Test Bank For Basic Marketing Research 8th Edition by Tom

1. A famous case in the 1980s involved Coca-Cola introducing New Coke after much research. The failure of New Coke was largely due to: a. A narrow conception of the research. b. Uneven caliber of researchers. c. Poor problem definition. d. Late and occasional erroneous findings. e. Personality and presentation differences. ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 2. The process of trying to identify specific areas where additional information is needed about the marketing environment is called: a. Problem formulation b. Environmental analysis c. Information assessment d. Survey scope e. Research focus ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 3. In marketing research, a _______ is something that needs information regardless of whether the organization originally viewed the situation as a problem or an opportunity. a. Situation b. Study c. Project d. Plan e. Problem ANSWER: e POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 4. The best way of avoiding the trap of researching the wrong problem is to: a. Research all possible problems. b. Define the research problem broadly. c. Delay research until the problem is properly defined. d. All of the above are correct. e. None of the above are correct. ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 5. Defining the problem is among the most difficult aspects of the marketing research process because of the __________ of every situation a manager may encounter. a. Complexity b. Urgency c. Riskiness d. Uniqueness e. Subjectiveness ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 6. Which of the following is NOT one of the six steps in problem definition identified in chapter 3? a. State the manager's decision problem. b. Prepare research request agreement. c. Secure funding d. Meet with client e. Clarify the problem/opportunity. ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 7. Meeting with the client should be done at the earliest stages of a research project for which of the following reasons? a. To avoid duplicating efforts. b. Because it is essential that managers and researchers are able to communicate openly. c. To get as much information as possible from the manager with respect to the problem/ opportunity. d. Both B and C are correct. e. None of the above are correct. ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 8. A marketing researcher is meeting with a manager who has identified a problem. During the initial meeting, the researcher asks, "why do you think this situation has occurred?" How many times is it recommended for the researcher to ask "why" to dive deeper into possible causes of the problem? a. Two b. Five c. Three d. One e. Four ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 9. The two fundamental sources of marketing research problems are a. Ineffective advertising and change. b. Poor sales and ineffective advertising. c. Planned change and unplanned change d. Technological advancement and customer suggestions. e. Poor management and unplanned change. ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 10. Serendipity, or chance ideas, as a source of marketing research problems, might arise from: a. Customer complaint letters b. Salesperson's call reports c. Comments in trade publications d. Customer calls to toll-free service assistance centers. e. All of the above are sources of chance ideas. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: e 1 Easy United States - BUSPROG: Analytic 11. A company selling a food product had received a number of complaints about its packaging. After researching the complaints, the company switched packaging, and sales increased significantly. In marketing research terms, this type of change is best understood as: a. Product change b. Packaging change c. Unplanned change d. Planned change e. Materials change ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: c 1 Easy United States - BUSPROG: Analytic 12. Planned change is oriented more toward the ______ and is ________. a. Present; reactive b. Future; proactive c. Past, proactive d. Future, reactive e. Past, reactive ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 13. Unplanned change tends to be oriented more toward the ______ and is ______. a. Present; reactive b. Future; proactive c. Past; proactive d. Future; reactive e. Past; reactive ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: e 1 Easy United States - BUSPROG: Analytic 14. The main purpose of marketing research brought about by planned change is to: a. Decide how to implement change. b. Find out what is happening and why. c. Describe changes in the internal environment. d. Describe changes in the external environment. e. Capture and evaluate the new idea. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: a 1 Easy United States - BUSPROG: Analytic 15. Step two of the process of defining the problem is to clarify the problem/opportunity, which involves helping: a. Managers get precisely to the heart of the problem. b. Managers perform their own diagnosis of the problem. c. Managers prescribe a treatment to the problem. d. Both B and C are correct. e. None of the above are correct. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: a 1 Easy United States - BUSPROG: Analytic 16. Many managers, particularly those who have been with a company for a long time, are afflicted with "____________", which can get in the way of understanding the true nature of a problem. a. Group think b. Paralysis of analysis c. Normal thinking d. Loyalty bias e. Creative thinking ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 17. After working through the first two steps of the process of problem definition, the researcher should be in a position to state the manager's: a. Root problem cause. b. Buy-in. c. Change resistance. d. Resolution timeframe. e. Decision problem. ANSWER: e POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 18. A well-stated decision problem: a. Takes the manager's perspective. b. Is as simple as possible. c. Takes the form of a question. d. All of the above are correct. e. A and C are correct. ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 19. A discovery-oriented decision problem is best defined as a: a. Decision problem that typically seeks to answer "what" or "why" questions. b. Restatement of the decision problem in research terms. c. Decision problem that typically seeks to answer "how" questions. d. Written statement that describes the marketing problem. e. All of the above. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: a 1 Easy United States - BUSPROG: Analytic 20. The main purpose of discovery-oriented marketing research is to: a. Decide what to do about a planned change. b. Find out what is happening and why. c. Describe changes in the internal environment. d. Describe changes in the external environment. e. Capture and evaluate the new idea. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 21. Discovery-oriented research rarely solves a problem in the sense of providing: a. Quantitative data. b. Actionable results. c. Cause and effect. d. Qualitative data. e. Noticeable improvement. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 22. Strategy-oriented decision problems are aimed squarely at: a. Large organizations. b. Tactical situations. c. Complex problems. d. Making decisions. e. All of the above. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 23. Step four of the process of defining the problem is to develop possible ________, a restatement of the decision problem in research terms written from the researcher's perspective. a. Research approaches b. Research abstracts c. Research problems d. Research methods e. Research experiments ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 24. Ideas about possible research problems can come from: a. The client during the process of clarifying the problem. b. Exploratory research. c. The researcher's experience. d. All of the above. e. None of the above. ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 25. Step five of the problem definition process is to select research problem(s) to be addressed. Which of the following statements about this step is TRUE? a. Marketing researchers should allow managers to vote on which research problems to address. b. Marketing researchers should address every research problem that has been identified. c. Marketing researchers should address the research problems for which they are reasonably sure they can get favorable results. d. Researchers should attempt to address the identified research problems regardless of the cost of obtaining information. e. Researchers must carefully review each identified research problem in terms of trade-off between the information to be obtained versus the costs of obtaining that information. ANSWER: e POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 26. Step six in the process of defining the problem is the preparation of a written research request agreement. Which of the following is NOT one of the components of this agreement? a. SWOT analysis b. Logistics c. Decision problem d. Research problem(s) e. Background ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 27. The research request agreement pays little attention to: a. Research methods. b. Population and subgroups. c. The way each piece of information will be used. d. Estimates of time and money available to conduct the research. e. The underlying question confronting the manager. ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 28. An explanation of the data sources and research methodology to be used in the research project should be included in the: a. Research outline. b. Research request. c. Cost/benefit analysis of the project. d. Research proposal. e. Initial research prospectus. ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 29. The research proposal: a. Is used primarily to summarize the problem definition process. b. Does not include proposed research methods. c. Provides the researcher another opportunity to make sure that the proposed research will provide information needed to address the decision problem. d. Should be no longer than two (2) pages. e. Cannot be changed once it has been accepted by the manager. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: c 1 Easy United States - BUSPROG: Analytic 30. Which of the following sections would NOT appear in a research proposal? a. Purpose and limits of the project. b. Research results. c. Data sources and research methodology. d. Estimate of time and personnel requirements. e. All of the above would appear in a research proposal. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 31. A ________ is simply a document that describes, a specifically as possible, the nature of the problem for which research is sought and that asks providers to offer proposals. a. Research requisition b. Scope of work c. Request for Proposal d. Research contract e. Bid for Services ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: c 1 Easy United States - BUSPROG: Analytic 32. A marketing researcher can take all the necessary steps and get perfectly valid answers - only to discover that he or she was asking the wrong questions. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 33. A small fraction of marketing research is conducted to track changes in consumer preferences. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 34. One of the most important things a researcher can do for a manager is to provide the same perspective of the problem/opportunity. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 35. If possible, researchers should attempt to conduct strategy-oriented research. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 36. In most cases, decision makers will fund research on all possible decision problems. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 37. It is better to address one or two research problems fully than to try to tackle multiple issues and do a half-baked job on each. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 38. An important advantage of using an outside research firm is the degree of objectivity it brings to a project. