Marketing & Innovation (IS3150) - Introduction to Marketing
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Questions and Answers

What is a necessary condition before implementing marketing strategies?

  • A fully developed eCommerce platform
  • A high customer retention rate
  • A large digital presence
  • A sufficient pool of potential customers (correct)

Which option best describes ‘Owned Media’ in digital marketing?

  • Platforms a business does not control
  • Shared online platforms for marketing
  • Any online channels used for advertising
  • The digital assets directly controlled by the business (correct)

Which stage of digital presence is characterized by high cost of acquisition and retention?

  • Web Presence
  • eCommerce
  • Amateur / Testing Water
  • Customer Retention (correct)

Which step is essential when setting up a new website?

<p>Domain Name Registration (C)</p> Signup and view all the answers

What should technical founders focus on when building their digital presence?

<p>Building differentiation on technology (D)</p> Signup and view all the answers

Which type of digital presence is best suited for testing concepts without significant investment?

<p>Shared hosted site (A)</p> Signup and view all the answers

What is an example of a provider for domain name registration?

<p>Godaddy (C)</p> Signup and view all the answers

Which platform is described as a channel of marketing but not an owned media?

<p>Social media accounts (C)</p> Signup and view all the answers

What is the primary purpose of personal computers like the Apple II and IBM PCs?

<p>To transform how individuals work and access information (D)</p> Signup and view all the answers

How have smartphones changed communication and information access?

<p>By integrating multiple functions and making them portable (C)</p> Signup and view all the answers

Which technology is primarily associated with detailed internal body imaging?

<p>MRI (D)</p> Signup and view all the answers

What is a significant benefit of renewable energy technologies?

<p>They shift the energy landscape towards sustainability (B)</p> Signup and view all the answers

What has been the impact of artificial intelligence and machine learning across various industries?

<p>They have revolutionized industries with intelligent systems (A)</p> Signup and view all the answers

What is the primary function of 3D printing technology?

<p>To create three-dimensional objects from digital models (C)</p> Signup and view all the answers

Which of the following describes the relationship between inventions and innovations?

<p>Innovations often lead to broader changes, while inventions create new tools (D)</p> Signup and view all the answers

What is the primary function of a server in web hosting?

<p>To store and serve website files to users (C)</p> Signup and view all the answers

How did social media platforms change interaction among individuals?

<p>They changed how people connect, communicate, and consume information (B)</p> Signup and view all the answers

Which of the following best describes a Content Management System (CMS)?

<p>Software that allows users to create and modify website content without coding (A)</p> Signup and view all the answers

Which of the following tools is commonly used for eCommerce management?

<p>Shopify (A)</p> Signup and view all the answers

What is the role of a payment gateway in eCommerce?

<p>To process customer payments (A)</p> Signup and view all the answers

Which of the following metrics distinguishes between users and sessions in analytics?

<p>Engaged Sessions (A)</p> Signup and view all the answers

In the context of digital marketing, what is meant by user acquisition?

<p>The process of attracting new customers to a website (C)</p> Signup and view all the answers

What is the significance of engagement rate in analytics?

<p>It indicates how actively users interact with content (B)</p> Signup and view all the answers

Which statement accurately reflects the philosophy of innovation in business?

<p>Marketing and innovation are critical for creating customers (C)</p> Signup and view all the answers

What is the primary focus of invention?

<p>Creating entirely new products or processes (B)</p> Signup and view all the answers

Which of the following best describes innovation?

<p>Implementation of new ideas for existing products (A)</p> Signup and view all the answers

What skills are primarily associated with innovation?

<p>Technical and strategic skills (D)</p> Signup and view all the answers

Which scenario best represents the process of invention?

<p>A scientist discovers a new chemical element (A)</p> Signup and view all the answers

How are innovations primarily characterized?

<p>As transformations based on existing concepts (B)</p> Signup and view all the answers

What is the difference between invention and innovation in terms of product development?

