Business analytics exam questions
and answers graded A+
What is business analytics? - ANS✅✅refers to the skills, technologies, and practices for continuous
iterative exploration and investigation of past business performance to gain insight and drive
business planning
- focus on developing new insights and understanding of business performance based on data and
statistical methods
- gather data from all channels
What are independent and dependent variables? - ANS✅✅Independent: variable whose value
impacts dependent variable
Dependent: variable representing marketing objective (y, or output); responds to changes in
independent variable
What are descriptive, predictive, and prescriptive analytics? - ANS✅✅Descriptive: tools that
summarize what happened; basic reporting
Predictive: a variety of statistical techniques that analyze data to make predictions about future;
predictive modeling/ data mining
Prescriptive: statistical techniques that make predictions and then suggest decision options to take
advantage of the predictions
business analytics challenges - four - ANS✅✅1. managing (lev's - volume, velocity, variety,
volatility, validity, value)
2. growth of unstructured data
3. understanding the hard work
4. hiring the right person
five key advantages in doing business analytics - ANS✅✅1. drive revenue
2. save money
3. encourage experimentation
4. side step politics
5. persuade executives
, Four main elements in doing business analytics - ANS✅✅
Four main elements in data driven task - ANS✅✅1. data access
2. data management
3. data analysis
4. data presentation
Metrics and models - ANS✅✅Models: decision tools; simplified representation of reality to solve
problems; provide guidance on marketing actions
GPS --> representation of reality, decide on course of action \
Metrics: key performance indicators to monitor business, monitor and improve marketing
effectiveness; groups of control metrics --> diagnostic and predictive info
Gauges --> monitor situation, diagnose problems
B2B marketing - ANS✅✅1. fewer business customers
2. large purchases (for productions and resales)
3. long selling cycles
4. multiple influences and decision makers
5. emotion is less important
B2C marketing - ANS✅✅1. many individual customers
2. relatively small purchases (for personal use)
3. short selling cycles
4. fewer influences and decision makers
5. emotion is more important
Strategy - ANS✅✅an organizations long term focus designed to deliver a unique customer
experience while achieving its goals
Four general categories used to market segmentation - ANS✅✅1. demographic
2. geographic
3. behavioral
and answers graded A+
What is business analytics? - ANS✅✅refers to the skills, technologies, and practices for continuous
iterative exploration and investigation of past business performance to gain insight and drive
business planning
- focus on developing new insights and understanding of business performance based on data and
statistical methods
- gather data from all channels
What are independent and dependent variables? - ANS✅✅Independent: variable whose value
impacts dependent variable
Dependent: variable representing marketing objective (y, or output); responds to changes in
independent variable
What are descriptive, predictive, and prescriptive analytics? - ANS✅✅Descriptive: tools that
summarize what happened; basic reporting
Predictive: a variety of statistical techniques that analyze data to make predictions about future;
predictive modeling/ data mining
Prescriptive: statistical techniques that make predictions and then suggest decision options to take
advantage of the predictions
business analytics challenges - four - ANS✅✅1. managing (lev's - volume, velocity, variety,
volatility, validity, value)
2. growth of unstructured data
3. understanding the hard work
4. hiring the right person
five key advantages in doing business analytics - ANS✅✅1. drive revenue
2. save money
3. encourage experimentation
4. side step politics
5. persuade executives
, Four main elements in doing business analytics - ANS✅✅
Four main elements in data driven task - ANS✅✅1. data access
2. data management
3. data analysis
4. data presentation
Metrics and models - ANS✅✅Models: decision tools; simplified representation of reality to solve
problems; provide guidance on marketing actions
GPS --> representation of reality, decide on course of action \
Metrics: key performance indicators to monitor business, monitor and improve marketing
effectiveness; groups of control metrics --> diagnostic and predictive info
Gauges --> monitor situation, diagnose problems
B2B marketing - ANS✅✅1. fewer business customers
2. large purchases (for productions and resales)
3. long selling cycles
4. multiple influences and decision makers
5. emotion is less important
B2C marketing - ANS✅✅1. many individual customers
2. relatively small purchases (for personal use)
3. short selling cycles
4. fewer influences and decision makers
5. emotion is more important
Strategy - ANS✅✅an organizations long term focus designed to deliver a unique customer
experience while achieving its goals
Four general categories used to market segmentation - ANS✅✅1. demographic
2. geographic
3. behavioral
