Scenario 17-3 as the Number of Firms Utilizing Direct Marketing Continues to Continues

question 62

Multiple Choice

Scenario 17-3
As the number of firms utilizing direct marketing continues to grow, so does the number of consumers opposed to the methods often described as "intrusive." To combat the growing number of opposed consumers, marketers need to find creative new ways to optimize their direct marketing campaigns.One such outlet that firms are beginning to experiment with is social media.Executives understand that many consumers view a company's Facebook page more often than the company's home page, so they've grown to realize that setting up some form of an email opt­in on social media sites is a great way to build marketing databases.In addition to opt-in sections, social media allows businesses to interact with consumers, which may make them less inclined to respond negatively to a company's direct marketing efforts.By utilizing social media more often in the future, a number of U.S.companies hope to build stronger and more useful marketing databases.
-(Scenario 17-3) Building a marketing database can be helpful because it allows companies to gauge how receptive customers may be to new products or product features.One way of isolating a company's best customers is by utilizing:

• A)a recency, frequency, and monetary analysis.
• B)a frequency marketing program.
• C)cross-selling techniques.
• D)direct response advertising.

Apply statistical principles to analyze and interpret data sets.

Recognize the impact of outliers in data analysis and identify them using the 1.5xIQR rule.

Construct and interpret various graphical representations of data including histograms, box plots, and bar graphs.

Understand the concepts of variability within data sets, including variance and standard deviation.

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Definitions:

Individual's Personality

The characteristic set of behaviors, cognitions, and emotional patterns that evolve from biological and environmental factors, distinguishing one person from another.

Grandparents

The parents of one's parents, often playing significant roles in family structures through support, heritage, and the sharing of wisdom.

Grandchildren

The offspring of one's children, forming the next generation within a family.

Retirement

The act of leaving one's job and ceasing to work, typically due to age or health reasons, often accompanied by a transition to a life phase with more leisure time.