Digital Marketing(exam1) - Digital Strategy and the Firm

cmarquardt94's version from 2016-09-25 03:01

Section 1

Question Answer
What are the main Marketing Concerns of the firm?1. Product 2. Customer(consumer) 3. Brand
What is the [Bottom line] for a firm?Create value for the firm and the customer
Define [strategy]...A set of ideas that outline how a firm will achieve its [objectives], guiding decisions on how to create, distribute, promote, and price a firm's products and services
What are the 4 parts of [Strategic Planning]?[1) Define the company mission] [2. Set company goals & objectives] [3. Design the business portfolio] [4. Plan and execute functional strategies]
What are the 2 types of [growth] as it relates to [marketing strategies] ?Market growth & Product growth

Section 2

Question Answer
What is [Strategy Development] ?Development of a business model - How is the company going to make a profit
What are the key elements of a [Business Model]?[value proposition], [Revenue Model], [Market Opportunity], [Competitive Environment], [Competitive Advantage], [Market Strategy], [Organizational Development], and [Management Team]
What is the [Value Proposition] ?says "Why should the customer buy from you?"
What is the [Reevenue Model] ?"How will the company earn money?"
What is the [Market Opportunity] ? "What is the marketspace and what is its size?"
What is the [Competitive Environment] ?"Who are your direct and indirect competitors?"
What is the [Competitive Advantage] ?"What makes you special?"
What is the [Marketing Strategy] ? "How are you going to promote your product in order to attract your target?"
What is the [Organizational Development] ?"What resources are needed and which are in place?"
What is the [Management Team] ?"Who is responsible?"