 – 10, with 10 indicating the highest potential value, and 1 indicating the lowest potential. This important metric is created by weighing consumer feedback based on how they respond to reference items, pricing and sentiment.
Sentiment Score
Results Score
Value Score
Reference Item
Value Score
The _______________ is a consensus on what people believe the market is willing to pay for an item. It incorporates weighted and filtered pricing responses along with sentiment responses. In essence, it can be viewed as a predictor of the AUR over the life of the product.
Ticked price
Test Price
Model Price
Promotional Price
ModelPrice
The _______________ illustrates the distribution of desirability for your item at various price points. The highest point tells you the price at which you are likely to sell the most units of the item.
Ticket Price Curve
Demand Curve
Total Value Curve
None of the above
Demand Curve
The points indicated by a yellow dot on the curve, are calculated based on your insight’s markdown cadence specified in the OVERVIEW tab during Insight setup, or the SETTINGS tab once your insight has results. Hovering over each price point, going from the right most yellow dot to the left most, will show the additional demand for your product at the specific price. You can change the _______________ and see how the demand would also change as your item moves through its markdown. Additionally, the ________________ shows you the proportional amount of units of your item consumers will buy at a starting point and at subsequent markdowns. (note – same response for both blanks)
Model Price
Ticket Price
Test Price
Promotional Pric
Ticketed Price
First Insight’s unique approach combines predictive analytics with _______________data, allowing retailers to move beyond traditional, manual assortment processes and deliver targeted selections that resonate with shoppers, driving both engagement and margin.
a) Voice of the Customer
b) Merchandise Planning
c) Diagnostic
d) Retai
Voice of the Customer
InsightSuite delivers strategic benefits to executives across various organizational functions, supporting decisions from concept to market. This solution allows consumers to guide the early concepts and ideas, create products consumers will love and value, develop more successful assortments.
a) Insight Design, Merchandising, & Sourcing
b) Insight Supply Chain Planning
c) Insight Pricing
a) Insight Design, Merchandising, & Sourcing
Insight ________________________ allows retailers to drive critical business decisions to minimize risk and optimize business outcomes, track changes in consumer behavior, and guide strategic decisions.
a) Insight Marketing and Selling
b) Insight Supply Chain Planning
c) Insight Strategy and Planning
d) Insight Pricing
c) Insight Strategy and Planning
InsightSuite delivers strategic benefits to executives across various organizational functions, supporting decisions from concept to market. Insight ______________ optimizes initial prices, promotional and markdown cadences.
a) Pricing
b) Marketing & Selling
c) Strategy
d) Merchandising, Design, and Sourcing
a) Pricing
