Marketing Analytics
Offered By ” University Of Virginia”
⭐4.6 Stars (3,282 ratings)
Instructor: Rajkumar Venkatesan
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Marketing Analytics “Week-1”
——————–Week-1——————–
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Practice Quiz on the Marketing Process :
1. The start-up company you work for wants you to create the marketing process. What’s the first step you should take to develop the marketing process?
Analyze financials
Develop tactics
Establish a strategy
Create objectives
2. When setting your strategy, what is the first step to determining which customers align with your objective?
Targeting
Positioning
Product
Segmentation
3. Between 1988 and 1997, Camel cigarettes featured a cute cartoon camel on the packs and in commercials. What type of strategy is this considered?
Targeting
Segmentation
Positioning
Context
4.You work for a sunscreen company looking to expand its market share in the Pacific Northwest, which is famous for its rainy climate. Your sunscreen has a unique, chemical-free formula with proven longer water resistance. Which step in the marketing process should you focus on first?
Objectives
Strategy
Tactics
Financials
5. During exams week here at the University of Virginia, many coffee vendors set up carts in high-traffic student areas. One cart prominently displays “Fair Trade Certified.” What type of strategy are they using?
Segmentation
Marketing
Positioning
Targeting
Practice Quiz on Data Analytics Basics:
1. The football season at the University of Virginia has started and ticket sales are low. The university asks for your help developing new marketing to draw in local Charlottesville residents to the games. You find a website with reviews of the team, the stadium, and the concessions. What’s your next step?
Review the financials.
Attend a game to get a “gut feel” for whether to focus on marketing the team, stadium or concessions.
Determine what tactic you’ll need.
Find the review sentiment score using R software.
2.You work for a video streaming service and run text analytics on the reviews of your service and of your competitors. You discover a variety of factors that are important to your customers, all of which match your intuition except for one. Which output of the data analysis is surprising?
Avatar choices for account profiles are important
Streaming speed is important
Price is very important
Number of selections in the each genre is very important
3. You work for a potato chip company and determine that customers are concerned about the high salt content in your product. What type of analytics should you conduct to figure out how to assure customers that the salt content is at an acceptable level?
Marketing
Descriptive
Prescriptive
Predictive
4. The sneaker company you work for is set to release a limited edition shoe in the fall. What type of analytics will you conduct to forecast sales for these shoes based on three different marketing campaign options?1 point
Descriptive
Prescriptive
Predictive
Marketing
5. The restaurant you work for has been reviewed many times by customers on Yelp.com. What kind of analytics should you apply to these reviews to figure out which types of dishes are most recommended?
Predictive
Prescriptive
Descriptive
Marketing
6. How can data analytics help you make better marketing decisions?
Bad data can help you determine what NOT to do.
Analyzing data yields fail-safe predictions about what will happen as a result of marketing decisions.
Data analytics eliminates the need for traditional methods of customer analysis.
Analyzing data can help you take the optimal next steps to increase sales and improve revenue.
Final Quiz: the Marketing Process
1. You work for a company that rents musical instruments to K-12 school districts and your objective is to increase the length of instrument rental contracts. How will segmenting your market help you achieve your objective?
1: You work for a company that sells organic baby wipes. You’ve segmented your market and have decided to target high-income urban families, but there are several competing brands of organic baby wipes. What will be an important part of developing your strategy❓
2. Your company sells over-the-counter sleep pills and has created the slogan “Sleep better than a baby, sleep like a teenager.” What element of strategy does this represent?
2: Your company has a marketing objective of improving the customer experience. What is the first step in the “strategy” process you’ll need to go through to decide which customer group to focus on❓
3. Your company sells a lot of recycled copy paper to companies, but not school districts. What step in the marketing process are you going to focus on to bring in business from schools?
3: Your company produces a natural cat litter your largest customer segment is high earning baby boomers.Your boss wants to target younger cat owners in the next marketing campaign with your cost effective eco-product.What step in the marketing process are you going to focus on to bring in more business from these younger cat owners❓
4. You work for a company that manages local bands. One of your bands is repeatedly turned down for record deals with big name labels. On the band’s website, you see hundreds of comments from fans. What should you do to help your band get a record deal?