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 39. When using an outside research firm, experts suggest that managers seek proposals from at least ten companies. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 40. A(n) ____________________ is a restatement of the decision problem in research terms, from the researcher's perspective. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: research problem 1 Easy United States - BUSPROG: Analytic 41. The best way to avoid the trap of researching the wrong problem is to ____________________ until the problem is properly defined. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: delay research 1 Easy United States - BUSPROG: Analytic 42. Problem formulation involves more ____________________ and must be approached with great care. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: art than science 1 Easy United States - BUSPROG: Analytic 1. Which of the following is NOT one of the three dimensions of the framework for understanding Big Data? a. Volume b. Vastness c. Velocity d. Variety e. All of the above are dimensions of the framework ANSWER: b POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 2. The volume dimension of Big Data refers to: a. The amount of data being collected. b. The pace of data flow, both in and out of a firm. c. The consistency of the data collection process. d. The diversity of types or forms of data. e. The capacity of the storage units on which data is stored. ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 3. The velocity dimension of Big Data refers to: a. The amount of data being collected. b. The pace of data flow, both in and out of a firm. c. The consistency of the data collection process. d. The diversity of types or forms of data. e. The speed at which data is transmitted through the company network. ANSWER: b POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 4. Businesses like banks and airlines have more data than firms in other industries due to the _______ nature of their businesses. a. Seasonal b. Consumer c. Stagnant d. Transactional e. Services ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 5. The variety dimension of Big Data refers to: a. The amount of data being collected. b. The pace of data flow, both in and out of a firm. c. The different storage device capacities available for storing Big Data. d. The diversity of types or forms of data. e. The variety of businesses that utilize Big Data. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 6. The most challenging of the three dimensions of Big Data is considered to be: a. Volume b. Vastness c. Velocity d. Variety e. All dimensions are equally challenging ANSWER: c POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 7. Which of the following represent valid sources of Big Data? a. Survey responses b. Transactions details c. Social media references d. Location data e. All the above are valid types of data ANSWER: e POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 8. Big Data is the process of ____________ large and varied data sets. a. Capturing, understanding and distributing b. Detecting, merging and analyzing c. Capturing, merging and analyzing d. Securing, validating and storing e. Researching, analyzing and storing ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 9. The auto insurance company that uses an App to monitor your driving behavior, collecting thousands of data points in the process, as part of providing you a policy quote illustrates which dimension of Big Data? a. Volume b. Vastness c. Velocity d. Variety e. Value ANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 10. A major restaurant chain wishes to understand consumer sentiment about its brand, so it analyzes social media comments, receipt survey data, call center conversation summaries from its CRM system and even reviews from websites like Urban Spoon. This illustrates which dimension of Big Data? a. Volume b. Vastness c. Velocity d. Variety e. Value ANSWER: d POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 11. Which of the following does NOT represent the purpose of Big Data or what it is all about? a. Understanding current business practices better. b. Generating more data inputs. c. Seeking new opportunities to enhance future performance. d. Establishing the processes to yield insightful outcomes. e. All of the above are consistent with the value of Big Data. ANSWER: b POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 12. A study of hundreds of C-level executives reveals that a fourth dimension of Big Data may be: a. Visibility b. Variability c. Value d. Vision e. Vigor ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 13. Applications of Big Data in the real world might include which of the following? a. Improving customer retention rates. b. Dealing with negative word of mouth. c. Creating personalized promotions. d. All of the above are valid applications of Big Data. e. Only B and C are valid examples of Big Data. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 14. Data such as transactional data collected by banks, airlines and retailers is known as _______ data. a. Structured b. Random c. Collected d. Unstructured e. Big ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: a 1 Easy United States - BUSPROG: Analytic 15. Data such as blogger reviews or social media comments is known as _____ data. a. Structured b. Random c. Collected d. Unstructured e. Big ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 16. A great source of "Voice of the Customer" (VOC) data is: a. Structured b. Mobile c. Omni-transactional d. Unstructured e. Social ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: e 1 Easy United States - BUSPROG: Analytic 17. A Big Data application of using location-based mobile data from call records is: a. Voice of the Customer insights b. A 360-degree view of purchasing patterns c. Location-based marketing in real time. d. Optimized website design. e. All of the above are enabled by location-based mobile data. ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 18. Omni-channel retailing recognizes that sources of transaction data that provide purchase insights are available from: a. Brick-and-mortar b. E-commerce c. Mobile d. In-store pickup e. Omni-channel could include transaction data from all of the above. ANSWER: e POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 19. The value of linking data from several contexts (e.g. omni-channel transactional data) is that it can provide: a. Big data sets for analysis. b. A complete view of in-store purchasing behavior. c. A complete view of online purchasing behavior. d. Location mapping data. e. A 360-degree view of purchasing patterns. ANSWER: e POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 20. Analytical techniques, when applied to large sets of data, can: a. Describe consumer behavior. b. Predict future consumption actions. c. Prescribe courses of action for a firm and its management d. All of the above. e. None of the above. ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 21. Which of the following is NOT considered a descriptive analysis technique? a. Data harmonization b. Data mining c. Data fusion d. Neural networks e. Visualization ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 22. The descriptive analysis technique whose goal is to integrate and analyze data from various sources as opposed to relying on only a single source is known as: a. Data harmonization b. Data mining c. Data fusion d. Neural networks e. Visualization ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 23. The analysis that discovers interesting relationships between items purchased on a single ticket (e.g. in the same shopping cart) of consumers is: a. Data harmonization b. Data mining c. Data fusion d. Neural networks e. Visualization ANSWER: b POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 24. Combining real-time sales data with real-time social media mentions in order to better understand consumer sentiment toward an advertising campaign is an example of which data analysis technique? a. Neural networks b. Affinity c. Data mining d. Data fusion e. Harmonization ANSWER: d POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 25. The analysis technique to consider when searching for nonlinear patterns in data is: a. Visualization b. Data fusion c. Data modeling d. Data mining e. Neural networks ANSWER: e POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 26. Recognizing patterns, such as identifying fraudulent insurance claims made by otherwise consistent policyholders, is an example of which kind of descriptive analysis technique? a. Data screening b. Visualization c. Neural networks d. Data fusion e. Data mining ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 27. Creating charts, graphs, images, diagrams and even word clouds that allow for better communication of data is an example of: a. Data fusion b. Visualization c. Neural networks d. Harmonization e. Data mining ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 28. The analysis that focuses on future-oriented, potential behaviors as opposed to classifying past behaviors is known as: a. Future analysis b. Predictive analysis c. Descriptive analysis d. Presumptive analysis e. Speculative analysis ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 29. _________ analysis tries to uncover explanatory and predictive models of business performance based on the relationship between data inputs and business outcomes. a. Regression b. Descriptive c. Predictive d. Perceptive e. None of the above ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: c 1 Easy United States - BUSPROG: Analytic 30. The analysis technique that involves seeing how a dependent variable might change when one or more independent variables changes, such as to see if a customer can be cross-sold or up-sold at the point of purchase is known as: a. Purchase analysis b. Regression analysis c. Descriptive analysis d. Time series analysis e. Simulation analysis ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: b 1 Easy United States - BUSPROG: Analytic 31. Discovering data-based trends by analyzing sequences of data over successive times to not only recognize the data pattern but forecast how the data will extend into the future is the goal of: a. Regression analysis b. Trend analysis c. Time series analysis d. Simulation analysis e. Spectral analysis ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: c 1 Easy United States - BUSPROG: Analytic 32. Taking multiple, random samples from an existing data set and running thousands of "what if" analyses, each with different assumptions about market conditions and other marketplace dynamics is an example of which of the following? a. Regression analysis b. Trend analysis c. Time series analysis d. Simulation analysis e. Spectral analysis ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 33. Which of the following best describes what prescriptive analysis is? a. To recommend the best course of action among the firm's various options. b. To predict a future outcome with some degree of confidence. c. To understand the current context. d. None of the above. e. Both B and C are correct descriptions of Descriptive analysis ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 34. What statement best describes what prescriptive analysis is used for? a. To uncover explanatory and predictive models of business performance based on the relationship between data inputs and business outcomes. b. To understand business performance. c. To extract patterns from large datasets. d. To determine a set of high-value alternative actions for the purposes of improving business performance. e. To determine if a customer can be cross-sold or up-sold a product at the point of purchase. ANSWER: d POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 35. A key term in prescriptive analysis is: a. Randomization b. Differentiation c. Optimization d. Experimentation e. Amortization ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 36. The analysis that Major League Baseball