Business Analytics Exam Paper 2 with
Correct Answers
What is business analytics? - Answer-refers to the skills, technologies, and practices for
continuous investigation of past business performance
Independent variable - Answer-Variable whose value impacts dependent variables
Dependent variable - Answer-variables representing market objectives, response to
change in independent variable
Descriptive analytics - Answer-tools that summarize what happened
Predictive analytics - Answer-a variety of statistical techniques that analyze data to
make predictions about the future
Prescriptive analytics - Answer-statistical techniques that make predictions and then
suggest decisions options to take advantage of the predictions
5 examples of business analytics advantage - Answer-1. Drive revenue
2. Save money
3. Persuade executives
4. Apply analytics tools to side-step politics in some cases
5. Encourage experimentation
Four key challenges in doing business analytics - Answer-1. Hiring the right people
2. Managing 6 V's of big data
3. Understanding the hard work
4. Growth of unstructured data
Four main elements in the data-driven tasks - Answer-1. Data access
2. Data management
3. data analysis
4. Data presentation
Metrics and Models - Answer-Metrics: Business oriented key performance indicators
Models: Simplified representation of reality to solve problems
Difference between B2C and B2B - Answer-look at study guide
What is the strategy - Answer-an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
Four general categories used to market segmentation - Answer-1. Demographic
, 2. Geographic
3. Behavioral
4. Psychographic
Four elements of the marketing mix - Answer-Product, Price, Place, Promotion
What is the customer value proposition - Answer-is a promise of potential value that a
business delivers to its customers
6 Competitive information sources - Answer-1. Company websites
2. Financial analytics
3. Industry analytics
4. Trade publication
5. Web traffic
6. Social media
Advantages and disadvantages of 6 competitive information sources - Answer-Look at
study guide chart
3 steps of competitive analytics process - Answer-1. Information
2. Analysis
3. Action
Definition of competitive analysis PESTLE, trend analysis, porter five forces framework,
and perceptual mapping process - Answer-Look at study guide
Porter's Five Forces framework - Answer-1. Threat of new entrants
2. Intensity of rivalry
3. Pressure for substitution
4. Bargaining power of buyers
5. Bargaining power of suppliers
Internal and external factors of swot analysis - Answer-Look at study guide chart
Common attacks in competitive environment and counter actions - Answer-Bypass
attack--> market opportunities
Encirclement attack--> Differentiation
Flank Attack--> Address weakness
Frontal Attack--> Diversification
Guerrilla Attack--> Vigilant monitoring
what is the model? - Answer-simplified representation of reality and solve problems
Product/ service's positioning is determined by________. - Answer-Customer's view
(not manager)
Correct Answers
What is business analytics? - Answer-refers to the skills, technologies, and practices for
continuous investigation of past business performance
Independent variable - Answer-Variable whose value impacts dependent variables
Dependent variable - Answer-variables representing market objectives, response to
change in independent variable
Descriptive analytics - Answer-tools that summarize what happened
Predictive analytics - Answer-a variety of statistical techniques that analyze data to
make predictions about the future
Prescriptive analytics - Answer-statistical techniques that make predictions and then
suggest decisions options to take advantage of the predictions
5 examples of business analytics advantage - Answer-1. Drive revenue
2. Save money
3. Persuade executives
4. Apply analytics tools to side-step politics in some cases
5. Encourage experimentation
Four key challenges in doing business analytics - Answer-1. Hiring the right people
2. Managing 6 V's of big data
3. Understanding the hard work
4. Growth of unstructured data
Four main elements in the data-driven tasks - Answer-1. Data access
2. Data management
3. data analysis
4. Data presentation
Metrics and Models - Answer-Metrics: Business oriented key performance indicators
Models: Simplified representation of reality to solve problems
Difference between B2C and B2B - Answer-look at study guide
What is the strategy - Answer-an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
Four general categories used to market segmentation - Answer-1. Demographic
, 2. Geographic
3. Behavioral
4. Psychographic
Four elements of the marketing mix - Answer-Product, Price, Place, Promotion
What is the customer value proposition - Answer-is a promise of potential value that a
business delivers to its customers
6 Competitive information sources - Answer-1. Company websites
2. Financial analytics
3. Industry analytics
4. Trade publication
5. Web traffic
6. Social media
Advantages and disadvantages of 6 competitive information sources - Answer-Look at
study guide chart
3 steps of competitive analytics process - Answer-1. Information
2. Analysis
3. Action
Definition of competitive analysis PESTLE, trend analysis, porter five forces framework,
and perceptual mapping process - Answer-Look at study guide
Porter's Five Forces framework - Answer-1. Threat of new entrants
2. Intensity of rivalry
3. Pressure for substitution
4. Bargaining power of buyers
5. Bargaining power of suppliers
Internal and external factors of swot analysis - Answer-Look at study guide chart
Common attacks in competitive environment and counter actions - Answer-Bypass
attack--> market opportunities
Encirclement attack--> Differentiation
Flank Attack--> Address weakness
Frontal Attack--> Diversification
Guerrilla Attack--> Vigilant monitoring
what is the model? - Answer-simplified representation of reality and solve problems
Product/ service's positioning is determined by________. - Answer-Customer's view
(not manager)