4: Food & Wine Magazine just published their list of the best restaurants and you are surprised that the restaurant you manage isn’t on it. You head to Yelp.com to read your online reviews. What’s your next step❓
5. You work for a snow shovel company and find reviews of your product online from customers in Siberia and Alaska. After analyzing the data, you discover some unexpected results. Which of the following shovel attributes is surprising that customers in these areas are concerned about?
5: You work for a company that sells teacher supplies, primarily to K-5 elementary schools, with two-day delivery. You want to better understand your market and so you analyze the data from product reviews and sales, which yields some surprising results. What surprising factor does the analysis reveal your customers care about❓
6. The clothing chain you work for attaches survey links to the bottom of receipts so customers can go online to rate their experience and earn a 15% off coupon for their next purchase. What type of analytics should you perform to gain insights from this survey data?
6: You work for a company that sells cleaning products. From reviews, you discover that customers are concerned that the smell of the products is hazardous to their health. What type of anakytics will you conduct to figure out how to assure your customers the product is safe❓
7. You work for the Bösendorfer piano company and want to market your 97-key concert grand piano as a better purchase than an 88-key Steinway concert grand piano. Which step in strategy process are you working on?
7: Your company sells sports energy drinks and has created a campaign with the slogan “Ski all day and party all night.” What element of strategy does this represent❓
8. The deodorant company you work for purchases QR data about supermarket purchases. You’re trying to find out more about the connection between purchases of your product and other purchases a customer makes. What type of analytics should you perform to understand more about any possible connections between one purchase decision and another?
8: You work for a popular athletic wear company that wants to launch a women’s swimsuit line in the spring. What type of analytics will you conduct to determine how one-piece vs. two-piece bathing suits will sell this year❓
9. You work for a cookware company that sells crockpots that are programmable by smartphones. You’re reviewing a new ad campaign to promote this product. What type of analytics will you conduct to forecast the impact of this campaign?
9: You work for a tech start-up company and have run a descriptive analysis using review data from your website about your tablet. You learn that price is the biggest concern with college students ages 18-35. What type of analytics will you conduct to determine how to improve sales to this target market❓
9: You Work For cookware company that sells crockpots that are programmable by smartphones. You’re reviewing a new ad campaign to promote this product. What type of analytics will conduct to forecast the impact of this campaign❓
10. What is the goal of the marketing planning process?
10: How can data analytics improve marketing strategy❓
Marketing Analytics “Week-2”
——————–Week-2——————–
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Practice Quiz on Brand and Brand Architecture
1. What is the main lesson marketers can learn about the power of brands from the merger of Snapple and Gatorade?
Brands require careful attention to maintain their value.
A brand with many varieties cannot successfully merge with a brand with few varieties.
Competing brands cannot successfully be merged.
Marketing spending always pays off.
2. Which type of consumer is likely to be attracted to a “ruggedness” brand?
Someone who values free and open communication.
Someone who enjoys hiking, camping and other outdoor activities.
Someone who enjoys expensive clothing and high-end merchandise.
Someone who loves ziplining and horror movies. Correct
A brand with a “ruggedness” aspect to its personality, would most likely attract consumers who are outdoorsy and rugged themselves.
3.Which of the following is a product benefit for winter boots?
Soft
Lightweight
Warm
Sheepskin Correct
This is a product benefit (one hopes!) of winter boots and an important part of the boot’s brand architecture.
4.Why do marketers need to know the emotional and product benefits of a brand?
So they can understand the value of the brand
So they can set a price for their product
So they can pick features that customers want
So they can tweak features
Practice Quiz on Calculating Brand Value:
1. If your brand is in the lower right quadrant of the Brand Asset Valuator matrix, what should be your strategic priority?
Enhancing your brand stature
Making your brand more relevant
Building up esteem for your brand
Building up knowledge of your brand
2. According to the Y&R Brand Asset Valuator, what is the key similarity between an aspiring brand and a power brand?
Both are well-known
Both are held in high esteem
Both are highly relevant
Both are highly differentiated
3. Your company is considering purchasing a new brand. Which brand valuation model should you weigh most in your decision?
