Data Analytics Methods for Marketing Quiz Answers

Get All Weeks Data Analytics Methods for Marketing Quiz Answers

This course explores common analytics methods used by marketers. You’ll learn how to define a target audience using segmentation with K-means clustering. You’ll also explore how linear regression can help marketers plan and forecast. You’ll learn to evaluate the effectiveness of advertising using experiments as well as observational methods and you’ll explore methods to optimize your marketing mix; marketing mix modeling and attribution. Finally, you’ll learn to evaluate sales funnel shapes, and visualize and optimize them.

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Week 01 Quiz Answers

Practice Quiz Answers

Q1. Segmentation is…

  • A way to sort people in groups based on characteristics they have in common
  • A way to sort people based on unstructured data
  • A way to sort people based on what they buy

Q2. True or false, segmentation from data analysis is one of the two forms of segmentation.

  • True
  • False

Q3. True or false, psychographic segmentation is the most powerful form of segmentation.

  • True
  • False

Q4. Which of the following are forms of behavioral segmentation… (Select all that apply)

  • Values
  • Location
  • Spending habits
  • Product usage

Q5. A contextual targeting vendor understanding the difference between the Miami Dolphins football team and dolphins in the ocean is an example of…

  • Semantic understanding
  • Wisdom of the Crowd
  • One to one personalization
  • Segmentation and targeting

Practice Quiz Answers

Q1. What is“K” defined as in K-means clustering?

  • The variance of the clusters
  • The Euclidean distance between two points
  • The number of clusters
  • The distance between two centroids

Q2. What is the Euclidean distance between these two points?

  • 3.91
  • 2.93
  • 0.25
  • 3.16

Q3. What is the variance for the following data set: 2,4,5,6,8

  • 4
  • 6
  • 5
  • 8

Q4. What does the Dunn Index measure?

  • The distance between two points
  • Both the tightness of clusters and how far apart clusters are
  • How far apart clusters are
  • How tight clusters are

Q5. When calculating variance for your clusters in k-means clustering, you are looking for the ______ total variance across clusters

  • Lowest
  • Highest

Week 02 Quiz Answers

Practice Quiz Answers

Q1. You can have multiple secondary KPIs.

  • True
  • False

“Q2. How has inventory moved in the last 12 months?” is a question that would use _____ analytics to find the answer.

  • Prescriptive
  • Predictive
  • Descriptive

Q3. What is the ROAS for the campaign displayed here?

  • 200%
  • $100
  • $3000
  • 100%

Q4. What are the two key differences between ROI and ROAS?

  • ROAS only uses direct advertising spend, whereas ROI uses all costs
  • ROI only uses direct advertising spend, whereas ROAS uses all costs
  • ROAS uses revenue, not profit
  • ROI is generally used in advertising, while ROAS is generally used in finance

Q5. of the following could be examples of customer profitability segmentation strategies? (Choose all that apply)

  • B2B vs. B2C segmentation
  • RFM analysis
  • Persona-based segmentation
  • CPM analysis

Practice Quiz Answers

Q1. What is the acronym for customer lifetime value?

  • CLTV
  • CLV
  • CTV
  • CULV

Q2. COGS stands for…

  • Cost of goods sent
  • Cost of goods sold
  • Cost of goal sold
  • Core of goods sold

Q3. If the average customer retention period is 2 years with an average of 7 transactions over that time period and the gross profit margin is 30%, what is the overall CLTV of the following data set?

CustomerSalesNumber of transactions
Customer 1$2002
Customer 2$3004
Customer 3$2503
  • $300
  • $350
  • $150
  • $250

Q4. If the average customer retention period is 2 years with an average of 7 transactions over that time period and the gross profit margin is 30%, what is the CLTV of Customer 2?

CustomerSalesNumber of transactions
Customer 1$2002
Customer 2$3004
Customer 3$2503
  • $350
  • $300
  • $315
  • $250

Q5. If your revenue is $3,000 and your COGS is $1,800, what is your gross profit margin?

  • 30%
  • 60%
  • 50%
  • 40%

Week 03 Quiz Answers

Practice Quiz Answers

Q1. SMART Goals are:

  • Systematic Marketing And Realty Time-Lines
  • Specific Measurable Achievable Realistic Time Bound
  • Simple Meaningful Accurate Relevant Targeted
  • Small Manageable Accurate Real Terrific

Q2 .KPIs can help because they are specific metrics that can be used to measure progress. True or False?

  • True
  • False

Q3 . The two methods you can use to evaluate ad effectiveness are:

  • Experimental and Observational Methods
  • Observational methods and KPI evaluation
  • KPI evaluation and SMART Goal setting
  • SMART Goal setting and Experimental methods

Q4. If you are running an ad with a “click to subscribe” button, can you measure the effectiveness of the ad ONLY by counting the number of customers who subscribed by clicking the button?

  • No
  • Yes

Week 04 Quiz Answers

Practice Quiz Answers

Q1. Your manager is asking you to put a report together that shows how much incremental sales was generated by the TV campaign you ran last quarter and she also wants to know how that compares to the money that you invested in ads on Facebook during that same time. Which would be the best metric to highlight in your report:

  • Cost per Acquisition
  • Return on Investment (ROI)
  • Customer Lifetime Value

Q2. Which of the following are typical outputs of a MMM?

  • Marginal return associated with each marketing channel.
  • An overview of which of my TV ad creatives worked best in the past year.
  • An overview of how my spending in different marketing channels contributed to success.
  • A report that provides detail on how much influence each of your marketing activities had on sales.

Q3. For which of the following questions could a marketer use a Marketing Mix Model to get the answer:

  • What would the influence be on sales if I doubled the budget I spend on Instagram Stories next year?
  • What was the ROI of my fall TV campaign I ran last year?
  • What would happen to sales if we increase the price of our product?
  • Which ad creative performed best in my holiday ad campaign on Facebook?

Q4. Marketing Mix Modeling is an interaction between a team of modelers and an econometric model. What is the role of the team of modelers?

  • Advise marketers on how to effectively create ads to build successful campaigns
  • Acquire data for a set number of variables that they know always influence sales in a similar way
  • Come up with a set of variables that may affect sales and iterate on these variables until a robust model is achieved for the particular company in question and the KPI they are trying to model

Q5. Imagine you are working in the marketing department of a restaurant chain and your manager asks you to provide management with a monthly report that provides an update on the effect of each of the media channels used by your company on sales volume. What would be your best response

  • I can provide you with an estimate of the ROI for every media channel based on our monthly spending. And, every 6 months, I will include an update on the actual effect the different channels had on our sales.
  • Of course, I will re-run our MMM monthly so we can include the results in the report.

Practice Quiz Answers

Q1. What is this funnel shape called?

  • A classic funnel
  • A footed funnel
  • A blocker funnel
  • A reverse funnel

Q2. If you see the shape below and you’re in B2C marketing, what is the most likely thing you want to investigate?

  • Your website
  • Your pricing strategy
  • Your check out flow
  • Your attribution model

Q3. What is one question you’ll want to ask yourself at the interest and consideration stages of the sales funnel?

  • What page are people entering our website on?
  • How long are people spending on their first page?
  • What are people searching for on my site? Is it a specific item or category?
  • What is the repurchase rate for returning users? 

“Q4 . Where do users drop off in the purchase process?” is a question you’d ask yourself in the _____ stage of the sales funnel.

  • Interest
  • Consideration
  • Awareness
  • Conversion
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