Podcast
Questions and Answers
What is the primary reason that most new consumable products do not succeed long-term?
What is the primary reason that most new consumable products do not succeed long-term?
Which of the following best describes a need?
Which of the following best describes a need?
How does effective marketing influence consumer wants?
How does effective marketing influence consumer wants?
What constitutes a market according to the content provided?
What constitutes a market according to the content provided?
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What does digital marketing primarily combine?
What does digital marketing primarily combine?
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What is the primary objective of marketing according to the outlined requirements?
What is the primary objective of marketing according to the outlined requirements?
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What factor is NOT required for marketing to occur?
What factor is NOT required for marketing to occur?
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Which of the following best describes the relationship between stakeholders and marketing?
Which of the following best describes the relationship between stakeholders and marketing?
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Why are consumers in the luxury industry often willing to pay higher prices?
Why are consumers in the luxury industry often willing to pay higher prices?
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What is necessary for effective marketing research?
What is necessary for effective marketing research?
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Which of the following is NOT considered a factor influencing marketing activities?
Which of the following is NOT considered a factor influencing marketing activities?
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What does the term 'finding the gap' refer to in marketing?
What does the term 'finding the gap' refer to in marketing?
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What should organizations continually balance while engaging in marketing?
What should organizations continually balance while engaging in marketing?
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What is the primary focus of digital marketing?
What is the primary focus of digital marketing?
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How does scarcity influence consumer behavior?
How does scarcity influence consumer behavior?
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Which of the following best describes the exclusivity technique in marketing?
Which of the following best describes the exclusivity technique in marketing?
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What is a key difference between E-Business and E-Marketing?
What is a key difference between E-Business and E-Marketing?
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Which of the following is NOT a benefit of utilizing digital marketing compared to traditional marketing?
Which of the following is NOT a benefit of utilizing digital marketing compared to traditional marketing?
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What role does value creation play in marketing?
What role does value creation play in marketing?
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Which tactic is considered part of the scarcity principle in marketing?
Which tactic is considered part of the scarcity principle in marketing?
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What describes the primary goal of marketing activities?
What describes the primary goal of marketing activities?
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What is a key reason for businesses to include digital marketing in their strategy?
What is a key reason for businesses to include digital marketing in their strategy?
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How has consumer trust shifted in recent marketing trends?
How has consumer trust shifted in recent marketing trends?
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What does the term 'perpetual beta' refer to in digital marketing?
What does the term 'perpetual beta' refer to in digital marketing?
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What is meant by the 'reputation economy' in the context of digital marketing?
What is meant by the 'reputation economy' in the context of digital marketing?
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What is a notable trend in marketing that shows the shift of power from sellers to buyers?
What is a notable trend in marketing that shows the shift of power from sellers to buyers?
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Which of the following factors contributes most to the effectiveness of digital marketing over traditional marketing?
Which of the following factors contributes most to the effectiveness of digital marketing over traditional marketing?
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In what way has online connectivity impacted consumer behavior?
In what way has online connectivity impacted consumer behavior?
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Why is scalability considered an advantage of digital marketing?
Why is scalability considered an advantage of digital marketing?
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What is a primary advantage of digital marketing over traditional marketing?
What is a primary advantage of digital marketing over traditional marketing?
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How does digital media facilitate customer interaction?
How does digital media facilitate customer interaction?
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What benefit does digital marketing provide in terms of communication?
What benefit does digital marketing provide in terms of communication?
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Why is the shift towards digital marketing happening?
Why is the shift towards digital marketing happening?
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What role does intelligence play in digital marketing?
What role does intelligence play in digital marketing?
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Which aspect of digital media allows for integrated marketing communications?
Which aspect of digital media allows for integrated marketing communications?
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What is a characteristic feature of digital marketing?
What is a characteristic feature of digital marketing?
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What change in consumer behavior has driven the growth of digital marketing?
What change in consumer behavior has driven the growth of digital marketing?
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Which category includes posts made on a company's own social media accounts?
Which category includes posts made on a company's own social media accounts?
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What is a primary feature of Paid Media?
What is a primary feature of Paid Media?
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Earned Media primarily consists of content created by whom?
Earned Media primarily consists of content created by whom?
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What is a characteristic of Owned Media?
What is a characteristic of Owned Media?
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Why might a company choose to invest in Paid Media?
Why might a company choose to invest in Paid Media?
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Which of the following describes Word-of-mouth marketing?
Which of the following describes Word-of-mouth marketing?
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What type of advertising requires payment based on consumer interaction?
What type of advertising requires payment based on consumer interaction?
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What distinguishes Earned Media from Owned Media?
What distinguishes Earned Media from Owned Media?
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Which of the following is NOT a type of media used in Digital Marketing?
Which of the following is NOT a type of media used in Digital Marketing?
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What is one way owned media can benefit a company?
What is one way owned media can benefit a company?
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Study Notes
Introduction to Digital Marketing
- Digital marketing combines digital technologies and marketing.
- Defining digital marketing is a key outcome.
- The benefits of digital marketing compared to traditional marketing are crucial.
- Understanding the challenges and opportunities of digital marketing for consumers, businesses, marketers, and society is essential.
- Distinguishing between E-business and E-marketing is important.
The Scarcity Principle
- Higher demand for items, services, or goods creates scarcity.
- The need to gather for the future contributes to scarcity.