Revenue Premium Model
Y & R Brand Asset Valuator Model
All of the above
Interbrand Brand Valuation Model
4. For which of the following products would you most likely use Revenue Premium to estimate brand equity?
Coffee tables
Yogurt
Running shoes
Guitars
5. This is a three question series to walk you through the steps to calculate brand equity for Redberry Cookies.
Complete step 1: Calculate the annual revenue premium per household.
Brand | Market Share | Price per Pound | Average Consumption |
Private label | 12% | $0.80 | 7 |
Redberry Cookies | 35% | $1.50 | 7 |
Hint: Remember the order of operations and round to the nearest two decimal places.
$3.00
$4.35
$0.43
-$0.15
6. This is a three-question series to walk you through the steps to calculate brand equity for Redberry Cookies.
Complete step 2. Calculate additional variable costs, assuming the private label earns a 25% margin.
Brand | Market Share | Price per Pound | Average Consumption |
Private label | 12% | $0.80 | 7 |
Redberry Cookies | 35% | $1.50 | 7 |
Hint: Remember the order of operations and round to the nearest two decimal places.
$0.97
$1.97
$0.32
$0.14
7. This is a three-question series to walk you through the steps to calculate brand equity for Redberry Cookies.
Complete step 3. Calculate the brand equity of Redberry Cookies on an annual basis, assuming the total number of households is 125 million.
Brand | Market Share | Price per Pound | Average Consumption |
Private label | 12% | $0.80 | 7 |
Redberry Cookies | 35% | $1.50 | 7 |
Hint: Remember the order of operations and round to the nearest two decimal places.
$253.75M
$375M
$17.25M
$335M
8. What does it mean to calculate revenue premium as a measure of brand equity?
The prestige of a brand compared to a private label
The market share of a branded product versus a private label product
The extra revenue generated by a branded product
The value of a brand
Final Quiz on Measuring Brand Assets:
1.Your company is considering acquiring a high-power brand to merge with your own brand. What do you need to know to understand whether the two brands’ personalities would be a good fit?
1.Your company sells custom-made surfboards prized by champions. You’re considering acquiring a well-known custom skateboard company. What should you carefully consider when merging your two companies to preserve the power of each brand?
2. Why do marketers spend so much time creating brand personalities?
2. What is the relationship between brand personality & brand equity?
3. Which of the following is a product attribute for an iPhone?
3: Your company sells custom-made surfboards prized by champions. You’re considering acquiring a well-known custom skateboard company. What should you carefully consider when merging your two companies to preserve the power of each brand?
4. Why do marketers focus so much time on developing a brand’s architecture?
4: Your company sells custom-made surfboards prized by champions. You’re considering acquiring a well-known custom skateboard company. What should you carefully consider when merging your two companies to preserve the power of each brand❓
5. If your brand is in the top left quadrant of the Brand Asset Valuator matrix, what should be your strategic priority?
5. If your new brand is in the middle of the left side of the Brand Asset Valuator matrix, what should be your strategic priority?
6. According to the Y&R Brand Asset Valuator, what is the difference between an aspiring brand and an eroding brand?
6: According to the Y&R Brand Asset Valuator, what are the key differences in knowledge and differentiation between a new brand and a declining brand❓
7. Your company is considering acquiring a company with several different branded products in different categories, from cereal to tires. Which model should you consider most in your decision?
7: Your company is considering acquiring a company with several different branded products in different categories, from cereal to tires. Which model should you consider most in your decision❓
7: Your company is concerned that its brand power is eroding. What model would be most useful in determining how to improve the brand❓
8. What does the revenue premium as measure of brand equity quantify?
8: What is the fundamental premise of the revenue premium method as a measure of brand equity❓
9.
Brand | Market Share | Price per Pound | Average Consumption |
Private Label | 10% | $0.70 | 3.5 |
NJoe Coffee | 25% | $1.20 | 3.5 |
What is the brand equity of NJoe Coffee on an annual basis, assuming a 20% margin and 125 million population?
