Digital Marketing Ch 1-10 Flashcards
Study for midterm
1
Q
What the internet is and how it has changed marketing
A
the internet makes it possible for a business to pivot, or to change direction, far more quickly. This agility allows for a business to meet actual needs and current trends, rather than perceived needs and desires. The internet’s rise has led to an increasingly connected communications environment.
2
Q
How to define and distinguish marketing and digital marketing
A
- Marketing is the creation and satisfaction of demand for your product, service, or idea.
- Digital marketing offers a unique opportunity to tailor marketing campaigns to target specific customers.
- There is, in fact, no difference between ‘traditional’ marketing and digital marketing. They are one and the same, apart from digital being specific to a medium.
3
Q
How to think about digital audiences
A
- the audience can be segmented very precisely, even down to factors like current location and recent brand interactions, which means that messages can (and must) be personalized and tailored for them.
4
Q
About the importance of data-driven decision-making.
A
- A benefit of digital marketing is that you do not have to theorise, guess, or rely on ‘gut feel’ in pursuit of customers who want and will pay for your product or service. The internet provides real-time data, which you can use to improve your business and marketing decisions.
5
Q
Conceptual tools for understanding your customer
A
Tool 1. Develop web personas
Tool 2. Demographics and Psychographics
Tool 3. Intrinsic and extrinsic motivators
Tool 4. Understanding your customer
6
Q
How digital has affected customer behavior
A
- The pervasiveness of digital has changed the way that customers make purchasing decisions. For one thing, information is constantly at their fingertips and available to them.
- Customers are now bombarded with targeted ads, banner ads, and more, whenever they open their browsers or inboxes.
- There are three main concepts that you should understand when considering customer behaviour: 1. The impact of digital, or digital disruption 2. Global citizenship and the idea of global ‘tribe’ 3. The attention economy.
7
Q
About customer data
A
- Marketers now have more power, too. By analysing customer data, they can improve customers’ experiences and increase engagement rates and conversions.
8
Q
The 5 steps to data colllection
A
- Establish the goal: Decide what data you are collecting and why you are doing it.
- Impose a timeframe: Data collection should have a set timeframe.
- Pick a data collection method: Choose how you will collect data based on your goals and set timeframe.
- Collect the data: You can do this via surveys, online tracking, transactional data tracking, online marketing analysis, and collecting subscription data.
- Analyze and learn from the data collected: This is the most crucial part of this exercise. There is no use collecting data if you are not going to use it.
9
Q
The marketing research process
A
- Define the research problem/opportunity
- Design the research
- Select a sample
- Collect and analyze data
- Write or update the report
10
Q
key concepts in conducting market research
A
- Market research helps you make informed business decisions. It involves systematically gathering, recording, and analysing data about customers, competitors, and the market, and turning this data into insight that can drive marketing strategies, product design and positioning, and communications strategies.
- There are four key concepts to consider before conducting your own research. 1. Research methodology 2. Qualitative and quantitative data 3. Primary and secondary research 4. Sampling
11
Q
About several methods for conducting online research, including surveys, online focus groups, and data sentiment analysis
A
- Surveys: Ideal for collecting large amounts of quantitative data and some qualitative data. They are quick and easy to set up and can run automatically.
- Online focus groups: Ideal for engaging consumers and collecting qualitative data, such as opinions, ideas, and feelings about the brand. They require a larger time investment and a willing group of participants.
- Online monitoring: Ideal for collecting qualitative data on brand sentiment, and can also provide some quantitative data around volume of interest in the brand. This data can be collected passively, and there are several tools that can automate this process.
12
Q
How to describe the design thinking process
A
- The five stages of design thinking are: empathise, define, ideate, prototype, test.
- Design thinking is a process that can be used by marketers to understand their users. By applying design thinking, they understand, define, and redefine assumptions and problems and create solutions for the market.
13
Q
How to explain why design thinking is important
A
- Design thinking keeps the marketers close to the users and results in products and services that actually meet people’s needs — not just what companies think people need.
14
Q
How to define the business strategy and distinguish the marketing strategy
A
- The purpose of a marketing strategy is to reach the brand’s target market and turn people into buyers of the business’ product/s and/or service/s. It uses the business and brand strategy to determine its objectives and then packages the value proposition and offering to the market.
- The goal of any business is to make money. To do so successfully, business strategy needs to ask a few important questions, such as “What is the business challenge that we are facing that prevents us from making more revenue?” and “What business objective/s should we strive for to increase the money in the bank?”
15
Q
About the integral role of digital technology in business today
A
- Digital quickly became integral to every area of business to continue running – at least, for those businesses that could still operate. As a result, it has become vital for companies to adopt a holistic approach to planning their business and marketing strategies in a way that integrates digital technology as a standard business practice, rather than just an add-on.
- The role that digital can play in your business strategy may include:
- To offer a better understanding of how people are living their lives (B2C)/how businesses are operating in the contemporary world (B2B)
- To offer an idea of various opportunities, what is feasible for your business, and your value proposition.
16
Q
How the shift in customer behaviour affects strategy
A
- The more data you collect, the more relevant you can make your customer experience. Relevance leads to a better customer experience, which leads to more opportunities to collect data. A customer-focused, data-driven organisation needs to embrace this cycle, which enables both incremental and disruptive innovation.
17
Q
About the key building block concepts that are essential to any strategy
A
- Porters five forces: Porter’s Five Forces analysis is a business tool that helps determine the competitive intensity and attractiveness of a market.
- The four P’s: Product, Price, Placement, Promotion
- SWOT Analysis: A SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is an ideal way to understand your business and your market.