- A sense of urgency encourages purchases.
- Scarcity leads to perceived value and actions.
- Scarcity tactics include limiting numbers and time-limited offers.
The Exclusivity Technique
- A select group of customers receives special deals.
- Exclusivity makes eligible customers feel special.
- Enhanced customer-business relationships and increased brand loyalty follow
- This technique is a marketing strategy.
Image/Personality of Coach's Products
- Coach's products are durable and functional with high-quality leather.
- The average life of a handbag is 15 years, but proper care can extend it to 40 years.
- Offering lifetime service for repairs and replacement enhances the brand image.
- A "country-club" image is established, supporting high-end positioning.
What is Marketing?
- Marketing is the activity of creating, delivering, and exchanging offerings that benefit organizations, stakeholders, and society.
Value Creation
- Marketing creates, communicates, and delivers value.
- Understanding customer needs, time, money, and needs is crucial.
- Providing value recognized and appreciated by customers is necessary.
- Examples of value creation include luxury goods, where customers are willing to pay more for the experience and prestige.
Stakeholders
- Organizations must balance competing interests of customers, suppliers, employees, and shareholders.
- A variety of other people, groups, and forces interact with marketing.
Factors Influencing Marketing Activities
- Society and other organizations, alliances, research, and development.
- Human resources, ownership, shareholders, manufacturing, management.
- Information systems, relationships, suppliers, finance, and marketing.
- Environmental forces (social, economic, technological).
- Competition, and regulatory forces.
Requirements for Marketing to Occur
- Parties with unsatisfied needs are necessary.
- A desire and ability to satisfy those needs are essential.
- Ways for parties to communicate are required.
- Something to exchange is essential.
Identify Consumer's Needs
- Discovering consumer needs is a primary marketing objective.
- Consumers might not always articulate their needs.
- Effective marketing research is essential to identify unmet needs.
- Identifying the gap in the market is crucial.
Every Organisation's Challenge
- Meeting consumer needs with new products is a significant challenge.
- Approximately 94% of new consumables fail within the first few years.
- Key principles for new product launches include focusing on consumer benefit and learning from past successes.
Consumer Needs vs Wants
- Needs are physiological requirements like food, water, and shelter. (Refer to Maslow's hierarchy of needs)
- Wants are shaped by knowledge, culture, and personality.
- Effective marketing shapes consumer wants.
What is a Market?
- A market consists of potential consumers.
- Consumers must have both the desire and ability to purchase a product or service.
- Organisations focus on the needs of their target audience.
- Target groups are specific consumer subsets.
- Growing markets include Brazil, Russia, India, China, and South Africa.
Digital Marketing Defined
- Digital Marketing is the combination of digital technology and marketing.
- Digital marketing uses digital technologies to reach consumers online and convert leads to customers.
- A targeted, measurable, and interactive marketing approach is used.
Marketing Change
- Power has shifted from sellers (businesses) to buyers (individual consumers).
- Consumers trust other consumers more than brands.
- Market and media fragmentation are common.
- Online connections and productivity are valued by consumers.
- Social commerce is increasingly used, as is social media marketing and sales.
Digital Marketing as Part of Marketing Strategy
- The shift in power from businesses (sellers) to individuals (buyers) requires businesses to rethink their strategies.
- Rethinking marketing is necessary to effectively reach customers.
Why Digital Marketing in Strategy?
- Companies need to expand their reach to more customers to grow their customer base.
- Digital marketing matures, reaching customers across different regions is easier.
- Print media declines, while digital marketing is more cost-effective.
Types of Digital Marketing Communication
- Categorizing digital content into Owned, Paid, and Earned Media.
- Understanding the roles of each content type is critical to effective digital marketing.
Owned Media
- Company-owned assets, like websites and social media accounts, are used.
- Companies can control their messaging and timing.
Paid Media
- Advertising for sponsored content, influencer marketing, and Pay-Per-Clicks.
- Businesses pay for visibility and reach.
Earned Media
- Third-party content that promotes the brand.
- Includes reviews, mentions, and press coverage.
- Increased brand awareness and loyalty from engagement.
Digital Marketing vs Traditional Marketing
- Digital marketing utilizes electronic media to create awareness and pull customers.
- Traditional marketing approaches promote through print, aiming to directly inform consumers.
Why Companies Move to Digital Marketing
- The return on investment for digital marketing is higher in some cases.
- Meaningful connections can be built with customers through digital platforms.
- Digital campaigns aid tracking and measuring marketing efforts.
- The development of smartphones and accessibility has reshaped consumer media consumption.
Benefits of Digital Media
- Interactivity, intelligence, and customization.
Benefits of Digital Media (Integration)
- Integrated marketing communication happens in two ways: outbound (company to customer) and inbound (customer to company).
- The internet complements other communication channels.
Benefits of Digital Media (Independence of Location)
- Digital media increases companies' global reach.
E-Business vs E-Marketing
- E-business optimizes business activities via digital technology.
- E-commerce is digitally-enabled transactions among entities.
- E-marketing applies technology to traditional marketing.
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Description
This quiz covers essential concepts in digital marketing, including its definition, advantages over traditional marketing, and key strategies such as scarcity and exclusivity. Understand how these techniques affect consumer behavior and brand loyalty. Learn about the challenges and opportunities within the digital marketing landscape.
