Digital Marketing(exam1) - Chapter 2 (from online textbook) - {Digital Marketing Strategy}

cmarquardt94's version from 2016-09-25 23:29

Section 1

Question Answer
Successful [marketing communication] lies in....?planning and strategic preperation
What do we mean by "Think" ?it is what we call: [planning], [strategy], and [research]
What are the 4 main steps in the [strategic process] ?[1. Think] [2. Create] [3.Engage] [4. Optimize]
What is the [Digital Marketing Strategy]?the [digital marketing strategy] tackles how the internet has changed and challenged the world in which we market. And finding the best way to use digital tools for effective marketing strategies

Section 2

Question Answer
Strategy is the essential first step in....?positioning your brand in the market & creating a roadmap for achieving your goals
what are the 3 stages that one can classify their business in ?[understanding where you are] , [where you need to be] , and [how you will get there]
When thinking about strategy, what is the first thing you have to consider?[business challenges] your brand faces
What comes after figuring out the [business challenges] ?coming up with an [effective marketing strategy]
What does an ]effective marketing strategy] look at?1. market context 2. weighs the available options and 3.makes important choices based on research and data
[Digital Marketing Strategy] adds layers of what to the mixtechnology, engagement, and iterative optimization
What should inform your [strategic choices] ?a wide variety of [tools & tactics] offered by the digital medium
The [Digital Marketing Strategy] is highly...?empirical
Your strategic thinking should be mindful of...?ROI and how it can be measured
What do you want to create by optimizing your [tactics & performance] ?want to create: [a valuable brand story] , [an excellent user experience], the [most optimized conversion tunnels], and the [highest ROI]

Section 3

Question Answer
What is Marketing?the creation and satisfaction of demand for your product or service
The value that a marketor should seek should be...equal to or even greater than the [cost of the product] to the consumer
What is Digital Marketing?the creation of demand using the power of the internet, and satisfies this demand in new and innovative ways
The internet is considered...?an [interactive medium]
What do we mean by interactive medium?something allows for the exchange of currency and/or the exchange of value

Section 4

Question Answer
What comes before the marketing strategy?the business strategy and the brand strategy
what does the [business strategy] ask?"What business challenges are preventing us from making more revenue?"
The value of the [brand] is measured in terms of ...?equity - how aware people are of your brand
what is the purpose of the marketing strategy?to address business or brand challenges or objectives that have arised
What is the problem when a brand attempts to be all things to all people ?risks becoming unfocused on what it has value in
What are the 4 pillars of strategic analysis?1. the environment 2. the business 3. the customers 4. the competitors
environment?the overall context or 'outside world' the business functions in

Section 5

Question Answer
what are the levels of branding?[features & attributes], [functional benefits], [emotional benefits], [brand/product persona], [brand ideas]
what do you need to do to truly understand your customers?need to do market research
what is an important part of market research?focusing on the [consumer journey]
When considering competition, it is worthwhile looking at...?potential replacements for your product (disruptors)

Section 6

Question Answer
When is it time to start thinking about the Digital marketing strategy?after you have clear sense of al business challenges or objectives and you have defined your marketing strategy
A digital marketing strategy should be...?constantly iterating and evolving
digital marketing is highly empirical, what does that mean?almost everything can be measured

Section 7

Question Answer
What are Porters Five Forces?1. power of suppliers 2.power of customers 3. threat of new entrants 4. threat of substitute products 5.all revolving around the competitive rivalry within industry
what is the definition of Porters five forces analysis?it is a business tool that helps determine the competitive intensity and attractiveness of a market
What are the 4 p's?1.products (and services) 2.price 3.placement (or distribution) 4. Promotion
what is the new 5th P?people
What is SWOT analysis and what does it stand for?it is an ideal way to understand your business and your market (strength, weaknesses, opportunities, threats)

Section 8

Question Answer
What questions should a strategy cover?[who you are], [what you are offering], and [to whom], and [why/how are you doing this]
The first step in crafting a successful strategy is examine....the context of the organization and stakeholders
Objectives need to be...?SMART (specific, measurable, attainable, realistic, time-based)
How are tactics and objectives different?tactics are the specific tools used to meet your objectives
What are KPI's?Key performance indicators - specific metrics or pieces of data used to see if your tactics are helping you achieve your objectives