Digital Marketing Quiz 1 (Chapters 1-5)

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Questions and Answers

What is the definition of Digital Marketing?

The activity of designing advertisements only

The study of customer preferences

The activity of creating value for society (correct)

A set of institutions and processes for delivering offerings (correct)

Define Value.

The relationship between perceived benefits and perceived costs

What is Functional Value?

The solution an offer provides to the customer.

Define Monetary Value.

The function of the price paid relative to an offering's perceived worth. Signup and view all the answers

What is Social Value?

The extent to which owning a product allows a consumer to connect with others. Signup and view all the answers

Define Psychological Value.

The extent to which a product allows consumers to express themselves or feel better. Signup and view all the answers

What is a Consumer?

An individual who buys and uses a product or service. Signup and view all the answers

What is a Customer?

An individual who purchases goods or services. Signup and view all the answers

According to Peter Drucker, what is the one and only purpose of business?

To create a customer. Signup and view all the answers

What are Drucker's Famous Five Questions?

<ol> <li>What is your mission? 2) Who is your customer? 3) What does your customer value? 4) What results do you seek? 5) What is your plan?</li> </ol> Signup and view all the answers

What are the 4P's of the Marketing Mix?

Product, Price, Place, Promotion. Signup and view all the answers

What are the steps in the consumer decision-making process?

<ol> <li>Need recognition & problem awareness 2) Information Search 3) Evaluation of Alternatives 4) Purchase 5) Post-Purchase Evaluation</li> </ol> Signup and view all the answers

What are a consumer's internal influences?

<ol> <li>Psychology of the Consumer 2) Personality of the Consumer</li> </ol> Signup and view all the answers

What are segmentation bases?

Characteristics used to divide a total market into segments. Signup and view all the answers

What is Data?

Customer information used for media planning, which can be qualitative or quantitative. Signup and view all the answers

What makes a good strategy and objective?

Needs to be defined. Signup and view all the answers

Study Notes

Digital Marketing Overview

Digital marketing involves activities and processes focused on creating, capturing, communicating, delivering, and exchanging value offerings for customers and society.
A strong market orientation and customer satisfaction are crucial for effective digital marketing.

Defining Value

Value is defined as the relationship between perceived benefits and perceived costs: Value = Benefits / Costs.
It is ultimately determined through the consumer's perspective.

Types of Value

Functional Value: Relates to the solutions provided by an offer.
Monetary Value: Concerns the price relative to perceived worth, allowing for trade-offs.
Social Value: Represents the degree to which a product fosters connections among consumers.
Psychological Value: Reflects how a product allows for self-expression or improved self-esteem.

Consumer Insights

A Consumer is an individual who purchases and uses products or services, whereas a Customer can be segmented and is critical for generating profits.
According to Peter Drucker, the primary purpose of business is to create a customer.

Key Questions and Marketing Mix

Drucker's five essential questions for businesses include: mission, customer identification, customer values, desired results, and planning.
The 4Ps of the Marketing Mix: Product, Price, Place, Promotion. A fifth P of Personalization is also emphasized.

Analyzing the Market

Digital marketing strategies should start with website goals and customer value creation, followed by market research and the integration of analytics for optimization.
SWOT analysis, competition understanding, and financial data evaluation are critical ingredients for effective marketing.

Segmentation and Targeting

Market segments must be measurable, substantial, accessible, differentiable, and actionable.
Bases for segmentation include geography, demographics, psychographics, benefits sought, and usage rate.

Community Building in Marketing

An Online Community consists of loyal customers and potential advocates, crucial for message amplification.
Stages of community building involve establishing a foundation, growing engagement, and leveraging community input for feedback and content.

Data in Digital Marketing

Data types include first-party (owned), second-party (partnerships), and third-party (external) data; each with distinct advantages and challenges regarding reach and quality.
Key data sources include website analytics, channel reporting interfaces, and data warehouses.

Steps in Developing a Marketing Plan

A marketing plan should begin with research, understand the market, plan for segmentation and targeting, and integrate measurement techniques for tracking success.

Evaluating Advertising Effectiveness

Advertising evaluation involves gut reactions, strategic alignment, and creative assessment to ensure strong communication of product benefits.

Content Creation Process

The content creation steps include research, idea generation, placement, creation, publishing, and promotion, focusing on context, authority, user engagement, and data utilization.

Types of Digital Content

Content falls into three main categories:
- Hygiene Content: User-generated, cost-effective with the highest ROI.
- Hub Content: Intentional engagement, moderate budget, hybrid nature.
- Hero Content: High-budget, aimed at building brand awareness.

Summary of Key Insights

Understanding consumer psychology involves cognitive and emotional processes influencing decisions.
Targeting involves balancing segment attractiveness factors, including market size and growth potential.
Effective strategy formulation must provide value and foster relationships with consumers.

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Description

Test your knowledge on Digital Marketing with this quiz covering Chapters 1 to 5. From the fundamentals to specific definitions, this set of flashcards will help reinforce your understanding of key concepts in the field. Perfect for students and professionals looking to enhance their digital marketing skills.