<p>Invention is concerned with individual products, while innovation combines existing ones (D)</p> Signup and view all the answers

Which of the following is an example of an innovation?

<p>The development of smartphones from existing cellular technology (D)</p> Signup and view all the answers

What does Peter Drucker imply about the function of marketing?

<p>It is a unique and essential aspect of business (A)</p> Signup and view all the answers

What does the profit model refer to in the context of innovation?

<p>The way in which a company makes money (A)</p> Signup and view all the answers

Which type of innovation focuses on the delivery method of offerings to customers?

<p>Channel (C)</p> Signup and view all the answers

In the assignment process, what is the recommended size for a project team?

<p>4 members (D)</p> Signup and view all the answers

When finding a client for the project, which of the following is essential?

<p>The client should provide timely feedback (A)</p> Signup and view all the answers

Which category of innovation involves superior methods for doing work?

<p>Process (B)</p> Signup and view all the answers

What is the role of owned media in marketing?

<p>Content directly controlled by the company (D)</p> Signup and view all the answers

What is the main focus of customer engagement in the innovation framework?

<p>Creating distinctive interactions (C)</p> Signup and view all the answers

Which aspect of innovation relates to complementary products and services?

<p>Product System (D)</p> Signup and view all the answers

What is a primary factor to consider when selecting clients for marketing projects?

<p>Clients that allow access to needed data without NDAs (B)</p> Signup and view all the answers

Which of the following is NOT a component of evaluating a marketing project?

<p>Cost of Production (A)</p> Signup and view all the answers

What should be avoided when trying to access client data for marketing projects?

<p>Clients that require Non-Disclosure Agreements (A)</p> Signup and view all the answers

Which aspect should a marketing plan ensure is clear to be effective?

<p>The marketing goals with key performance indicators (A)</p> Signup and view all the answers

What is an important aspect of content in a marketing project?

<p>It should contain clear calls-to-action when appropriate (D)</p> Signup and view all the answers

Which of the following criteria focuses heavily on the outcomes of the marketing plan?

<p>Execution and Analysis (B)</p> Signup and view all the answers

For effective marketing, what should the selection of channels accomplish?

<p>Justify their use based on marketing goals (B)</p> Signup and view all the answers

What insight should a marketing project provide to be deemed successful?

<p>Understanding of the target audience and value propositions (B)</p> Signup and view all the answers

Flashcards

Sufficient Customer Pool for Marketing

Effective marketing requires a significant number of potential customers. Small customer bases might not warrant marketing efforts.

Owned Media

Your online presence (website, app, etc.), where conversions happen.

Digital Presence

Your website, app, or social media channels that represent your business online.

Web Presence Levels

Different stages of website and app development, from basic to mature (testing, ready, customer retention).

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Domain Name Registration

Securing a unique web address (e.g., www.mysite.com) for your online presence.

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Direct Customer Approach

Reaching potential customers directly, bypassing traditional marketing strategies, when customer groups are limited.

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Website Maturity Stages

Categories for website development: Amateur, Ready, Customer Retention, based on maturity/features offered.

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Technical Differentiation

Focus on superior technology (app and/or web backend) as a means of differentiating your web presence from other offerings

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Server Hosting

The hardware that stores website files and serves them to internet users.

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Content Management System (CMS)

Software for creating, managing, and changing website content without coding.

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eCommerce Management System

Software for managing online sales, including listings, shopping carts, and order processing.

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Payment Gateway

A system that processes online payments.

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User Acquisition

Finding new users for a product/service.

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Traffic Acquisition

Driving more visitors to a website.

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Digital Marketer

Someone responsible for promoting a product/service online.

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Innovation

Implementation of new ideas, products, processes, or methods that create significant improvements or value, often building on existing concepts.

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Invention

Creation of entirely new devices, processes, or methods that did not previously exist and represent a new technology or concept.

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Innovation vs. Invention

Innovation builds on existing ideas to improve them, while invention creates something entirely new.

