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JOUR 651 Lecture Notes - Lecture 67: Business Analytics

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School
Ball State University
Department
Journalism
Course
JOUR 651
Professor
Robin Blom

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Document Summary

Dashboards are everywhere with the world becoming more digital. They can be used for companies and businesses along with personal dashboards showing bank account information or status of things. Social media is connected with this dashboards through analytics. Sometimes it can be hard to fully make use of these things and create them ourselves. Some are very actionable using small metrics in the display. The more actionable you have to be and faster you need to do it will lead to looking at fewer metrics. This inverse proportional ratio between the amount of metrics and speed to acting upon them is seen throughout creating dashboard and social media reports. It"s a principle that generally needs to be considered beyond social, marketing, and business analytics. The faster you act, the less metrics you have. Keeping this in mind and using it as the main element of you social media analytics will help you consider deeper concepts/principles around creating and using dashboards.

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Related Questions

Case Study:

Wine Exports to China rise in value before the mid-1990s, the wine market in Asia was non-existent and many wine producers did not see potential in the Asian markets. But during the late 1990s and early 2000s, the markets started to change, and, almost overnight, wine became a symbol of wealth and class. The only problem was that very few producers were serving the market. As more producers became aware of the new potential markets, they started to enter China, Thailand, Singapore, Korea, and Japan. China posed specific problems for producers and importers as distribution channels and marketing strategies were virtually non-existent because the market was too new. The wine market maintained double-digit growth from 2005 - 2010, and it should grow faster than any other alcoholic beverage sector in the coming five years. With consumption rising at 10% - 15% per year it can be tempting for producers, whose traditional markets are stagnant, to consider China as a possible solution to their problems. Though there is little doubt that the market will continue to expand, the challenges are numerous: 1. A lack of transparency, counterfeit products, and unreliable information. 2. Dominance of the domestic giants. 3. Consumer and cultural challenges. 4. Distribution and logistics. The rewards are great for any foreign winery that can crack the market but the challenges are also great. The first step a winery must take before they carve out their niche, is to understand the reasons behind Chinese consumers buying habits, and how consumers purchase wine in China. Why do Chinese Consumers buy wine? The majority of wine purchases are made during the major holidays: Chinese New Year, Spring Festival, and the mid-Autumn Festival. Most of these purchases are destined as gifts for people. This is an interesting insight because gift-giving in China is important to the concept of Face.€ The Chinese wine consumer is typically a market follower, not a leader. He needs to feel safe about his purchase and does not want to lose face by choosing the wrong wine or admit that his knowledge of wine is limited. Chinese consumers buy wine to impress or gain Face€ (the Chinese word guanxi or the concept of face is somewhat analogous to influence€ or opportunities€) within their social groups. Buying the right bottle of wine for a boss during the holidays could mean a promotion. In contrast to America or Europe, wine is also used as a social lubricant in place of spirits or beer. European consumers will often pair wine with food but Chinese are more likely to use wine as a social lubricant at parties or events. How do Chinese consumers buy wine? A survey conducted by the research company Wine Intelligence, which surveyed more than 1,000 Chinese upper middle-class drinkers of imported wine found that 75% of them said they often go online to look for wine information, and 62% said they frequently use social media as a source.€ New wine consumers were increasingly reliant on the digital world to learn about wine, with an estimated 13 million Chinese adults frequently accessing information online. This is a significant percentage of consumers searching for information online. Wineries that are looking to make an impact in China must create a strong digital strategy. (Source: http://www.digitalintheround.com/chinese-wine-market-digital-strategy/)

Question 8:
If you were a foreign wine marketer, state four (4) macro-environment factors you would consider before entering the Chinese market.
(12 marks)

Case Study:

Wine Exports to China rise in value before the mid-1990s, the wine market in Asia was non-existent and many wine producers did not see potential in the Asian markets. But during the late 1990s and early 2000s, the markets started to change, and, almost overnight, wine became a symbol of wealth and class. The only problem was that very few producers were serving the market. As more producers became aware of the new potential markets, they started to enter China, Thailand, Singapore, Korea, and Japan. China posed specific problems for producers and importers as distribution channels and marketing strategies were virtually non-existent because the market was too new. The wine market maintained double-digit growth from 2005 - 2010, and it should grow faster than any other alcoholic beverage sector in the coming five years. With consumption rising at 10% - 15% per year it can be tempting for producers, whose traditional markets are stagnant, to consider China as a possible solution to their problems. Though there is little doubt that the market will continue to expand, the challenges are numerous: 1. A lack of transparency, counterfeit products, and unreliable information. 2. Dominance of the domestic giants. 3. Consumer and cultural challenges. 4. Distribution and logistics. The rewards are great for any foreign winery that can crack the market but the challenges are also great. The first step a winery must take before they carve out their niche, is to understand the reasons behind Chinese consumers buying habits, and how consumers purchase wine in China. Why do Chinese Consumers buy wine? The majority of wine purchases are made during the major holidays: Chinese New Year, Spring Festival, and the mid-Autumn Festival. Most of these purchases are destined as gifts for people. This is an interesting insight because gift-giving in China is important to the concept of Face.€ The Chinese wine consumer is typically a market follower, not a leader. He needs to feel safe about his purchase and does not want to lose face by choosing the wrong wine or admit that his knowledge of wine is limited. Chinese consumers buy wine to impress or gain Face€ (the Chinese word guanxi or the concept of face is somewhat analogous to influence€ or opportunities€) within their social groups. Buying the right bottle of wine for a boss during the holidays could mean a promotion. In contrast to America or Europe, wine is also used as a social lubricant in place of spirits or beer. European consumers will often pair wine with food but Chinese are more likely to use wine as a social lubricant at parties or events. How do Chinese consumers buy wine? A survey conducted by the research company Wine Intelligence, which surveyed more than 1,000 Chinese upper middle-class drinkers of imported wine found that 75% of them said they often go online to look for wine information, and 62% said they frequently use social media as a source.€ New wine consumers were increasingly reliant on the digital world to learn about wine, with an estimated 13 million Chinese adults frequently accessing information online. This is a significant percentage of consumers searching for information online. Wineries that are looking to make an impact in China must create a strong digital strategy. (Source: http://www.digitalintheround.com/chinese-wine-market-digital-strategy/)

