Marketing - ANSWER-Creation and satisfaction of demand for a product or service.
Digital Marketing - ANSWER-Utilizing the internet and other digital
... [Show More] channels to drive demand for products and services
Strategy - ANSWER-Set of ideas that outline how a product or brand will meet its objectives
Tactic - ANSWER-A specific action or method that contributes to achieving a goal.
Components of GOST strategy - ANSWER-Goals
Objectives
Strategies
Tactics
What are the Five Cs? - ANSWER-Customers
Company
Collaborators
Competitors
Context
Customers (5 Cs) - ANSWER-Potential buyers with wants and needs that the company aims to fulfill with its offerings
Business vs. non-business buyers
Company (5 Cs) - ANSWER-The org or business unit providing certain goods or services
Look internally at messaging, positioning, etc.
SWOT - ANSWER-Strength, Weakness, Opportunities, Threats
Competitors (5 Cs) - ANSWER-Orgs that offer products or services that aim to fulfill the same wants/needs of the same customers as the company's offering
Collaborators (5 Cs) - ANSWER-External business entities that work with the company to create value for customers
Context (5 Cs) - ANSWER-The environment in which the company operates and its associated elements
What does PESTEL stand for? - ANSWER-Political
Economic
Sociocultural
Technological
Ecological
Legal
What are the steps of a customer marketing model? - ANSWER-Awareness
Interest & Engagement
Acquisition
Customer Segmentation
Customer Retention
Support & Advocacy
Awareness - ANSWER-Creating an identification moment in the customer's mind
Interest & Engagement - ANSWER-Informing the customer of your offerings and encouraging them to learn more
"Now that I know you exist, why should I care?"
Acquisition - ANSWER-Converting a prospect into a customer
Customer Segmentation - ANSWER-Differentiating between customer segments and marketing to them accordingly
Customer Retention - ANSWER-Focus on convincing an existing customer to purchase again
Support & Advocacy - ANSWER-Satisfying customers to the point where they spread the word about offerings
Customer Personas - ANSWER-Semi-fictional depictions of the target audience
Demographic Profiling Components - ANSWER-Age
Gender
Marital Status
Education
Geographic Variables - ANSWER-State
Population
Climate
Psychographic Profile - ANSWER-Lifestyle
Values
Attitudes
Personality
Behavioral Variables - ANSWER-Usage Rate
Brand Loyalty
Benefit Sought
RFM - ANSWER-Recency
Frequency
Monetary Value
Buyer Journey - ANSWER-- Loosening of Status Quo
- Committing to Change
- Exploring Possible Solutions
- Committing to a Solution
- Justifying the Decision
- Making the Selection
(Discovery, Consideration, Decision)
Five Ps - ANSWER-Product
Price
Place
Promotion
People
Porter's Five Forces - ANSWER-Power of Customers
Threat of New Entrants
Threat of Substitute Products
Power of Suppliers
Competitive Rivalry within Industry
Digital Marketing Strategy Framework - ANSWER-Define digital's mission (how should digital help the business?)
Derive digital strategy (how can digital fulfill this mission?)
Derive interaction strategy across customer lifecycle (leveraging digital's unique strengths)
Measure and Improve ROI (where to invest/how to increase ROI)
Define digital's mission - ANSWER-Create customers
Make more money
Save more money
Satisfy clients
Grow CLV
Increase brand equity
Derive Digital's Strategy - ANSWER-Which presences have priority (mobile, etc)?
Which of the five site types still apply?
What are your KPIs and targets?
Which channels have priority (email, SEM, etc)
Five site types - ANSWER-eCommerce
Lead Gen
Content
Service
Brand
Digital Interaction Strategy - ANSWER-Promote
Persuade
Nurture with permission and personalization
Convert to customers
Service
Grow CLV
Grow promoters
Measure and improve ROI - ANSWER-short and long term optimization
How frequently should the digital marketing strategy be rivisited? - ANSWER-Minimum of biannually, or more if change demands it
Market Share - ANSWER-Percentage of total market or market segment that is being serviced by the company
Metric - ANSWER-Unit of measurement
Pay per click (ppc) - ANSWER-Advertising where the advertiser pays only for each click on their advert, not for the opportunity for it to be seen or displayed.
Return on Investment (ROI) - ANSWER-Ratio of cost to profit
Search engine optimization - ANSWER-Practice aims to improve a website's ranking for specific keywords in search engines
Brand (AMA definition) - ANSWER-A name, term, design, symbol, or other feature that identifies one seller's good or service as distinct from other sellers
What is "the environment" in terms of marketing? - ANSWER-The overall context or "outside world" in which the business functions. Can include anything from global economics to developments in your industry.
USP - ANSWER-Unique selling point - what makes your product or service better than the competition's?
True/False: The customer journey is linear - ANSWER-False. Customers may engage with the brand in a variety of ways before making a purchase.
The customer journey is cyclical.
True/False: Competitors are only those who are aiming to earn your customers' money. - ANSWER-False - competitors are also those capturing your customers' attention.
True/False: Digital marketing should be kept separate from the core strategy. - ANSWER-False, it should not be considered separate from the core strategy.
True/False: A marketing strategy should be constantly iterating and evolving. - ANSWER-True
True/False: It is easy for brands to differentiate on price - ANSWER-False, it is difficult to differentiate on price. Brands need to differentiate on value.