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Internet Innovation

Example of innovation that revolutionized global communication and information sharing.

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Core Difference (Innovation)

An improvement, new implementation, a "better" way.

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Core Difference (Invention)

A completely new concept, a first, something never before seen.

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Innovation Skills

Combination of marketing, technical, and strategic skills needed for implementation.

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Invention Skills

Typically focused on scientific skills.

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Personal Computers

Devices like the Apple II and IBM PCs that transformed how individuals work and access information.

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Mobile Phones/Smartphones

Devices making communication and information portable and ubiquitous.

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GPS

Technology for global positioning and navigation, transforming location-based services.

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3D Printing

Devices creating three-dimensional objects from digital models, enabling rapid prototyping and customized manufacturing.

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Artificial Intelligence

Revolutionizing various industries with intelligent systems.

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DNA Sequencing

Methods to quickly and accurately determine DNA sequences, advancing genetic research and personalized medicine.

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Renewable Energy Technologies

Shifting the energy landscape towards sustainability.

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Social Media Platforms

Platforms like Facebook and Twitter, changing how people connect, communicate, and consume information.

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Innovation Categories

Different types of innovation that focus on various aspects of a business, such as profit models, networks, or customer engagement.

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Profit Model Innovation

Innovations that change how a company makes money, such as introducing new pricing strategies or subscription models.

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Network Innovation

Creating new connections or alliances to expand business reach and value creation. Think collaborations, partnerships, or supply chain improvements.

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Marketing Message

A concise and compelling statement that captures the essence of your product or service's value for the target audience.

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Google Analytics

A powerful tool that tracks website traffic and user behavior, providing insights into website performance.

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Project Team Formation

Assembling a group of students (ideally from the same tutorial) to work on a marketing project as a digital marketing agency.

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Find a Client for Project

Identifying a company or creating a project that requires digital marketing support. The client must be able to provide timely feedback and possibly seed money.

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Project Duration

The timeframe allotted for completing a marketing project. It influences the selection of clients and marketing strategies.

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Client Selection

Choosing the right companies or departments to work with, considering factors like project scope, data access requirements, and company size.

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Value Proposition

The unique benefit or advantage that your product or service offers to customers. It's your selling point.

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Marketing Goals

Specific, measurable, achievable, relevant, and time-bound objectives that you aim to achieve through marketing efforts.

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Key Performance Indicators (KPIs)

Measurable metrics used to track the success of marketing campaigns. Examples include website traffic, engagement rates, leads, and sales.

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Marketing Channels

The different platforms and methods used to reach your target audience, like search engine marketing (SEM), social media, and display advertising.

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Owned, Paid, and Earned Media

Different types of media used in marketing. Owned (your website/app), Paid (ads), and Earned (mentions, reviews).

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Data Analysis in Marketing

Collecting, analyzing, and interpreting data from marketing campaigns to understand performance and make improvements.

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Study Notes

Marketing & Innovation (1) - IS3150

  • Course offered AY 24/25, Sem 1
  • Instructor: Lai Kok Fung (Adj)

What is Marketing?

  • Image shows people collaborating, brainstorming, with sticky notes and markers on a table.
  • Keywords/Concepts: plan, ideas, deadline, collaboration, logo, layout, imagination, passion, graphics, vector, font, color palette, ingenuity, time management, negative, positive, client needs, investment, concise.
  • Image shows hands of people around a table, with a table-top diagram full of words.
  • Marketing is a concept that combines a lot of elements, including ingenuity, passion, and strategy.

Sales Funnel Examples

  • Shows a sales funnel
  • Stages: Discovery, Interest, Appraisal, Confirmation, Conversion
  • Online location/KPIs are listed for each stage
  • Examples: Google Search Results, Web Ads, Social Ads, New unique visitors, Ad clicks, Search Rankings, Blog Articles, Landing Pages, Review Pages, Competitors' Websites, Page views, Time on site, Backlinks, 3rd party rankings, Case Studies, Landing Pages, Conversions, Repeat visitors, returning clicks, conversions, Contact Page, products/services, checkout page
  • Further stages from Conversion: Awareness, Interest, Consideration, Evaluation, Decision, Purchase, Repeat, Loyalty, Advocacy are shown.

