Business Analytics Exam quizzes
and answers graded A+
Business Analytics - ANS✅✅Refers to the skills, technologies, and practices for continuous iterative
exploration and investigation of past business performance (eg sales, and return on investment) to
gain insight and drive business planning
Independent Variable - ANS✅✅A variable whose value impacts the dependent variable (x),
controllable and non-controllable
Dependent Variable - ANS✅✅Variable representing the marketing objective (y, or output),
responds to the change in the independent variable
Descriptive Analysis - ANS✅✅Tools that summarize what happened, basic reporting
Predictive Analysis - ANS✅✅A variety of statistical techniques that analyze data to make
predictions about the future, modelling (regression), data mining
Prescriptive Analysis - ANS✅✅Statistical techniques that make predictions and then suggest
decision options to take advantage of the predictions
Business Analytics Advantages - ANS✅✅Drive revenue, save money, encourage experimentation,
persuade executives, side-step politics
Four key challenges of business analytics - ANS✅✅6V's of big data, growth of unstructured data,
underestimating the hard work, hiring the right person(s)
4 main elements of data-driven tasks - ANS✅✅data access, data management, data analysis, data
presentation
Metrics - ANS✅✅business-oriented key performance indicators, sales per channel, cost per sale
Model - ANS✅✅simplified representation of reality to solve problems, advertising effectiveness
model
, Difference between B2C and B2B marketing - ANS✅✅B2C: many individual customers, relatively
small purchases (for personal use), short selling cycles, fewer influencers and decision makers,
emotion is more important, B2B: fewer business customers, large purchases (for production and
resales), long selling cycles, multiple influencers and decision makers, emotion is less important
Strategy - ANS✅✅organization's long-term focus designed to deliver a unique customer
experience while achieving its goals
Four bases of market segmentation - ANS✅✅Demographic segmentation, geographic
segmentation, behavioral segmentation, psychographic segmentation
Four elements of a marketing mix - ANS✅✅Product, price, promotion, placement
Customer value proposition - ANS✅✅A promise of potential value that a business delivers to its
customers
6 competitive information sources - ANS✅✅Company websites, financial analysts, industry
analysts, trade publications, web traffic, social media
Advantage of company websites - ANS✅✅Fast, easy, free
Disadvantages of company websites - ANS✅✅Biased (old)
Advantages of financial analysts - ANS✅✅Detailed financial data
Disadvantages of financial analysts - ANS✅✅Can be expensive
Advantages of industry anaysts - ANS✅✅Credibke
Disadvantages of industry analysts - ANS✅✅Expensive, can be dated (old)
Advantages of trade publications - ANS✅✅Fast, easy, free
and answers graded A+
Business Analytics - ANS✅✅Refers to the skills, technologies, and practices for continuous iterative
exploration and investigation of past business performance (eg sales, and return on investment) to
gain insight and drive business planning
Independent Variable - ANS✅✅A variable whose value impacts the dependent variable (x),
controllable and non-controllable
Dependent Variable - ANS✅✅Variable representing the marketing objective (y, or output),
responds to the change in the independent variable
Descriptive Analysis - ANS✅✅Tools that summarize what happened, basic reporting
Predictive Analysis - ANS✅✅A variety of statistical techniques that analyze data to make
predictions about the future, modelling (regression), data mining
Prescriptive Analysis - ANS✅✅Statistical techniques that make predictions and then suggest
decision options to take advantage of the predictions
Business Analytics Advantages - ANS✅✅Drive revenue, save money, encourage experimentation,
persuade executives, side-step politics
Four key challenges of business analytics - ANS✅✅6V's of big data, growth of unstructured data,
underestimating the hard work, hiring the right person(s)
4 main elements of data-driven tasks - ANS✅✅data access, data management, data analysis, data
presentation
Metrics - ANS✅✅business-oriented key performance indicators, sales per channel, cost per sale
Model - ANS✅✅simplified representation of reality to solve problems, advertising effectiveness
model
, Difference between B2C and B2B marketing - ANS✅✅B2C: many individual customers, relatively
small purchases (for personal use), short selling cycles, fewer influencers and decision makers,
emotion is more important, B2B: fewer business customers, large purchases (for production and
resales), long selling cycles, multiple influencers and decision makers, emotion is less important
Strategy - ANS✅✅organization's long-term focus designed to deliver a unique customer
experience while achieving its goals
Four bases of market segmentation - ANS✅✅Demographic segmentation, geographic
segmentation, behavioral segmentation, psychographic segmentation
Four elements of a marketing mix - ANS✅✅Product, price, promotion, placement
Customer value proposition - ANS✅✅A promise of potential value that a business delivers to its
customers
6 competitive information sources - ANS✅✅Company websites, financial analysts, industry
analysts, trade publications, web traffic, social media
Advantage of company websites - ANS✅✅Fast, easy, free
Disadvantages of company websites - ANS✅✅Biased (old)
Advantages of financial analysts - ANS✅✅Detailed financial data
Disadvantages of financial analysts - ANS✅✅Can be expensive
Advantages of industry anaysts - ANS✅✅Credibke
Disadvantages of industry analysts - ANS✅✅Expensive, can be dated (old)
Advantages of trade publications - ANS✅✅Fast, easy, free
