38 Questions
What is the primary objective of customer retention strategies?
To maintain and strengthen relationships with existing customers
What type of advertising targets users based on their interests?
Behavioral targeting
What pricing strategy involves setting prices based on real-time demand and supply?
Dynamic pricing
What is the main benefit of the long tail marketing strategy?
Substantial revenue through near zero inventory and marketing costs
What is the term for selling the same product at different prices to different segments of consumers?
Price discrimination
What is the primary goal of yield management?
To maximize revenue through differential pricing
What is the term for offering a free version of a product?
Freemium
What is the term for offering several products or services together as a single combined package?
Bundling
What is one of the main impacts of the internet on marketing communications?
Broadened scope of marketing communications
What is a web transaction log used for?
To record user activity at a website
What is the difference between first-party and third-party tracking files?
First-party tracks users on one website, third-party tracks users across websites
What is the purpose of a Customer Relationship Management (CRM) system?
To manage relationships with customers once a purchase is made
What is the purpose of marketing automation systems?
To track steps in lead generation
What is an example of a company's effort to phase out third-party tracking?
Apple's Intelligent Tracking Prevention program
What is one way customer data is used in CRM systems?
To identify profitable customers
What is the purpose of web beacons in tracking files?
To track users across websites
What is one of the primary functions of a website in establishing a customer relationship?
Informing and educating customers
Which age group is online advertising best suited to reach?
18-to-34-year-old audience
What is the primary advantage of search engine advertising?
All of the above
What is the term for using search engines to support direct sales?
Search engine advertising
What is the term for allowing Google to place relevant ads on a website?
Google AdSense
Why is search engine optimization (SEO) important?
Because Google makes frequent changes to its algorithms
What is the primary goal of affiliate marketing?
Selling products directly
What is the term for using search engines for branding?
Search engine marketing (SEM)
What are the five stages in the consumer decision process?
Awareness of need, search for more information, evaluation of alternatives, actual purchase decision, post-purchase contact
What is the main difference between the production era and the sales era?
Production orientation versus marketing orientation
What is a characteristic of the relationship era in marketing?
Emphasis on building long-term relationships with customers
What is the primary goal of the marketing concept?
To satisfy customers' needs
What is the main difference between online and offline consumer behavior?
There is no significant difference between online and offline consumer behavior
What is an example of a product that was developed and sold with a production orientation?
Henry Ford's Model T
What is the main focus of the triple-bottom-line era in marketing?
Social responsibility, environmental sustainability, and profits
What is clickstream behavior in the context of online consumer behavior?
The pattern of website pages visited by a user
What is the primary function of marketing analytics software?
To analyze data at each stage of the customer conversion process
At how many stages of the customer conversion process does marketing analytics software analyze data?
5
What is one of the benefits of using marketing analytics software?
It helps managers optimize ROI on website and marketing efforts
What is not a stage of the customer conversion process analyzed by marketing analytics software?
Refund and return
Who is authorized to disseminate or sell any part of the marketing analytics materials?
No one, as it is not permitted
Under which laws is the marketing analytics work protected?
United Kingdom copyright laws
Study Notes
Consumer Behavior
- The consumer decision process involves five stages: awareness of need, search for more information, evaluation of alternatives, actual purchase decision, and post-purchase contact with the firm.
- The online purchasing decision process is similar to offline behavior, involving user characteristics, product characteristics, website features, attitudes toward online purchasing, and perceptions about control over the Web environment.
Evolution of the Marketing Concept
- The idea that organizations succeed when they satisfy customers' needs is a relatively recent concept.
- Marketing has evolved through four eras: production, sales, relationship, and triple-bottom-line.
Marketing Platform
- A website can establish brand identity and customer expectations, anchor the brand online, inform and educate customers, and shape customer experience.
- Website functions can be used to differentiate products, centralize marketing messages, and personalize customer interactions.
Online Marketing and Advertising
- Online advertising involves display, search, mobile messaging, sponsorships, classifieds, lead generation, and e-mail.
- Advantages of online advertising include targeting specific audiences, price discrimination, and personalization.
- Traditional online marketing and advertising tools include search engine marketing, display ad marketing, e-mail marketing, affiliate marketing, and lead generation marketing.
Search Engine Marketing and Advertising
- Search engine marketing (SEM) involves using search engines for branding and direct sales.
- Search engine advertising uses pay-per-click (PPC) search ads, keyword advertising, and Google AdSense.
- Search engine optimization (SEO) is important due to frequent changes in Google's algorithms.
Online Marketing Strategies
- Customer retention strategies include one-to-one marketing, behavioral targeting, and retargeting.
- Customization and customer co-production involve personalization and collaborative product development.
- Customer service strategies include FAQs, real-time customer service chat systems, and automated response systems.
Pricing Strategies
- Pricing is an integral part of marketing strategy, involving fixed costs, variable costs, and demand curve.
- Pricing strategies include piggyback strategy, price discrimination, freemium, versioning, bundling, dynamic pricing, auctions, yield management, and surge pricing.
- Long tail marketing involves selling obscure products with little demand, made possible by the internet and e-commerce.
Online Marketing Technologies
- The internet has broadened the scope of marketing communications, increased the richness of marketing communications, and expanded the information intensity of the marketplace.
- Online marketing technologies include web transaction logs, cookies, and tracking files.
Marketing Automation and CRM Systems
- Marketing automation systems track lead generation and customer interactions.
- CRM systems manage customer relationships, create customer profiles, and help develop additional products and services.
Marketing Analytics
- Marketing analytics software analyzes data at each stage of the customer conversion process, including awareness, engagement, interaction, purchase activity, and loyalty and post-purchase.
- Marketing analytics helps managers optimize ROI, build detailed customer profiles, and measure campaign impact.
This quiz covers the consumer decision process, including the five stages of awareness, search, evaluation, purchase, and post-purchase contact.
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