IT2863 Digital Marketing Strategy Quiz

L3 Digital Marketing Strategy and Marketing Mix

• Course: IT2863 Digital Marketing AY202352
• Learning Outcomes:
  • Define digital marketing strategies by describing objectives and main elements.
  • Describe marketing mix and apply to business scenarios.
  • Identify typical goals, advantages, and limitations of digital marketing strategies.

Digital Marketing Strategy

• A sound plan requires understanding brand situation, demographics, and how to best engage target online audiences.
• A clear framework for measuring success is needed.

Use of Digital Marketing Strategy in the Company

• Gain greater direction for digital marketing.
• Gain knowledge of online market share.
• Achieve greater accountability and justification for marketing resources.
• Ensure use of right tactics and messages to reach the target audience.

Digital Marketing Plan

• Serves as a blueprint for businesses.
• Implementation involves six steps:
  • Situation Analysis
  • Objectives (SMART goals)
  • Strategy
  • Tactics
  • Actions (schedule, responsibilities)
  • Control (monitoring, KPIs)

Digital Marketing Plan - Situation Analysis

• Understand current customer situations.
• Identify digital channels customers use.
• Analyze competitor strengths and weaknesses.

Digital Marketing Plan - Objectives

• Objectives must be SMART: Specific, Measurable, Actionable, Relevant, and Time-bound.
• Example: Increase website visitors requesting more information by 3% in 6 months.

Digital Marketing Plan - Strategy

• Analyze "situation analysis" to outline how to meet "objectives".
• Determine target segments.
• Examine competitor activities related to objectives.
• Define online value proposition.

Digital Marketing Plan - Tactics

• Identify the digital tools suited for the target audience.
• Plan how tools will target the intended audience to deliver the value proposition.
• Define the needed content (emails, posts, ads, etc.).

Digital Marketing Plan - Actions

• Create a schedule for implementing tactics.
• Assign responsibilities.
• Determine tasks for outsourcing.

Digital Marketing Plan - Control

• Establish monitoring and measurement methods to meet objectives.
• Identify Key Performance Indicators (KPIs).
• Select monitoring and reporting tools.

Example Digital Marketing Plan

• Includes: Website Design, Blog Campaigns, Social Media, Email Marketing, Paid Advertising, Search Engine Optimization, Sales Enablement, and Co-Marketing strategies.

Marketing Mix

• Provides a guide for companies defining marketing objectives.
• In digital context:
  • Product: Product characteristics, opportunities, and modifications relevant to the online environment.
  • Price: Pricing models and implications in digital markets.
  • Place: Product distribution channels (e.g., websites, mobile).
  • Promotion: Using marketing communications and techniques to meet objectives.

What is Marketing Mix For?

• Strategy development and competitor performance comparisons.
• To influence demand for an organization's product offering by adjusting elements like product offerings.
• A tool for creating alternative strategic approaches.
• Enables plan implementation and performance monitoring.

Develop Strategies and Choose Tactics

• Determine digital and social media platforms for target audience engagement.
• Define tools to deliver campaign content.
• Establish personnel for online audience interaction.
• Assess resources, budget, and timeline feasibility.
• Design methods for customer discovery and participation.

How Can Companies Make Decisions That Make Sense?

• (Note: This is a question for which further information is needed from the given context.)

Business Portfolio Analysis

• Quantifies performance and growth targets for a company's Strategic Business Units (SBUs).
• Aims to determine if individual SBUs are suitable for cash infusion.

BCG Matrix and Examples

• (Note: The Coca-Cola and Samsung BCG Matrix example is included in the document.)

Market Product Analysis (Ansoff Matrix)

• Market Penetration: High sales of present products in existing markets.
• Market Development: Selling existing products in new markets.
• Product Development: New products for existing markets.
• Diversification: New products for new markets.

Monitoring, Measuring, and Managing the Digital Marketing Campaign

• Success hinges on ongoing monitoring and measurement of marketing investments.
• Marketers must provide timely and accurate measurement to justify expenditures.

Key Performance Indicators (KPIs)

• Examples: Reach, Frequency, Average Time on Site, Pages Viewed per Session, Unique Website Visitors

Content Marketing

• A strategic process of creating and amplifying content to reach the target audience by informing, entertaining or building awareness of the brand, products, or services.
• A pull method of marketing.

Content Marketing Best Practices

• Create valuable, relatable content
• Employ preferred content formats (visuals, videos)
• Use shareable content
• Regularly update content
• Encourage audience participation
• Strategically blend content types.

Benefits of Effective Content

• Increased audience engagement.
• Strong relationships with customers.
• Higher demand for products and services.

Advantages and Challenges with Digital Marketing Strategies - Ethical & Legal Issues

• Awareness of social, ethical and cultural considerations in marketing to avoid offending the audience.
• Importance of avoiding ethical lapses, and exercise caution in digital marketing
• Importance of remaining informed about ethical and legal issues, and protect consumer privacy
• Ethical marketing research, advertising, and promotional best practices.
• Preventing deceptive or anti-competitive practices.

Brand Experience Online

• Brand experience is crucial for successful online engagement.
• Value proposition can be communicated through different experiences (promise of convenience, achievement, fun, self-expression).