What is value? - ANSWER-A combination fo service, perceived benefits, and price.
Customers may be willing to pay a higher price for a better experience, or if they feel they are getting more than just the product.
Four Ps - Placement - ANSWER-Making products visible online, such as a website or Facebook page
Components of a digital marketing strategy - ANSWER-- context
- value exchange
- objectives
- goals
- tactics
- KPIs
- targets
Attention economy - ANSWER-The idea that human attention is a scarce commodity/limited resource
Customer experience map - ANSWER-A visual representation of the customers' flow from beginning to end of the purchase experience, including needs, wants, expectations, and overall experience
Customer persona - ANSWER-A detailed description of a fictional person to help a brand visualize a segment of the target market
Global citizen - ANSWER-A person who identifies as being part of the world community and acts according to and seeks to build world community values and practices
Tribe - ANSWER-A social group linked by shared belief or interest
Story - ANSWER-A narrative that incorporates the feelings and facts created by your brand, intended to inspire an emotional reaction
Extrinsic Motivators - ANSWER-External, often tangible, pressures, rewards, threats or incentives that motivate us to take action even if we don't necessarily want to.
Examples of extrinsic motivators - ANSWER-- limited-time specials and discounts
- scarcity
- loyalty programs
- ancillary benefits
- free content/downloads
What is a problem with extrinsic motivators? - ANSWER-Customers may perform the action but not internalize the meaning/message.
Worse, the required action feels like "work"
Intrinsic motivators - ANSWER-Rewards we get internally, such as enjoyment or satisfaction
Examples of intrinsic motivators - ANSWER-- love (not just romantic, but also of an activity or outcome)
- enjoyment/fun
- self expression
- personal values
- achievement or competence
- negative intrinsic moviators (fear, embarrassment)
Cognitive biases - ANSWER-Prejudices and preferences, as well as common ways of thinking that are inherently flawed
Knee-jerk bias - ANSWER-Making a quick decision in a circumstance where slower, more precise decision-making is needed
Occam's Razor - ANSWER-Assuming that an obvious choice is the best choice
Silo effect - ANSWER-Using a narrow approach to form a decision
Confirmation bias - ANSWER-Only focusing on the information that confirms
your beliefs (and ignoring disconfirming
information)
Inertia bias - ANSWER-Thinking and acting in a way that is familiar or comfortable
Myopia Bias - ANSWER-Interpreting the world around you in a way that is purely based on your own experiences and beliefs
Loss-aversion Bias - ANSWER-Tending to favor choices that avoid losses, at
the risk of potential gains
Shock-and-awe bias - ANSWER-Believing that our own intelligence is all we need to make a difficult decision
Overconfidence effect - ANSWER-Having too much confidence in our own beliefs, knowledge and abilities
Optimism Bias - ANSWER-Being overly optimistic and underestimating
negative outcomes
Force Field Bias - ANSWER-Making decisions that will aid in reducing perceived fear or threats
Planning Fallacy - ANSWER-the tendency to underestimate how long it will take to complete a task
Heuristics - ANSWER-Decision-making shortcut or mental model that helps us to make sense of a difficult decision-making process, or to estimate an answer to a complex problem
Availability Heuristic - ANSWER-Overemphasize the likelihood or frequency of things that have occurred recently because they come to mind more easily
Representativeness Heuristic - ANSWER-we consider a sample to represent the
whole, for example in cultural stereotypes.
Price-Quality Heuristic - ANSWER-More expensive things are considered to be better quality.
Anchoring and Adjustment Heuristic - ANSWER-Making decisions based on relative/recent information rather than broad, objective fact.
Ways people make choices - ANSWER-- word of mouth/peer suggestions
- personal preferences/history
- habit
What is the idea number of choices to offer? - ANSWER-Three
How can companies make their preferred choice stand out? - ANSWER-Make it bigger and brighter than the options around it
True/False: Traditional forms of advertising (i.e. television) are decreasing in market share, while digital advertising is increasing (for 2020-21 data). - ANSWER-True.
When was the first display ad shown, and by whom? - ANSWER-AT&T in 1994.
Programmatic Advertising - ANSWER-The use of software to buy digital advertising
True/False: Programmatic advertising is a complete automation of the ad buying process. - ANSWER-False
True/False: Programmatic advertising launches a campaign and monitors for areas of improvement, creating a more efficient campaign. - ANSWER-True.
Goals of display advertising - ANSWER-- build brand awareness
- increase share of voice
- create consumer demand
- informing consumers
- build brand loyalty
- drive response and sales
What is the average CTR of a display ad? - ANSWER-1 in 217
Interstitial ads - ANSWER-Banner ads that show up in the middle of a long article or webpage
Dwell Duration - ANSWER-Length of time a user remains exposed to an ad after first engaging with it
True/False: The top of the webpage is the optimal position for display ads - ANSWER-False. Just above "the fold" is the optimal placement for display ads.
What are the criteria that make an ad "viewable"? - ANSWER-At least 50% of the pixels are viewable for at least one second.
Dynamic Creative Optimization - ANSWER-dynamically change elements of their ads to make the ad more appealing to individual consumers
Contextual Ads - ANSWER-ads are determined by the content on the webpage [Show Less]