Page 6
Question 9:
Provide two (2) reasons why it is said wineries that are looking to make an impact in China must create a strong digital strategy.€ In your opinion, do you think digital strategy is suitable for the luxury industry like the wine market?
(18 marks)

You decide to identify the CFTR mutation by analyzing the genomic DNA of your patients compared to healthy individuals. You specifically are looking to see whether a specific 3' gene truncation has occurred in the patients. You will determine this using hybridization techniques with samples from healthy and CF patients. Which of the following will allow you to accomplish this?

Using an RNA probe complementary to the region not removed by the truncation.

Using an RNA probe complementary to the region removed by the truncation.

Using an DNA probe complementary to the region not removed by the truncation.

Using an DNA probe complementary to the region removed by the truncation.

To conduct the hybridization experiment, you are trying to decide between using a DNA or RNA probe. Which would be ideal to use and why?

As both are composed of nucleic acids, using either would result in identical results.

An RNA probe because RNA has uracil bases.

An RNA probe because it could also be used in a translation experiment.

A DNA probe because it is more stable than RNA.

A DNA probe because RNA cannot bind to DNA.

Imagine Hershey/Chase had used an RNA virus (genome composed of RNA) instead of a DNA virus in their experiment. Would radioactivity still have been found in the pellet?

No, because only DNA can be labeled with radioactivity.

No, because the RNA genome would not enter the bacteria upon infection.

No, because while DNA and RNA nucleotides are similar, they are not identical.

Yes, because DNA and RNA nucleotides are similar.

Yes, because genome in any form (DNA, RNA, protein) would be labeled similarly.

The human genome consists mostly of non-coding DNA. Which of the following are benefits of this?

Random DNA mutations generally won't affect RNA and protein function.

It is faster to duplicate the genome when these are present.

The existence of introns can lead to multiple variations of proteins encoded by a single gene.

It is unlikely transposons would exist in the genome if there was too much protein coding DNA.

You accidentally add a mutant dNTP (which has an H instead of an OH connected to the 3’ carbon) to a reaction where DNA is being replicated. Which of the following is true of this mutant dNTP?

It can be incorporated into DNA strand but cannot form a phosphodiester bond with an incoming wild type dNTP

It can be incorporated into a DNA strand but cannot base pair with a complementary nucleotide

It can be incorporated into a DNA strand and can form a phosphodiester bond with an incoming dNTP, but only if it is another mutant dNTP

It cannot be incorporated into a DNA strand.

Andrew Murray's sister, Andrea, is adding to her brother's work on chromosomes. She is using cells that are unable to synthesize adenine (∆ade) and histidine (∆his). The plasmid she is currently working with consists of an origin of replication and the Ade gene.

Following her transformation of the plasmid into her yeast, what media will the cells be plated on to select for cells that have picked up the plasmid?

Media containing histidine

Media containing adenine

Media lacking adenine

Media lacking histidine

Andrew Murray's sister, Andrea, is adding to her brother's work on chromosomes. She is using cells that are unable to synthesize adenine (∆ade) and histidine (∆his). The plasmid she is currently working with consists of an origin of replication and the Ade gene.

She starts by attempting to add the centromere DNA into a plasmid containing the origin of replication. Unfortunately, when adding the centromere sequence, the origin of replication is removed, thus leaving a plasmid with only a centromere and selection marker. Following plasmid transformation, what growth result will she see on her plates?

No colonies

Little colonies

Big colonies

Andrew Murray's sister, Andrea, is adding to her brother's work on chromosomes. She is using cells that are unable to synthesize adenine (∆ade) and histidine (∆his). The plasmid she is currently working with consists of an origin of replication and the Ade gene.

She fixes the mistakes from the previous experiment and now has a complete plasmid (selection marker, origin of replication, centromere). She then inserts telomere sequences into the plasmid. How will this impact her transformation?

It will not impact her transformation

Her transformation will no longer work because plasmids don’t require telomeres

She will now see much larger colonies

She will now see fewer but larger colonies

She will now see smaller colonies

In the Meselson/Stahl experiment, E. coli were first grown in media containing heavy nitrogen, 15N, and then transferred to light nitrogen, 14N, at the beginning of the experiment.

Imagine that their data showed that replication occurs in a conservative manner instead of semi-conservative. What fraction of the DNA helices will consist of mixed DNA after 4 rounds of replication in this case?

None

More than 75%

25-50%

51-75%

Less than 25%