9:What is the brand equity of Morning Magic Cereal on an annual basis, assuming a 25% margin and 125 million population❓
10:When calculating brand equity, what does the long-term multiplier represent?❓
10. When calculating brand equity, what does the long-term multiplier represent?
10. When calculating brand equity, what does the long-term multiplier represent?❓
Peer Graded Assignment:
Brand Architecture.pdf-
Marketing Analytics “Week-3”
——————–Week-3——————–
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Practice Quiz on CLV:
1. If the retention rate for a customer cohort decreases and that customer generates a positive margin, what will happen to the total net profit for future periods?
It will decrease.
It will increase.
It will remain the same.
It cannot be determined. Correct
2. Fabulous Fitness Gym is trying to figure out how much each of their customers is worth. What is the CLV for an average club membership?
Monthly membership dues: $160 per person
Variable costs for the membership and retention: $30 per member
Length of the average active membership: 30 months
$5,700
$3,900
$130
$4,800
3. Natural Market, a local farm, provides customers who sign up, a weekly bag of fruits and vegetables.What is the short-term margin for the CLV formula?
Weekly margin: $25 per customer
Weekly spending on customer retention: $5 per customer
Because we don’t know the retention rate, we can’t calculate the short-term margin.
Because we don’t know the discount rate, we can’t calculate the short-term margin.
$25
$20
4. Ink on Demand provides subscription printer cartridge refills. What is the long-term multiplier?
Billing: At the beginning of the month
Average monthly net margin: $20
Retention rate (r): 93%
Monthly discount rate (d): 3%
Hint: Use the formula for calculating CLV for customers who pay before they use the service.
$20
10.3
9.3
$186
5. Consider this subscription service. What is the CLV for an average customer?
Billing: End of the month
Monthly margin: $100 per customer
Annual retention spending: $780 per customer
Monthly retention (r): 97%
Discount rate (d): 3%
$17.17
$600.83
$565.95
$16.17
6. Consider this subscription to a video gaming site. What is the CLV for an average customer?
Billing: Beginning of the month
Monthly margin (M): $150 per customer
Annual retention spending (R): $360 per customer
Monthly retention (r): 96%
Discount rate (d): 2%
$3,121
$2,550
$1,920
$2,040
7. JoJo’s Coffee acquires 100 customers in July. What is the present value of total net profit in August?
Monthly margin (M): $40 per customer
Monthly retention spending (R): $10 per customer
Monthly retention rate (r): 95%
$4,000
$4,700
$2,850
$3,000
Using the formula r*cohort size*(M-R) allows you to forecast August earnings. What would you project earnings to be for September?
8.Question 8
8. In December, Shirley Snow Plow Services had 50 customers. What is the present value of total net profit in February?
Monthly margin (M): $75 per customer
Monthly retention spending (R): $0
Monthly retention rate (r): 95%
$3,562.50
$3,750.00
$3,384.38
$3,215.16
9. Virginia Golf Club owns and operates a chain of golf courses. In April, 75 people signed up for a membership. What is the present value of total net profit from April to June for this cohort of golfers?
Monthly margin (M): $110 per customer
Monthly retention spending (R): $20
Monthly retention rate (r): 80%
$4,320
$20,250
$5,400
$16,470
10. You are trying to maximize CLV based on the following information. How much should you spend on marketing and retention (R) to maximize CLV?
M = $50
d = .01
If R = $49, then r = 99%
If R = $40, then r = 90%
If R = $30, then r = 75%
If R = $20, then r = 60%
If R = $10, then r = 50%
Tip: You can calculate each combination individually to arrive at an answer, but to really hone your understanding of CLV and how the various components interact, I encourage you to set up a spreadsheet (Google, Excel) with the appropriate formulas and play around with the numbers, assuming a spend from 0 to $50 and different retention rates. As a bonus, you can use the spreadsheet on your final quiz!
$30
$10
$40
$49
Week 3 Final Quiz on CLV
1. If the discount rate increases, what will happen to the CLV?
- If the retention rate of a customer cohort increases and that customer generates a positive margin, What will happen to the total net profit for future periods ?
2. Palmetto Digital sells a web-based marketing design subscription service and needs to know how much each of their customers is worth. What is the CLV for an average client subscription?
