Podcast
Questions and Answers
What is the primary objective of customer retention strategies?
What is the primary objective of customer retention strategies?
What type of advertising targets users based on their interests?
What type of advertising targets users based on their interests?
What pricing strategy involves setting prices based on real-time demand and supply?
What pricing strategy involves setting prices based on real-time demand and supply?
What is the main benefit of the long tail marketing strategy?
What is the main benefit of the long tail marketing strategy?
Signup and view all the answers
What is the term for selling the same product at different prices to different segments of consumers?
What is the term for selling the same product at different prices to different segments of consumers?
Signup and view all the answers
What is the primary goal of yield management?
What is the primary goal of yield management?
Signup and view all the answers
What is the term for offering a free version of a product?
What is the term for offering a free version of a product?
Signup and view all the answers
What is the term for offering several products or services together as a single combined package?
What is the term for offering several products or services together as a single combined package?
Signup and view all the answers
What is one of the main impacts of the internet on marketing communications?
What is one of the main impacts of the internet on marketing communications?
Signup and view all the answers
What is a web transaction log used for?
What is a web transaction log used for?
Signup and view all the answers
What is the difference between first-party and third-party tracking files?
What is the difference between first-party and third-party tracking files?
Signup and view all the answers
What is the purpose of a Customer Relationship Management (CRM) system?
What is the purpose of a Customer Relationship Management (CRM) system?
Signup and view all the answers
What is the purpose of marketing automation systems?
What is the purpose of marketing automation systems?
Signup and view all the answers
What is an example of a company's effort to phase out third-party tracking?
What is an example of a company's effort to phase out third-party tracking?
Signup and view all the answers
What is one way customer data is used in CRM systems?
What is one way customer data is used in CRM systems?
Signup and view all the answers
What is the purpose of web beacons in tracking files?
What is the purpose of web beacons in tracking files?
Signup and view all the answers
What is one of the primary functions of a website in establishing a customer relationship?
What is one of the primary functions of a website in establishing a customer relationship?
Signup and view all the answers
Which age group is online advertising best suited to reach?
Which age group is online advertising best suited to reach?
Signup and view all the answers
What is the primary advantage of search engine advertising?
What is the primary advantage of search engine advertising?
Signup and view all the answers
What is the term for using search engines to support direct sales?
What is the term for using search engines to support direct sales?
Signup and view all the answers
What is the term for allowing Google to place relevant ads on a website?
What is the term for allowing Google to place relevant ads on a website?
Signup and view all the answers
Why is search engine optimization (SEO) important?
Why is search engine optimization (SEO) important?
Signup and view all the answers
What is the primary goal of affiliate marketing?
What is the primary goal of affiliate marketing?
Signup and view all the answers
What is the term for using search engines for branding?
What is the term for using search engines for branding?
Signup and view all the answers
What are the five stages in the consumer decision process?
What are the five stages in the consumer decision process?
Signup and view all the answers
What is the main difference between the production era and the sales era?
What is the main difference between the production era and the sales era?
Signup and view all the answers
What is a characteristic of the relationship era in marketing?
What is a characteristic of the relationship era in marketing?
Signup and view all the answers
What is the primary goal of the marketing concept?
What is the primary goal of the marketing concept?
Signup and view all the answers
What is the main difference between online and offline consumer behavior?
What is the main difference between online and offline consumer behavior?
Signup and view all the answers
What is an example of a product that was developed and sold with a production orientation?
What is an example of a product that was developed and sold with a production orientation?
Signup and view all the answers
What is the main focus of the triple-bottom-line era in marketing?
What is the main focus of the triple-bottom-line era in marketing?
Signup and view all the answers
What is clickstream behavior in the context of online consumer behavior?
What is clickstream behavior in the context of online consumer behavior?
Signup and view all the answers
What is the primary function of marketing analytics software?
What is the primary function of marketing analytics software?
Signup and view all the answers
At how many stages of the customer conversion process does marketing analytics software analyze data?
At how many stages of the customer conversion process does marketing analytics software analyze data?
Signup and view all the answers
What is one of the benefits of using marketing analytics software?
What is one of the benefits of using marketing analytics software?
Signup and view all the answers
What is not a stage of the customer conversion process analyzed by marketing analytics software?
What is not a stage of the customer conversion process analyzed by marketing analytics software?
Signup and view all the answers
Who is authorized to disseminate or sell any part of the marketing analytics materials?
Who is authorized to disseminate or sell any part of the marketing analytics materials?
Signup and view all the answers
Under which laws is the marketing analytics work protected?
Under which laws is the marketing analytics work protected?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the consumer decision process, including the five stages of awareness, search, evaluation, purchase, and post-purchase contact.