Podcast
Questions and Answers
What does marketing strategy primarily involve?
What does marketing strategy primarily involve?
What is positioning in marketing?
What is positioning in marketing?
The place a product occupies in consumers' minds relative to competing products.
Marketing Opportunity Analysis (MOA) includes estimating the size and sales potential of market segments.
Marketing Opportunity Analysis (MOA) includes estimating the size and sales potential of market segments.
True
Effective positioning requires assessing the positions occupied by ________ products.
Effective positioning requires assessing the positions occupied by ________ products.
Signup and view all the answers
Match the elements of the marketing mix to their functions:
Match the elements of the marketing mix to their functions:
Signup and view all the answers
What is the main focus of the partnership between GoPro and Red Bull?
What is the main focus of the partnership between GoPro and Red Bull?
Signup and view all the answers
Which of the following is NOT an aspect of the marketing mix mentioned?
Which of the following is NOT an aspect of the marketing mix mentioned?
Signup and view all the answers
Nike+ was created to help Apple sell more iPods.
Nike+ was created to help Apple sell more iPods.
Signup and view all the answers
What is one key differentiator in the digital marketing mix mentioned?
What is one key differentiator in the digital marketing mix mentioned?
Signup and view all the answers
What is the primary purpose of Amazon Dash?
What is the primary purpose of Amazon Dash?
Signup and view all the answers
What are widgets used for?
What are widgets used for?
Signup and view all the answers
Nike partnered with Apple to create ________ for tracking activities.
Nike partnered with Apple to create ________ for tracking activities.
Signup and view all the answers
Name one key element of the new 4 P's in digital marketing.
Name one key element of the new 4 P's in digital marketing.
Signup and view all the answers
Social media has had a minimal impact on traditional marketing strategies.
Social media has had a minimal impact on traditional marketing strategies.
Signup and view all the answers
Localization only involves translating text into another language.
Localization only involves translating text into another language.
Signup and view all the answers
Match the following partnerships with their main objective:
Match the following partnerships with their main objective:
Signup and view all the answers
Ensuring all communications are integrated is vital for digital marketing effectiveness.
Ensuring all communications are integrated is vital for digital marketing effectiveness.
Signup and view all the answers
Match the following terms related to service elements:
Match the following terms related to service elements:
Signup and view all the answers
Which of the following is a complication when globalizing a marketing strategy?
Which of the following is a complication when globalizing a marketing strategy?
Signup and view all the answers
The _____ is a promotional strategy consisting of various tools to acquire and retain customers.
The _____ is a promotional strategy consisting of various tools to acquire and retain customers.
Signup and view all the answers
What is one potential benefit of using CRM systems in digital marketing?
What is one potential benefit of using CRM systems in digital marketing?
Signup and view all the answers
___ are increasingly being used to reduce the need for enquiries.
___ are increasingly being used to reduce the need for enquiries.
Signup and view all the answers
The digital marketing mix has remained unchanged in recent years.
The digital marketing mix has remained unchanged in recent years.
Signup and view all the answers
What is the most valuable asset of a company in the digital world?
What is the most valuable asset of a company in the digital world?
Signup and view all the answers
Customers want the right product/service available at the right ______, in the right place and at the right price.
Customers want the right product/service available at the right ______, in the right place and at the right price.
Signup and view all the answers
What are the two additional 'Ps' added to the original marketing mix to market services?
What are the two additional 'Ps' added to the original marketing mix to market services?
Signup and view all the answers
Which of the following best describes the role of partnerships in the marketing mix?
Which of the following best describes the role of partnerships in the marketing mix?
Signup and view all the answers
Customer needs should be ignored in order to succeed in the digital marketing space.
Customer needs should be ignored in order to succeed in the digital marketing space.
Signup and view all the answers
Match the following elements of the marketing mix with their definitions:
Match the following elements of the marketing mix with their definitions:
Signup and view all the answers
What is a key challenge when integrating online and offline marketing activities?
What is a key challenge when integrating online and offline marketing activities?
Signup and view all the answers
Match the following customer service methods with their primary functions:
Match the following customer service methods with their primary functions:
Signup and view all the answers
What is the recommended standard terminology for support options on websites?
What is the recommended standard terminology for support options on websites?
Signup and view all the answers
Which strategy helps minimize costly interactions with staff?
Which strategy helps minimize costly interactions with staff?