Monthly subscription cost: $25
Average retention marketing costs per customer: $10 per month
Average length of customer relationship: 40 months
3. Good Morning provides a office breakfast delivery service. What is the short-term margin for the CLV formula?
Weekly margin: $20 per customer
Weekly spending on customer retention: $3 per week
3. Danny’s Dairy Farm provides a weekly home delivery service. What is the short-term margin for the CLV formula?
Weekly margin: $15
ANNUAL spending on customer
retention: $260 per customer
4. Luigi and Mario’s pizza provides a subscription weekly meal delivery service. What is the long-term multiplier?
Billing: At the beginning of the month.
Average monthly net margin: $25
Retention rate (r): 95%
Monthly discount rate (s): 2%
Click Here To View Answer
5. Consider a weekly cleaning service. What is the CLV for an average customer?
Weekly margin: $80
Annual retention spending: $1040
Weekly retention (r): 96%
Discount rate (d): 2%
5. Consider a weekly cleaning service. What is the CLV for an average customer?
Billing: End of the week
Monthly margin: $300
Annual retention spending: $300
Monthly retention (r): 90%
Discount rate (d): 5%
6. Consider this subscription service for time in a shared office space. What is the CLV for an average customer?
Billing: Beginning of the month
Monthly margin (M): $200 per customer
Annual retention spending (R): $600 per customer
Monthly retention (r): 95%
Discount rate (d): 3%
6. Consider this streaming music subscription service. What is the CLV for an average customer?
Billing: Beginning of the month
Monthly margin (M): $2 per customer
Annual retention spending (R): $12 per customer
Monthly retention (r): 50%
Discount rate (d): 2%
7. In May, Gorgeous Gowns acquired 500 customers. What is the present value of total net profit in September?
Monthly margin (M): $125 per customer
Monthly retention spending (R): $25
Monthly retention rate (r): 50%
8. In June, Sharp internet services had 10,000 customers. What is the present value of total net profit in September?
Monthly margin (M): $60 per customer
Monthly retention spending (R): $10
Monthly retention rate (r): 75%
9. In January, 300 people sign up for a dance studio membership. What is the present value of total net profit from January to May for this cohort of dancers?
Monthly margin (M): $175 per customer
Monthly retention spending (R): $25
Monthly retention rate (r): 70%
9. In July, 400 people sign up for a monthly music streaming service. What is the present value of total net profit from July to October for this cohort of music lovers?
Monthly margin (M): $15 per customer
Monthly retention spending (R): $7
Monthly retention rate (r): 95%
10. You are trying to maximize CLV based on the following information. How much should you spend on marketing and retention (R) to maximize CLV?
M = $50
d = .07
If R = $25, then r = 75%
If R = $20, then r = 60%
If R = $15, then r = 65%
If R = $10, then r = 50%
If R = $5, then r = 45%
10. You are trying to maximize CLV based on the following information. How much should you spend on marketing and retention (R) to maximize CLV?
M = $50
d = .05
If R = $5, then r = 44%
If R = $4, then r = 43%
If R = $3, then r = 42%
If R = $2, then r = 41%
If R = $1, then r = 40%
Marketing Analytics “Week-4”
——————–Week-4——————–
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Practice Quiz 1 on Designing Experiments
1. Why is it challenging to evaluate marketing options?
There are so many factors that influence outcomes that are impossible to anticipate.
Marketing usually occurs in isolation
Test market results are unreliable.
It’s hard to confuse correlation and causation.Correct
2. Which of the following factors is required to establish causality?
Change marketing mix –> change time sequence
Change marketing –> change sales
Change sales –> increased marketing
Change sales –> change marketingCorrect
3. If you’re implementing a before-after experiment, which of the following would you do first?
Calculate sales lift, adjusting for any differences between the test and control group.
Calculate sales in both the test and control group given existing advertising.
Show the test group the new advertising and the control group the old advertising.
Select 1000 customers with similar characteristics or in similar geographic areas.Correct
Practice Quiz 2 on Calculating Break Even and Lift
1. In an advertising experiment using before-after design, 1000 customers are randomly assigned to 3 groups. All groups are exposed to the existing advertisement for round 1 of the experiment. In round 2 of the experiment, groups 2 and 3 see the new ad while group 1 (the control) is still shown the old ad.
