Summary: Digital Marketing
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Explain the old marketing funnel
Awareness -> market potential
Interest -> suspect
Desire -> prospects
Action -> customers -
What are the applications of digital marketing?
- An advertising medium
- A direct-response medium
- A platform for sales transactions
- A lead-generation method
- A distribution channel
- A customer service mechanism
- A relationship-building medium -
What are the challenges of managing strategy?
- Unclear responsibilities for digital strategy
- Setting objectives (SMART)
- Lack of budget
- Budget wasted through experiments/duplication
- Deming circle: not used
- Lack of measurement -
Why is a digital strategy needed?
- To set clear goals for digital channels
- To align with business strategy
- Create a specific online value proposition
- Specify communications tools to drive visitors
- Integrate digital and traditional channels
- Manage customer life cycle -
What are the different overlapping forms of web presence and give an example?
Transactional e-commerce site:
- amazon, Dell
Services-oriented/relationship building:
- Accenture, British Gas
Brand building site:
- Tango, Heineken
Portal or media site:
- Yahoo! Silicon.com
Social network or media site:
- Facebook -
Explain the communication model for traditional media?
Company --> push to customer and the customer give a direct response back to the company -
Explain the communication model for new media?
Company <--> pull/push to customer
It is a two-way feedback -
The highly flexible prices by dynamic pricing are based on?
- Market demand
- Time of day/night
- Day of the week
- Customer location -
How does dynamic pricing work?
People are willing to pay different amounts of money for the same product.
Example; 1 bottle of water:
movies: 4,-
Supermarket 0,50,- -
Dynamic pricing of retailers: What are the 3 ways to make it flexible?
- use price intelligence to reprice based on the prices of competitors
- retailers can drop prices when demand is low
- retailers can increase prices when demand is high
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