Signup and view all the answers
A happy workforce contributes to customer satisfaction.
A happy workforce contributes to customer satisfaction.
Signup and view all the answers
What is one principle of the marketing mix mentioned that businesses should adhere to?
What is one principle of the marketing mix mentioned that businesses should adhere to?
Signup and view all the answers
Automation allows businesses to increase costs while serving customers.
Automation allows businesses to increase costs while serving customers.
Signup and view all the answers
What should be done if a web transaction fails?
What should be done if a web transaction fails?
Signup and view all the answers
Study Notes
Introduction to Remix
- The digital world is changing the marketing mix
- The 7 Ps of the classic marketing mix are: Product, Price, Place, Promotion, People, Processes, and Physical Evidence.
- Partnerships are not typically included in the classic marketing mix but are increasingly important in a digital environment.
- Customers are looking for products and services that meet their needs, are available when they need them, and at a price that is fair.
- Brands are the most valuable asset online.
What is the Marketing Mix?
- The Marketing Mix is a set of controllable, tactical marketing tools used to produce the response it wants in the target market.
- The 8 Ps of the Digital Marketing Mix are: Product, Price, Place, Promotion, People, Processes, Physical Evidence, and Partnerships.
Beyond the Mix
- Marketing strategy determines target markets and required brand positioning.
- Marketing Opportunity Analysis (MOA) involves describing and estimating the size and sales potential of market segments of interest to the firm and assessing key competitors in these market segments.
- Positioning is the place a product, brand, or group of products occupies in consumers' minds relative to competing products.
- Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general is called positioning.
- Effective positioning requires assessing the positions occupied by competing products, determining the important dimensions underlying these positions, and choosing a position in the market where the marketing efforts will have the greatest impact.
The Mix is Morphing
- Social media has changed the way brands interact with customers.
- Widgets are mini-apps that can be added to mobile devices as a way to access information from apps without having to open the app itself.
- Widgets can be used to personalize home pages with content from brands that individuals like.
Place: Localization
- Localization is the tailoring of website information for individual countries or regions.
- Localization can include simple translation, but also cultural adaptation.
- Websites may need to support customers from a range of countries with:
- different product needs
- language differences
- cultural adaptation
Promotion
- Marketers need to choose which promotional tools are the most cost-effective techniques for acquiring and retaining target customers.
- While online communications opportunities are infinite, resources needed to maintain content marketing, service interactions, and the database are not infinite.
- All communications (online and offline) must be integrated, supporting the overall positioning and value proposition that the digital marketing strategy derives.
- Caution is required when entering international markets.
People, Processes, Physical Evidence, and Partnerships
- These elements are closely related and often grouped as 'the service elements.'
- They are significant because they impact a customer's loyalty and the probability of their recommending the service.
- Organizations must devise plans to accommodate the five stages of managing service and quality:
- Stage 1: Customer defines support query
- Stage 2: Customer finds support option
- Stage 3: Customer contacts support
- Stage 4: Customer receives support
- Stage 5: Customer evaluates support
People
- Employees are ambassadors for the brand.
- Excellent service is required for repeated business.
- Contact strategies should be developed that give customers a choice of contact, but minimize costly interactions with staff.
- Customer service is a delicate balancing act that requires a mix of both automation and people.
- Recruitment, training, motivation, and communication are required constantly.
Partnerships
- Partnerships can help expand a business by leveraging the experience, resources, and image of another organization.
- GoPro and Red Bull have a partnership where GoPro equips athletes with cameras and Red Bull uses its experience and reputation to run and sponsor events.
- Nike and Apple have a partnership where Nike provides fitness trackers and sneakers, and Apple provides music.
Chapter Summary
- Re-examining the marketing mix for the digital world:
- Product: can be extended online through new information-based services and interaction with the brand.
- Price: reduction in market prices and changes in purchase, distribution, and usage of products affect price.
- Place and Promotion: Online options are plenty but also expensive.
- People: Service quality is a key differentiator online and offline.
- Physical evidence: A well-designed site, physical cues.
- Process: Internal and external systems.
- Partnerships: Can help expand a business.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Explore the evolving landscape of the marketing mix in the digital age with this quiz. Covering the 7 Ps and 8 Ps of marketing, including the importance of partnerships and brand positioning, this quiz tests your understanding of modern marketing strategies. Discover how digital tools influence market responses and customer needs!