Control Group 1 | Test Group 2 | Test Group 3 | |
Round 1 sales–old ad | 295 | 310 | 300 |
Round 2 sales–Group 1, old ad, Groups 2 and 3, new ad | 310 | 450 | 325 |
What is the sales lift (in units) for the new ad shown to Group 3?
5
25
15
10
2. What is the manufacturer contribution margin ($)?
Retail price | $100 |
Retail margin | 30% |
Manufacturer contribution margin | 42% |
$12.60
$70.00
$29.40
$30.00
3. A “Mom & Pop” startup wants to increase brand awareness of their delicious hot sauce. How many bottle of hot sauce do they need to sell to break even on the ad campaign?
Ad budget | $25,000 |
Retail price | $4.50/bottle |
Retail margin | 45% |
Manufacturer contribution margin | 30% |
41,152
33,670
5,556
14,430
4. Calculate net lift given the following information:
123.8%
19.2%
103.4%
20.4%
Practice Quiz 3 on Projecting Lift
1. Given the data below, calculate break even units.
396,825
2,000,000
9
5.04
2. Snacker Crackers is studying the impact of a print ad campaign for their Thinminies product line.
Without the campaign, their sales in November were 100,000 boxes. With the campaign, sales in December rose to 120,000 boxes. Historically, November represents 15% of their annual sales and December represents 10%.
What is the lift for their print ad campaign?
Tip: See the “”MA Experiments Calculations”” resource.
180%
80%
20%
120%
3. Calculate December unit sales of a new toy based on the following data from a product launch test in June.
Test market units sold | 250 |
Control % of national sales | 20% |
Retailer share of product sales | 35% |
Test % of annual sales | 7% |
December % of annual sales | 40% |
3,571
1,250
51,020
20,408
Week 4: Marketing Experiments Quiz
1. Why is it challenging to evaluate marketing options?
- Why is it challenging to evaluate marketing options ?
2.Which of the following factors is required to establish causality?
2. Which of the following factors is required to establish causality?
3. If you’re implementing a before-after experiment, which of the following would you do first?
3. If you’re implementing a before-after experiment, which of the following would you do last?
4. In an advertising experiment using before-after design, 3000 customers are randomly assigned to 3 groups. All groups are exposed to the existing advertisement for round 1 of the experiment. In round 2, new advertisements are shown to groups 2 and 3, while group 1 continues to see the old ads.
Control Group 1 | Test Group 2 | Test Group 3 | |
Round 1–old ad | 650 | 695 | 680 |
Round 2–Group 1, old ad, Groups 2 and 3, new ad | 630 | 660 | 740 |
What is the sales lift (in units) for the new ad shown to group 2?
4. In an advertising experiment using before-after design, 3000 customers are randomly assigned to 3 groups. All groups are exposed to the existing advertisement for round 1 of the experiment. In round 2, new advertisements are shown to groups 2 and 3, while group 1 continues to see the old ads.
5. What is the manufacturer contribution margin ($)?
Retail price | $40 |
Retail margin | 35% |
Manufacturer contribution margin | 40% |
5. What is the manufacturer contribution margin ($)?
6. A sporting goods manufacturer is considering increasing advertising for its running shoes by $3 million.
Manufacturer selling price | $30 |
Contribution margin | 60% |
How many additional pairs of shoes must be sold to break even on the increase in advertising spending?
6. A manufacturer is considering increasing advertising spending by $4.5 million
7. Calculate net lift given the following information:
7. Calculate net lift given the following information:
8. Given the data below, calculate break even units.
8. Given the data below, calculate break even units.
9. Alexander Graham Crackers is studying the impact of a social media campaign for their Smorgasbords product line. Without social media, their sales in May were 120,000 boxes. With social media, sales in June rose to 160,000 boxes. Historically, May represents 10% of their annual sales and June represents 12%.
What is the lift for their social media campaign?
9. Snacker Crackers is studying the impact of an advertising campaign for their multigrain product line. Without the ad campaign, their sales in October were 80,000 boxes. With the ad campaign, sales fell to 70,000 boxes in November. Historically, October represents 15% of their annual sales and November represents 5%.
What is the lift for their advertising campaign?
