Marketing Advice Market Research and Analytics 2

Question 1

What does 'customer lifetime value' (CLV) measure?

Accepted Answer

The total revenue a business can expect from a single customer over their entire relationship

Answer

Customer lifetime value estimates the total net revenue a business expects to earn from a customer throughout the entire duration of their relationship.

Question 2

What is the purpose of cohort analysis in marketing analytics?

Accepted Answer

To track and compare the behavior of groups of users who share a common characteristic over time

Answer

Cohort analysis groups users by a shared characteristic (like sign-up date) and tracks their behavior over time to identify retention or engagement patterns.

Question 3

What is qualitative research in marketing?

Accepted Answer

Research that gathers non-numerical insights about attitudes, motivations, and behaviors

Answer

Qualitative research explores the 'why' behind consumer behavior through methods like interviews, focus groups, and observation rather than numbers.

Question 4

What does statistical significance mean in marketing research?

Accepted Answer

The likelihood that a research result is due to the variable being tested and not random chance

Answer

Statistical significance indicates that the results of a test are unlikely to have occurred by chance, giving confidence in the validity of findings.

Question 5

What is a marketing attribution model?

Accepted Answer

A method for assigning credit to marketing touchpoints that contributed to a conversion

Answer

A marketing attribution model determines how credit for a conversion is assigned across the various touchpoints a customer interacted with before converting.

Marketing Advice Practice Test

Marketing Advice Practice Test

Marketing Advice Market Research and Analytics 2