SMPS CPSM Domain 1: Marketing Research - Key Terms (refreshed) UPDATED ACTUAL Exam Questions and CORRECT Answers

SMPS CPSM Domain 1: Marketing Research
- Key Terms (refreshed) UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Benchmarking - CORRECT ANSWER - Comparing your firm's performance metrics to
industry best practices to identify areas for improvement.


Advanced Analytics - CORRECT ANSWER - Utilizing statistical analysis and predictive
modeling to forecast future events, identify trends, and optimize decision-making.


Audit - CORRECT ANSWER - Systematic examination of financial records, processes,
and internal controls to ensure accuracy and compliance.


Bias - CORRECT ANSWER - Prejudice for or against something based on personal
experiences or opinions, influencing decision-making.


Big Data - CORRECT ANSWER - Extremely large and complex data sets that require
specialized tools for processing and analysis.


Causation - CORRECT ANSWER - The relationship between two variables where one
directly influences the other.


Client Relationship Management (CRM) - CORRECT ANSWER - Strategies and
technologies to manage and analyze customer interactions throughout the customer lifecycle.


Confidence Interval - CORRECT ANSWER - A range of values used to estimate the
reliability of a sample's results, indicating the level of uncertainty.