10. Project unit sales based on the following data from a product launch test in April in the southeast sales region.
Test market units sold | 500 |
Test % of the population | 10% |
Retailer share of product sales in the SE | 20% |
Test % of annual sales | 5% |
Retailer share of market nationally | 60% |
10. Burpease has developed a new oral medication to relieve upset stomach symptoms. Their test market was run during August and September in New York.
Test market units sold
1000
Test % of the population
10%
Retailer % of national sales
30%
August/Sept % of annual sales
15%
Fourth quarter % of sales
35%
What are the projected unit sales for the 4th quarter, assuming securing 100% distribution nationally?
Week-4 (Marketing Experiments)
Peer-graded Assignment:
Design a Marketing Experiment.pdf
Marketing Analytics “Week-5”
——————–Week-5——————–
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Practice Quiz: Regressions
1. How are regressions used by marketers?
To develop a brand architecture
To estimate the potential budget options of various marketing ideas
To understand the relationship among many different variables.
To estimate the value of a productCorrect
2. As a marketing manager, what should you look at in the regression output to determine the significance of the relationship among variables?
T-statistic
P-value
Coefficients
R-squaredCorrect
3. You decide to run a multiple regression to estimate the price of houses in your area. You include variables like number of bedrooms and bathrooms, lot size, and age of the house. However, you forgot to include a very important variable – the size of the house in square feet. Why is your regression likely to give you unreliable results?
Your regression is biased.
You need to use a different model with just 2 variables
Your results are economically significant but not statistically significant.
You are considering variables that are statistically insignificant.Correct
4. A health care company is analyzing blood pressure data and its relationship to patient age and weight. Based on the graph, what is the relationship between age and blood pressure?
The relationship is negative, since blood pressure decreases as age increases.
There is no relationship. With no discernible effect on blood pressure as age changes, the company will need to consider other variables to estimate blood pressure.
Cannot be determined
The relationship is positive, since blood pressure increases as age increases.Correct
5. A health care company is analyzing blood pressure data and its relationship to patient age. What should the company expect the sign for the coefficient of age to be when they run a regression with blood pressure as the dependent variable and age as the independent variable?
Negative – Blood pressure decreases as age increases
Positive – Blood pressure increases as age increases
Cannot tell the sign of a regression coefficient from the plot.Correct
6. Based on the output from a regression of age and corresponding blood pressure, which measure provides an estimate of the strength of the relationship between blood pressure and age?
T-statistic
P-value
R-squared
Coefficients
7. A health care company is analyzing blood pressure data and its relationship to patient age. Based on the output from a regression of age and their corresponding blood pressure, how much does blood pressure increase for each unit increase in age?
58.71
0.95
1.46
0.96
8. Based on the output from a regression of age and their corresponding blood pressure, how would you interpret the p-value of less than .01 for the coefficient of age?
There is a 99% chance that a positive relationship between age and blood pressure will be observed in another sample.
There is less than 1% chance that a relationship (positive or negative) between age and blood pressure WILL NOT be observed in another sample.
There is less than 1% chance that a relationship (positive or negative) between age and blood pressure WILL be observed in another sample.
There is less than 1% chance that a positive relationship between age and blood pressure WILL be observed in another sample.Correct
9. Based on the output from a regression of age and the corresponding blood pressure, what is the predicted value of blood pressure when age is zero?
58.71
0
11
6.45
10. Based on the output from a regression of age and weight and their corresponding blood pressure, which factor predicts difference in blood pressure?
Neither age nor weight
Age
Both age and weight
Weight
11. Based on the output from a regression of age and weight and their corresponding blood pressure, how much will blood pressure change if a person’s weight increases by 1 pound?
The heavier person’s blood pressure would be .33 points lower.
The heavier person’s blood pressure would be .86 points higher.
The heavier person’s blood pressure would be .86 points lower.
The heavier person’s blood pressure would be .33 points higher.
Week 5 Quiz on Regression Analysis
1. What does a regression analysis reveal to a marketer?
The development of a brand architecture
The potential budget options of various marketing ideas
The value of a product
The relationship between a number of variables
1. Why do marketers typically use regression analysis ?
2. Zodiac wants to sponsor an up-and-coming golf player to endorse its watches. Using regression analysis to predict player earnings as a measure of success, they think player height and earnings might be related. Based on the graph above, what is the relationship between height and earnings–and what should Zodiac look for in a player to sponsor?