Target Customers

  • Diagram of marketing funnel-related technologies including Google Display, Google SEO, Social Reach, Public Relation, Influencer, Content Marketing, Follow & Engage, Retargeting, Google SEM, Livestreaming, Retargeting, Affiliates
  • Marketing tasks are listed, e.g., Bring cows to water with lowest cost, making the journey smooth, convincing cows to drink water.
  • If cows don't drink: Right cows? Right water? Barriers?

Marketing vs Sales

  • Marketing encompasses activities that spark interest in the business.
  • Marketers use research and analysis to understand customer interests.
  • Marketing is responsible for campaigns attracting people to the business, product, or service.
  • Sales leads to the selling of goods and manages relationships with potential clients, providing solutions for prospects that need products.

Digital Marketing: Conversion Happens at "Owned Media"

  • Diagram depicts the marketing funnel and the target customers
  • Key technologies: Google Display, Google SEO, Social, Public Relation, Influencer, Content Marketing, Follow & Engage, Retarget, Google SEM, Livestreaming,Retarget, Affiliate
  • Marketing tasks are listed, including bringing cows to water efficiently, making the journey smooth, and convincing the cows. If cows don't drink: Right cows? Right water? Barriers?

Owned Media

  • Your Digital Presence - digital presence of an organization is referred to here
  • This section details different levels of digital presence: amateur/testing, ready, and customer retention

Types of Digital Presence

  • Levels of maturity for Web Presence: amateur/testing, ready, and customer retention
  • The different types of digital presence are: Web presence, eCommerce, Social Media

Setting up a new Web Site

  • Steps for creating a webpage, e.g., registering a domain name, hosting a server, managing content with a system (CMS), handling eCommerce, and integrating a payment gateway
  • Examples of providers for each step

Without Analytics

  • Fighting Blindfolded - An analogy/concept highlighting the necessity of analytics
  • The need of analytics for fighting/decision-making

Google Analytics

  • Understand "cows" behavior
  • Google Analytics reports snapshot: real-time, life cycle, acquisition, engagement, monetization, retention
  • Google Analytics reports snapshot
  • Data analysis, including acquisition overview (users and new users data)

GA4 Demo Account

  • Google Analytics 4 (GA4) Demo account: Real time, Acquisition, Overview
  • Topics: User acquisition vs Traffic acquisition, Session primary channel group, Users vs Sessions, Engaged Sessions, Engagement Rate

First Tasks of a Digital Marketer

  • Key tasks of a digital marketer
  • Questions: What is your digital presence? Do you know how to build or modify it? Is Google Analytics installed? Can you access it?

Project

  • Putting theories learned in class into practice

Task 1: Form Project Team

  • Forming project teams consisting of 4 members
  • Contacting TA with team member names by a certain date
  • Pooling S$100 seed money for ads

Task 2: Find a Client

  • Acting as a digital marketing agency
  • Finding clients (suitable company or make your own)

2023 Projects

  • Projects and examples, with different companies (like food delivery, braces, etc.)

2022 Projects

  • Projects, with different companies (e.g. bike retailer)

Project Evaluation Criteria

  • Criteria for evaluating projects based on clarity of message, channels, execution, insights, and contribution

Form Project Team

  • Contacting the TA about names of team members with a deadline

Questions?

  • Open question for clarifications and questions from the audience.

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Related Documents

Marketing & Innovation (1) IS3150 24/25 PDF

Description

This quiz covers fundamental concepts of marketing including collaboration, creativity, and strategic planning. It explores the stages of the sales funnel and how various online platforms contribute to client engagement and conversion. Test your understanding of key terms and principles in the marketing field.

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