DATA ANALYTICS IN MARKETING & CRM DECISION MAKING

Which of the following best defines marketing as per the American Marketing Association (AMA)?

• Creating only advertisements to sell products

• The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society

• Managing internal business processes only

• Analyzing employee productivity

Answer explanation

Marketing is defined as a broad process that involves creating and delivering value through products and services that meet customer needs, not just advertising.

What is the main goal of marketers?

• To analyze employee satisfaction

• To improve internal operations only

• To understand customer needs, offer them relevant products or services, and persuade them to buy

• To focus solely on production efficiency

  Correct Answer: C

Answer explanation

The main objective of marketers is to understand what customers need, offer suitable solutions, and encourage them to make a purchase.

Which of these is NOT listed as a source of marketing data?

• Data from product usage

• Data from the purchase basket

• Data from employee training records

• Data from customer conversations

Answer explanation

The lecture mentions various customer-related data sources, but employee training records are not a part of marketing data sources.

What is the primary purpose of marketing analytics?

• To evaluate consumer behavior and improve marketing campaigns

• To manage the company’s internal operations and logistics

• To monitor employee satisfaction and productivity

• To oversee financial reporting and auditing processes

Answer explanation

Marketing analytics focuses on gathering and analyzing marketing data to understand consumer behavior and optimize marketing strategies.

Which of the following is NOT a benefit of marketing analytics for decision-making?

• Helping marketers determine the most effective advertising medium

• Offering insights into how consumers react to specific advertisements

• Assisting marketers in designing employee incentive programs

• Enabling real-time, data-driven campaign adjustments

Answer explanation

Employee incentive programs are an HR function, not a focus of marketing analytics, which is customer and campaign-focused.

What is Media Mix Modeling (MMM) used for?

• Evaluating customer satisfaction surveys

• Measuring the combined impact of various marketing channels on campaign success

• Analyzing company budget allocations for internal operations

• Managing communication within marketing teams

Answer explanation

MMM measures how different marketing channels (like TV, radio, digital) contribute to the success of a campaign, using aggregate data.

What type of insights does Multi-Touch Attribution (MTA) Analytics provide?

• Company’s quarterly financial performance

• Effects of different customer touchpoints on the purchase journey

• Employee satisfaction during product launches

• Impact of office layout on teamwork

Answer explanation

MTA focuses on evaluating the impact of each customer touchpoint in influencing purchasing decisions.

Which of the following is a customer touchpoint according to MTA?

• Internal HR meetings

• Social media advertisements

• Supply chain logistics reports

• Office safety audits

Answer explanation

Social media advertisements are direct interactions between a brand and customers, making them valid touchpoints in MTA.

What is the key feature of Unified Marketing Measurement (UMM) Analytics?

• A method focusing only on offline advertising

• A combination of MTA and MMM providing a holistic view of marketing performance

• A tool used for analyzing HR policies

• A technique used solely for analyzing social media engagement

Answer explanation

UMM combines MTA and MMM to give a comprehensive assessment of marketing performance, covering both online and offline channels.

Customer Relationship Analytics helps companies to answer all of the following questions EXCEPT:

• Which sales channels should be used to reach customers?

• Who are the most valuable customers?

• How can production processes be optimized?

• Which customers are likely to respond to promotions?

Answer explanation

Customer Relationship Analytics focuses on customer behaviors and relationships, not on optimizing production processes.