Marketing Final Exam Study Guide 2024

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Questions and Answers

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?

Cost Leadership and Differentiation Signup and view all the answers

What is a sustainable competitive advantage?

A long-term edge over competitors that is difficult to replicate Signup and view all the answers

What is a target market?

A specific group of consumers at which a company aims its products and services Signup and view all the answers

What are the two main things that are illegal according to the truth in advertising laws?

Mislead Consumers and Make Unsupported Claims Signup and view all the answers

What are the main advantages of digital marketing compared to traditional marketing?

Targeted Advertising, Measurable Results, Cost-Effectiveness, Interactive Engagement Signup and view all the answers

What are the three types of digital marketing channels?

Owned Media, Paid Media, Earned Media Signup and view all the answers

What should be at the center of a digital marketing campaign?

The customer Signup and view all the answers

What is SEO and why is it important?

SEO is Search Engine Optimization, important for higher search engine rankings, increased visibility, website traffic, and potential customers Signup and view all the answers

What are the critical keyword locations on a well-optimized web page?

Title Tag, Meta Description, Headings, Content Body, URL, Image Alt Text Signup and view all the answers

What are the two types of posts available to marketers?

Organic Posts and Sponsored Posts Signup and view all the answers

What is a Call to Action?

A prompt that encourages users to take a specific action Signup and view all the answers

How is SEO similar to SEM? How are they different?

Similarity: Both aim to increase website visibility on search engines. Difference: SEO focuses on organic search, while SEM includes paid search results like PPC advertising Signup and view all the answers

What are two common earned media strategies?

Public Relations and Customer Reviews Signup and view all the answers

What are the important elements of a good landing page that will earn a high quality score on Google?

Relevance, Clarity, Navigation, Load Time, Mobile-Friendliness Signup and view all the answers

What are some of the disadvantages of social media marketing?

Negative Feedback, Time-Consuming, Algorithm Changes Signup and view all the answers

What is A/B testing and why is it so important to marketers?

Comparing two versions to determine better performance, optimizing content for higher conversion rates Signup and view all the answers

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.

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.