Test 1

Question 1

Evidence-based marketing

Answer 1

type of marketing where the company uses stats, research, and trends to make informed marketing decisions.

Question 2

why to avoid EBM

Answer 2

-too much trust in one’s own experience
-hype of info
-capitalize one’s strength

Question 3

what makes it hard to be evidence-based

Answer 3

-too much evidence
-the evidence does not apply
-misleading

Question 4

5 c’s

Answer 4

care, clear, concise, credible, correct

Question 5

Evidence has many shapes:

Answer 5

Descriptibe. diagnostic, predictive

Question 6

descriptive

Answer 6

gathering & presenting statements of facts, sales trends, wants & needs.

Question 7

diagnostic

Answer 7

what was the impact of the new promotion?

Question 8

Scale of increasing risk of decisions

Answer 8

systemic reviews, experiments, mixed method studies, quant, qual, expert opinion.

Question 9

qualitative, exploratory

Answer 9

-focus groups, interviews/customer visits, social listening

Question 10

quantitative, confirmatory

Answer 10

-survey research, experimentation

Question 11

Leading indicators

Answer 11

-where things could go
-harder to measure, easier to influence

Question 12

lagging indicators

Answer 12

-what has already happened
-easier to measure, difficult to influence

Question 13

types of secondary research-internal

Answer 13

numerical records, free form or text/numbers

Question 14

types of secondary research-external

Answer 14

published data-trade press, commercial reports

Question 15

advantages of secondary data

Answer 15

-less costly
-help clarify or refine the issue or problem
-can be the only available source of data

Question 16

Disadvantages of secondary data

Answer 16

-might not be available
-quality varies and problems can be subtle

Question 17

volume, variety, velocity

Answer 17

-amount of data
-type of data collected
-time data is collected

Question 18

Big data strengths

Answer 18

its big, real, automatic

Question 19

big data weaknesses

Answer 19

superficial, susceptibility to hype

Question 20

a large amount of info that is too massive and complex for regular databases and tools to handle effectively

Answer 20

Big data

Question 21

pros of big data

Answer 21

-uncover patterns and trends, can lead to better decision-making.
-quicker and more informed

Question 22

cons of big data

Answer 22

-privacy concerns
-complex—> requires special sills and tools

Question 23

how to get big data

Answer 23

-internal (company logs,text and numbers, external sources (social media, 3rd party).