Definition and Comparison Questions: For each question, provide an explanation of the marketing terms, compare and contrast them  and provide examples of how they are used in marketing. Q 1.2: Primary data and Secondary Data:

Q: What means "small data"?

A: Small data is data submitted in a volume and configuration which makes it informative, accessible,…

Q: What are some factors when preparing a sales forecast that would lead you to rely on one or two of…

A: 1. Decide your market position Here you need to characterize the particular regions or specialty of…

Q: A "validation set lift chart" a. None of the options are correct. b. is similar to an "out of…

A: lift outline graphically addresses the improvement that a mining model gives when analyzed against…

Q: Netflix decided to distribute the show "Orange is the New Black".  This decision was because  the…

A: Data analytics is a process of inspecting, transforming and modelling information. The main goal of…

Q: QUESTION 8 Which of the following illustrates the abuse of respondents in marketing research?…

A: Marketing research is the process through which any individual or group is able to explore some new…

Q: When Creamy Layer Inc. planned to introduce a new ice cream flavor, its senior executives looked at…

A: When Creamy Layer Inc. planned to introduce a new ice cream flavor, its senior executives looked at…

Q: Month Sales ('000s) January $42 February  $49 March $59 April $39 May $56 June $59…

A: Given dataMonthSales ('000s)January$42February…

Q: 9-The approach that uses the organization's current level of employment as the starting point for…

A: Every business enterprise is required to assess its staffing requirements over a specific time…

Q: An organization uses a business intelligence system to predict products that tend to be purchased…

A: RFM (Recency,Frequency,Monetary) Analysis is the method which uses the Quantitative data of the…

Q: true or false Descriptive statistics are too basic therefore not very useful in data analytics.

A: Descriptive Statistics involves estimating and using the specific information in number and make a…

Q: hat is one of the biggest challenges to overcome in new product forecasting? a. Selecting the best…

A: challenges in new product forecasting lack of historical data is one of the biggest challenge as…

Q: 06 A B xfx 64000 C D E F G Roll up the individual product forecasts and compare them with the family…

A: Alternative for Calculating Unit Forecast (goal):If the total "Dollars/Unit" for all products isn't…

Q: Which test is best to test the hypothesis that multiple variances (2 or more) are equal?   Group of…

A: 5. Analysis of Variance (ANOVA)

Q: Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the…

A: Linear regression is a statistical modeling method used to establish a relationship between a…

Q: Suppose that you are using the four-period weighted moving average forecasting method to forecast…

A: The weighted moving average forecast is a time series forecasting method that uses a linear…

Q: D.) Calculate the regression line. Compute the MAD and MSE for the regression line. E.) Use your…

A: The values of the MAD and MSE were having some errors. Below the correct MAD and MSE of all the…

Q: (T/F) A smoothing constant of .1 will cause an exponential smoothing forecast to react more quickly…

A: NOTE: We are allowed to do only one question at a time. A parameter, known as the smoothing…

Q: QUESTION 10 "In order to determine if there is a relationship between food consumption and political…

A: Market research deals with the method of finding solutions to the marketing problems and identifying…

Q: What are predictions based on time-series information? Prediction. Regression. Optimization.…

A: Decision-making is the process of choosing an alternative from different options by gathering and…

Q: A) What makes a forecast optimal?

A: A) Practically all administrative choices depend on Forecasting. Each choice becomes functional…

Q: 12. All the followings are true regarding the marketing process except: O a. Only those who work in…

A: Marketing is an art of convincing the customers into buying a product to satisfy their needs.

Q: QUESTION 6 If you want to determine the likelihood that a customer will visit a store a make a…

A: Customer purchase refers to the act of a customer buying or acquiring a product or service in…

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.