There is no relationship. With no discernible effect on earnings as height changes, Zodiac will need to consider other variables when selecting a player to sponsor.
The relationship is negative, since earnings decrease as height increases. Zodiac should look for a short player to sponsor.
Cannot be determined
The relationship is positive, since earnings increase as height increases. Zodiac should look for a tall player to sponsor.
2. A sports management company wants to represent the most financially successful basketball players. They turn to regression analysis to identify predictors of players’ salary, but they’re not sure how to interpret the results. What does the graph above show about the relationship between age and salary of basketball players?
The relationship is positive. Salary increases as age increases. The company should look for older players to represent.
3. A sports management company wants to represent the most financially successful basketball players. They turn to regression analysis to identify predictors of players’ salary. Using the data plotted above, they run a regression with salary as the dependent variable and age as independent variable. What sign is the coefficient of age?
Negative – Salary decrease as age increases
Cannot tell the sign of a regression coefficient from the plot.
Positive – Salary increase as age increases
3. Zodiac wants to sponsor an up-and-coming golf player to endorse its watches and is interpreting the data about height and earnings in the chart above. What should Zodiac expect the sign for the coefficient of height to be when they run a regression with earnings as the dependent variable and height as the independent variable?
Positive – Earnings increase as height increases
4. Based on the output from a regression of golf player heights and their corresponding earnings (above), what measure provides an estimate of the strength of the relationship between height and earnings?
Coefficients
T-statistic
P-value
R-squared
4. Based on the output from a regression of basketball player age and their corresponding salary, what measure provides an estimate of the strength of the relationship between age and salary
5. Based on the output from a regression of basketball player age and corresponding salary (above), how much does salary increase for a unit increase in age?
1.91
0.559
0.30
0.28
5. Based on the output from a regression of golf player hei ghts and corresponding earnings (above), how much does salary increase for a unit increase in height?
6. Based on the output from a regression of basketball player age and corresponding salary (above), how would you interpret a p-value of <.01 for the coefficient of age?
There is 1% chance that a relationship (positive or negative) between age and salaries WILL be observed in another sample.
There is 1% chance that a positive relationship between age and salaries WILL be observed in another sample.
There is more than 99% chance that a positive relationship between age and salaries WILL be observed in another sample.
There is 1% chance that a relationship (positive or negative) between age and salaries WILL NOT be observed in another sample.
6. Based on the output from a regression of golf player heights and their corresponding earnings (above), how would you interpret the p-value of .01 for the coefficient of height?
There is 99% chance that a positive relationship between height and earnings WILL be observed in another sample
7. Based on the output from a regression of golf player heights and the corresponding earnings (above), what is the predicted value of earnings when height is zero?
-12.87
39
0
5.8
7. Based on the output from a regression of golf player age and the corresponding earnings (above), what is the predicted value of earnings when age is zero?
8. Based on the output from a regression of basketball player age and points scored per game and corresponding salary (above), which factors predict differences in salary?
Intercept
Points scored per game
Age
Both points scored per game and age
8. Based on the output from a regression of golf player heights and gender and their corresponding earnings (above), which factor predicts differences in earnings among golf players?
Note: 6.52e-09 = 0.000000652
9. Based on the output from a regression of golf player heights and gender and their corresponding earning (above), what is the difference in earnings between male and female golf players?
Male golf players make $3.9 million more than female golf players
Female golf players make $3.9 million more than male golf players
Male golf players make about .044 less than female golf players
Female golf players make about .044 less than male golf players
9. Based on the output from a regression of basketball player age, points scored per game, and corresponding salary (above), how do salaries change with improvements in points scored per game?
10. Based on the charts above, why is height not a significant determinant of earnings once gender is included in the regression?
Gender has only two values, one or zero.
With only 39 observations, not enough data is available to determine the answer.
Height has a non-linear relationship with earnings.
The regression attributes all the variation in earnings to height in the absence of gender.
10. Based on the chart (above), what decision should a sports management agency take and what factors should they look for when pursuing new talent?
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