uses to create its schedule each year, to optimize stadium commitments, travel, hotel, sponsorships and other factors, is an example of: a. Descriptive analysis b. Prescriptive analysis c. Chronological analysis d. Predictive analysis e. Spatial analysis ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 37. IBM's Slamtracker, which analyzes years of Grand Slam tennis data to compare historic head-to-head statistics of competitors to predict keys to winning a match is an example of which kind of analysis? a. Descriptive b. Competitive c. Prescriptive d. Historical e. Predictive ANSWER: e POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 38. A key challenge of Big Data is integration. Which of the following is NOT one of the areas in which companies are challenged with Big Data integration? a. Integration of a firm's internal transaction data b. Access to data c. Analytic skills d. Retrieval of data e. Integration of data within and between firms ANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 39. A wealth of barcode transaction data is collected by merchants when customers make purchases. Which one of the following scenarios does NOT represent one of the typical Big Data integration challenges in using these transactional data? a. Getting merchandising ideas by doing a market basket analysis b. Linking the transaction data to a decision support system for ease of in-store price changes c. Creating personalized promotions using the store's loyalty program d. Combining barcode transaction data with customer Facebook status updates about service quality. e. All of the above represent typical Big Data integration challenges ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic 40. Which of the following statements best represents the analytics skills problem of Big Data integration? a. Big Data analytics is a discipline too new to provide meaningful employment opportunities b. Most companies have not yet accumulated enough data to have a need for Big Data analytics c. There is too much data and companies lack the right skills to manage data effectively d. The level of skill required for Big Data analytics is too low to attract quality job candidates into the profession e. There is no analytics skills problem associated with Big Data ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: c 1 Moderate United States - BUSPROG: Analytic 41. Even if all data integration issues are addressed, the problem that remains for most companies when it comes to integrated data is: a. Finding ways to store it all b. Backing up the data properly c. Controlling access to the data d. Finding the hidden insights within the data e. Auditing the data regularly ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: d 1 Easy United States - BUSPROG: Analytic 42. It is generally accepted that Big Data is three-dimensional. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 43. The sources of Big Data are not highly variable. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 44. Firms investing in the capture, storage and analysis of large and varied data sets are forward-looking and cutting edge. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 45. One way of understanding structured data is as filling rows of data on a spreadsheet. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 46. Barcode transaction data captured at a grocer's cash register is an example of unstructured data. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 47. One of the key challenges of Big Data integration is the ability to merge unstructured and structured data. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 48. Data mining is a descriptive analysis technique used for finding nonlinear patterns in the data a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: False 1 Easy United States - BUSPROG: Analytic 49. Predictive analysis focuses on future-oriented, potential behaviors as opposed to merely classifying past behaviors. a. True b. False ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: True 1 Easy United States - BUSPROG: Analytic 50. The _______ dimension of Big Data is considered the most challenging of all. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: variety 1 Easy United States - BUSPROG: Analytic 51. Voice of the Customer (VOC) data are largely ______________ social media posts. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: unstructured 1 Easy United States - BUSPROG: Analytic 52. Social network analysis studies social connections where the leader in a network is a _________ and the multiple followers are nodes on the _________ . ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: hub, spokes 1 Easy United States - BUSPROG: Analytic 53. Starbucks creating over 800 "geofences" in the UK to send geotargeted text messages to customers is an example of using __________-__________ ________ of mobile data. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: location-based services 1 Easy United States - BUSPROG: Analytic 54. Data in one context that is linked to data in another context, and another and another, such as Apple does to get a 360-degree view of customer purchasing is an example of _____________-____________ data. ANSWER: omni-transactional POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic 55. Define Big Data and describe the framework for understanding its key elements, the three "Vs", explaining what each of the "Vs" represents. ANSWER: POINTS: DIFFICULTY: NATIONAL STANDARDS: Big Data is the process of capturing, merging and analyzing large and varied data sets for the purpose of understanding current business practices and seeking new opportunities to enhance future performance. The first dimension of Big Data is Volume, which refers to the amount of data being collected. The second "V" is Velocity, with refers to the pace of data flow, both into and out of a firm. The third "V" or dimension of Big Data is Variety, and refers to the fact that data can take many forms, both structured and unstructured. 1 Moderate United States - BUSPROG: Analytic