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What is marketing?
Marketing is the process of promoting, selling, and distributing a product or service.
What is an area of business that doesn't pertain to marketing?
Accounting
What is a competitive advantage?
A competitive advantage is a unique attribute or combination of attributes that allows a company to outperform its competitors.
What are the two main types of competitive advantage?
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What is a sustainable competitive advantage?
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What is a target market?
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What are the two main things that are illegal according to the truth in advertising laws?
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What are the main advantages of digital marketing compared to traditional marketing?
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What are the three types of digital marketing channels?
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What should be at the center of a digital marketing campaign?
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What is SEO and why is it important?
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What are the critical keyword locations on a well-optimized web page?
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What are the two types of posts available to marketers?
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What is a Call to Action?
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How is SEO similar to SEM? How are they different?
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What are two common earned media strategies?
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What are the important elements of a good landing page that will earn a high quality score on Google?
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What are some of the disadvantages of social media marketing?
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What is A/B testing and why is it so important to marketers?
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Study Notes
Marketing Fundamentals
- Marketing is the process of promoting, selling, and distributing a product or service, involving understanding customer needs, creating value, and building strong customer relationships.
- Accounting is an area of business that doesn't directly pertain to marketing, as it focuses on tracking and reporting financial transactions.
Competitive Advantage
- A competitive advantage is a unique attribute or combination of attributes that allows a company to outperform its competitors.
- The two main types of competitive advantage are:
- Cost Leadership: Being the lowest-cost producer in the industry.
- Differentiation: Offering unique products or services that are valued by customers.
- A sustainable competitive advantage is a long-term edge over competitors that is difficult to replicate.
Target Market
- A target market is a specific group of consumers at which a company aims its products and services.
- It is identified based on demographic, geographic, psychographic, and behavioral factors.
Truth in Advertising Laws
- It is illegal to:
- Mislead consumers by advertising that is not truthful and deceptive.
- Make unsupported claims without evidence to back them up.
Digital Marketing
- The main advantages of digital marketing include:
- Targeted advertising: Ability to reach specific audiences.
- Measurable results: Easier to track and measure campaign performance.
- Cost-effective: Generally lower costs compared to traditional methods.
- Interactive engagement: Direct interaction with consumers through various platforms.
- The three types of digital marketing channels are:
- Owned media: Channels controlled by the company, such as websites and social media profiles.
- Paid media: Channels where advertising space is purchased, like Google Ads and social media ads.
- Earned media: Publicity gained through word-of-mouth, reviews, and other free promotions.
- The customer should be at the center of a digital marketing campaign.
SEO and Search Engine Marketing
- SEO (Search Engine Optimization) is the process of optimizing a website to rank higher in search engine results.
- It is important because higher rankings lead to increased visibility, more website traffic, and potentially more customers.
- Critical keyword locations on a well-optimized web page include:
- Title Tag
- Meta Description
- Headings (H1, H2, etc.)
- Content Body
- URL
- Image Alt Text
- SEO is similar to SEM in that they both aim to increase a website's visibility on search engines.
- SEO focuses on organic (unpaid) search results, while SEM includes both organic and paid search results, such as Pay-Per-Click (PPC) advertising.
Posts and Call to Action
- The two types of posts available to marketers are:
- Organic posts: Free content shared on social media and other platforms.
- Sponsored posts: Paid content that is promoted to reach a wider audience.
- A Call to Action (CTA) is a prompt that encourages users to take a specific action, such as "Buy Now," "Sign Up," or "Learn More."
Earned Media and Landing Pages
- Two common earned media strategies are:
- Public Relations: Generating positive publicity through press releases and media coverage.
- Customer reviews: Encouraging customers to leave honest reviews about a business on sites such as Google.
- Important elements of a good landing page include:
- Relevance: The content must match the ad and keywords.
- Clarity: Clear and concise information.
- Navigation: Easy to navigate with a clear path to conversion.
- Load Time: Fast loading speed.
- Mobile-Friendliness: Optimized for mobile devices.
Social Media Marketing and A/B Testing
- Disadvantages of social media marketing include:
- Negative feedback: Public negative comments and reviews.
- Time-consuming: Requires constant monitoring and engagement.
- Algorithm changes: Platforms frequently change their algorithms, affecting reach and engagement.
- A/B testing is the process of comparing two versions of a webpage or ad to determine which one performs better.
- It is important because it helps marketers optimize their content for better performance and higher conversion rates.
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Description
This quiz is a study guide for the marketing final exam, covering topics such as the definition of marketing and its role in business.
