week 8 Flashcards

1
Q

explain advertising (broadcast):
objective
strength / weakness
digital example

A

obj - introducing a new brand / product

wide reach
not as targeted

e.g. youtube ads

advertising may direct to website via tv. website may provide rational purchase information, while tb provides emotional purchase information

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2
Q

explain advertising (print + support):
objective
strength / weakness
digital example

A

inform about product changes

strength - ability to use detail

weakness = clutter

e,g, directing consumers to website

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3
Q

explain point of purchase (print + support):
objective
strength / weakness
digital example

A

stimulate sales/ trials at point of purchase

strength; opportune reminder of purchase

weakness; needs retailer support

e.g. online content (including sales promotion)

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4
Q

sales promotion digital example

A

can be conducted by hosting fb competitions from which data can be used in special email offers

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5
Q

define marketing analytics

A

The practice of measuring, managing and analyzing marketing performance to maximize it’s effectiveness and optimize return on investment

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6
Q

define descriptive analytics

A

What happened / is happening?

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7
Q

define predictive analytics

A

what might happen

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8
Q

define prescriptive analytics

A

what should we do

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9
Q

possible metric exampes

A

conversion rate - visitors who go to the website that go onto peform the purpose for which you’ve got them to the website for (e.g. download a brochure, make a purchase)

page views

unique visitors

new visitors

bounce rate - scan home page and immeditavley leave

abdoment rate - not following intended process (e.g. filling cart but not purchasing)

cost per conversion - cost of advertising divided by number of conversions

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10
Q

why should carefully consider data

A

Cost – You can reduce your costs by knowing who and where to target

Consumer insights – What do consumers like and what don’t they like

Measuring performance – How are my marketing efforts performing

Competitive analysis – How are my competitors marketing and should I carve out a different niche

Personal agency and privacy – How are marketing efforts working on you

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11
Q

explain measuring peformance

A

How are my marketing efforts performing

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12
Q

explain competitive analysis

A

– How are my competitors marketing and should I carve out a different niche

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13
Q

online cost consderations

A

Online cpm = Cost per 1000 impressios ($0.25 average)
Click through rate (ctr) = (number of users that click on specific ads) / (number of people that saw the ad (
1% average)
o Tends to reflect how successful an ad has been capturing the consumer’s attention

o Average depends on many factors – targeting, direct marketing, ease, size of the ad

Cost per click (CPC) Fixed cost charged every time a person clicks on an ad
o $0.90 average

Cost per acquisition (CPA) Fixed costs charge every time a person clicks on an ad and completes a desired action (e.g. signs up or buys a product)
o Differs depending on action

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14
Q

growing importance of mobile marketing

A

1.) People are increasingly using/looking at their phones – average of 2 hours, 51
minutes / day (ComScore 2017 Report).
2) More mobile means more data
3) Mobile Commerce is also rising (24.4% 2017 of all e-commerce)
4) Shoppers use Mobile to make decisions in-store
5) Lower Clutter on SMS / Whatsapp etc. (compared to email)
6) Mobile-friendly sites have better Search-engine optimization

What should you do as a marketer?

  1. ) Be prepared to talk with customers via messaging apps
    2) Communication needs to grab attention
    3) Websites and other online interfaces need to be geared for mobile
    4) Be searchable
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15
Q

how to accomodate mobile marketing as a marketer

A

as a marketer?

  1. ) Be prepared to talk with customers via messaging apps
    2) Communication needs to grab attention
    3) Websites and other online interfaces need to be geared for mobile
    4) Be searchabl
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16
Q

explain generic breeding model v neural network

A

The video gives an overview of the genetic breeding model of machine learning
Similar but different from deep learning / recursive neural networks
o Generally allows for better future prediction (driverless cars)
o Outputs feed into the new input
o Adjusts ‘dials’ for probabilistic learning and prediction

17
Q

You have opted to utilize direct marketing and have opted to utilize it in the digital space to acquire ‘big data’ and develop marketing analytics. What are some of the strengths and pitfalls of using big data and marketing analytics?

A

hannah mcmine