UTK MARK 485 EXAM 1 QUESTIONS
COMPLETE AND CORRECT ANSWERS
\.What is a consumer insight? - ANSWERS-- an interpretation of consumer
data/behaviors
used by businesses to gain a deeper understanding of how their
audience thinks and feels.
- analyzing human behaviors allows companies to understand what their
consumers want and need, and why they feel this way.
\.Why Digital consumer insights are so important? - ANSWERS-- competition for
consumers' attention (small attention span, skippable ads, a good hook to get
attention)
- consumers are better informed (9 in 10 consumers look for reviews before
making a purchase; 50% growth in "best product" search)
- consumers are inter-connected (47% internet users post reviews)
\.Traditional Consumer Insights - ANSWERS-Managers relied on...
- quantitative survey data
- qualitative focus group data
- external secondary data
\.Primary Data - ANSWERS-originated by a researcher for the specific purpose of
addressing the problem at hand; collecting data yourself
, \.Secondary Data - ANSWERS-data that has already been collected for purposes
other than the problem at hand; collecting data from outside sources
\.Types of Primary Data - ANSWERS-qualitative & quantitative data
\.Qualitative Data - ANSWERS-subjective - interpretive; obtained through
empirical research where the data is not the form of numbers, attempting to make
sense of, or interpret, phenomena in terms of the meanings people bring to them.
(in-depth interviews, focus groups)
\.Quantitative Data - ANSWERS-numerical data (survey data)
\.Disadvantages of this approach - ANSWERS-- can be expensive
- not always accessible to small companies
- frequently based on self-reports
\.Problems with Self Reports - ANSWERS-- limited awareness of unconscious
influences
- unwillingness to report feelings, attitudes
- limited ability to predict own future behavior
\.Digital Consumer Insights: popular sources - ANSWERS-• Website behavior
• Web search patterns
• CRMs and databases
COMPLETE AND CORRECT ANSWERS
\.What is a consumer insight? - ANSWERS-- an interpretation of consumer
data/behaviors
used by businesses to gain a deeper understanding of how their
audience thinks and feels.
- analyzing human behaviors allows companies to understand what their
consumers want and need, and why they feel this way.
\.Why Digital consumer insights are so important? - ANSWERS-- competition for
consumers' attention (small attention span, skippable ads, a good hook to get
attention)
- consumers are better informed (9 in 10 consumers look for reviews before
making a purchase; 50% growth in "best product" search)
- consumers are inter-connected (47% internet users post reviews)
\.Traditional Consumer Insights - ANSWERS-Managers relied on...
- quantitative survey data
- qualitative focus group data
- external secondary data
\.Primary Data - ANSWERS-originated by a researcher for the specific purpose of
addressing the problem at hand; collecting data yourself
, \.Secondary Data - ANSWERS-data that has already been collected for purposes
other than the problem at hand; collecting data from outside sources
\.Types of Primary Data - ANSWERS-qualitative & quantitative data
\.Qualitative Data - ANSWERS-subjective - interpretive; obtained through
empirical research where the data is not the form of numbers, attempting to make
sense of, or interpret, phenomena in terms of the meanings people bring to them.
(in-depth interviews, focus groups)
\.Quantitative Data - ANSWERS-numerical data (survey data)
\.Disadvantages of this approach - ANSWERS-- can be expensive
- not always accessible to small companies
- frequently based on self-reports
\.Problems with Self Reports - ANSWERS-- limited awareness of unconscious
influences
- unwillingness to report feelings, attitudes
- limited ability to predict own future behavior
\.Digital Consumer Insights: popular sources - ANSWERS-• Website behavior
• Web search patterns
• CRMs and databases
