What does data analytics primarily involve?

• Ignoring data trends

• Generating large amounts of data without analysis

• Deriving key insights from large amounts of unstructured information

• Focusing on manual data processing only

How is consumer behaviour crucial to marketing strategy?

• By limiting product customisation

• By understanding why consumers make purchases

• By focusing on a single consumer profile

• Through disregarding consumer preferences

What signifies a successful marketing strategy?

• Decreased sales

• Increased operational inefficiencies

• Alignment with organisational objectives

• Ignoring market research

How does segmentation enhance marketing efforts?

• By treating all customers as identical

• Through tailoring marketing messages to specific groups

• By simplifying product offerings

• Through reducing the variety of marketing channels

What role does predictive modelling play in marketing analytics?

• To confirm past data without forecasting

• For making informed decisions about future strategies

• To disregard patterns in consumer behaviour

• Ignoring technological advancements in data analysis

How important is data quality in analytics?

• Not important as long as there is a large amount of data

• Crucial for accurate and actionable insights

• Secondary to the volume of data

• Negligible for predictive modelling

What is the purpose of cluster analysis in market segmentation?

• To treat all market segments as homogeneous groups

• To identify natural groupings based on customer characteristics

• To disregard customer data variability

• To simplify market analysis by avoiding segmentation

Which is a key component of descriptive analysis?

• Predicting future consumer behaviour without current data

• Analysing past and present data to describe what happened

• Completely focusing on future market trends

• Ignoring historical data trends

Why is customer lifetime value (CLV) important for businesses?

• It helps in minimising investment in customer relations

• For understanding the long-term value of customer relationships

• It is unrelated to marketing strategies

• Only for assessing short-term profitability

What benefit does data mining offer to marketers?

• Enables ignoring vast amounts of customer data

• Helps extract useful information for strategic decisions

• Focuses solely on historical data without current relevance

• Discourages the use of analytics in campaign planning