The process of organizing data from multiple sources into usable information is called
a. data mining b. big data
c. marketing research d. convergence analytics
Question 2Ethical research
a. is frequently used to disguise a sales tactic b. is biased research
c. respects confidentiality d. both a and c
Question 3Decision making for most companies is mainly based on
a. a combination of gut feelings, intuition and marketing research b. a great amount of luck
c. gut feelings only d. marketing research only
Question 4Collecting and sorting data
a. is tedious work b. is time consuming
c. becomes easier using spreadsheet and database software programs d. all of the above
Question 5Price points
a. are bonuses received for purchasing certain products b. are the range of prices charged for a category of merchandise
c. are used for psychological pricing d. are the lowest prices charged for merchandise
Question 6The first step for marketing research is to
a. analyze current conditions b. collect the data
c. discover and define the problem d. analyze and report the data
Question 7Even data-driven decisions must be balanced with common sense and ethics.
a. True
b. False
Indicate whether the statement is true or false
Question 8A calculation of the estimated profit a business will earn from a customer is called the customer's lifetime value, or CLV.
a. True
b. False
Indicate whether the statement is true or false
Question 9Today, most advertisers rely on what has succeeded previously in order to determine which TV programs potential viewers will watch.
a. True
b. False
Indicate whether the statement is true or false
Question 10Revealing patterns and measuring data are part of analytics, or finding meaning in the data.
a. True
b. False
Indicate whether the statement is true or false
Question 11In some businesses, gut feelings and intuition are used in decision making.
a. True
b. False
Indicate whether the statement is true or false
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