,1. Multiple Choice: Which of the following is a key factor in
driving business opportunities through advanced analytics?
a) Data collection
b) Data interpretation
c) Data storage
d) All of the above
Correct Answer: d) All of the above
Rationale: Advanced analytics involves a comprehensive
approach where data collection, interpretation, and storage
play crucial roles in identifying and driving business
opportunities.
2. Fill-in-the-Blank: __________ is the process of identifying
patterns and correlations in large datasets to inform
decision-making.
Correct Answer: Data mining
Rationale: Data mining allows businesses to uncover
hidden patterns and correlations that can lead to the
discovery of new opportunities.
3. True/False: Business opportunities can only be identified
through quantitative analysis.
Correct Answer: False
Rationale: While quantitative analysis is important,
qualitative insights are also crucial for a holistic
understanding of business opportunities.
, c) Increased operational efficiency
d) Reduced marketing costs
Correct Answers: a) Enhanced customer insights, b)
Improved product development
Rationale: Social media analytics provide deep insights
into customer preferences and behaviors, which can inform
product development and marketing strategies.
5. Multiple Choice: In the context of global markets, what
does the term 'first-mover advantage' refer to?
a) The benefits a company gains by being the first to exit
a market
b) The benefits a company gains by being the first to
enter a new market
c) The benefits a company gains by adopting the latest
technology
d) The benefits a company gains by creating a new
product category
Correct Answer: b) The benefits a company gains by
being the first to enter a new market
Rationale: First-mover advantage allows a company to
establish strong brand recognition and customer loyalty
before competitors enter the market.
6. Fill-in-the-Blank: The __________ model is used to
analyze the competitive environment of a business and
assess potential profitability.
Correct Answer: Porter's Five Forces
Rationale: Porter's Five Forces model helps businesses
understand the competitive forces at play and the
underlying drivers of profitability in their industry.
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