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?

Domain Name Registration Signup and view all the answers

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

Building differentiation on technology Signup and view all the answers

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

Shared hosted site Signup and view all the answers

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

Godaddy Signup and view all the answers

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

Social media accounts Signup and view all the answers

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

To transform how individuals work and access information Signup and view all the answers

How have smartphones changed communication and information access?

By integrating multiple functions and making them portable Signup and view all the answers

Which technology is primarily associated with detailed internal body imaging?

MRI Signup and view all the answers

What is a significant benefit of renewable energy technologies?

They shift the energy landscape towards sustainability Signup and view all the answers

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

They have revolutionized industries with intelligent systems Signup and view all the answers

What is the primary function of 3D printing technology?

To create three-dimensional objects from digital models Signup and view all the answers

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

Innovations often lead to broader changes, while inventions create new tools Signup and view all the answers

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

To store and serve website files to users Signup and view all the answers

How did social media platforms change interaction among individuals?

They changed how people connect, communicate, and consume information Signup and view all the answers

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

Software that allows users to create and modify website content without coding Signup and view all the answers

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

Shopify Signup and view all the answers

What is the role of a payment gateway in eCommerce?

To process customer payments Signup and view all the answers

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

Engaged Sessions Signup and view all the answers

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

The process of attracting new customers to a website Signup and view all the answers

What is the significance of engagement rate in analytics?

It indicates how actively users interact with content Signup and view all the answers

Which statement accurately reflects the philosophy of innovation in business?

Marketing and innovation are critical for creating customers Signup and view all the answers

What is the primary focus of invention?

Creating entirely new products or processes Signup and view all the answers

Which of the following best describes innovation?

Implementation of new ideas for existing products Signup and view all the answers

What skills are primarily associated with innovation?

Technical and strategic skills Signup and view all the answers

Which scenario best represents the process of invention?

A scientist discovers a new chemical element Signup and view all the answers

How are innovations primarily characterized?

As transformations based on existing concepts Signup and view all the answers

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

Invention is concerned with individual products, while innovation combines existing ones Signup and view all the answers

Which of the following is an example of an innovation?

The development of smartphones from existing cellular technology Signup and view all the answers

What does Peter Drucker imply about the function of marketing?

It is a unique and essential aspect of business Signup and view all the answers

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

The way in which a company makes money Signup and view all the answers

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

Channel Signup and view all the answers

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

4 members Signup and view all the answers

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

The client should provide timely feedback Signup and view all the answers

Which category of innovation involves superior methods for doing work?

Process Signup and view all the answers

What is the role of owned media in marketing?

Content directly controlled by the company Signup and view all the answers

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

Creating distinctive interactions Signup and view all the answers

Which aspect of innovation relates to complementary products and services?

Product System Signup and view all the answers

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

Clients that allow access to needed data without NDAs Signup and view all the answers

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

Cost of Production Signup and view all the answers

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

Clients that require Non-Disclosure Agreements Signup and view all the answers

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

The marketing goals with key performance indicators Signup and view all the answers

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

It should contain clear calls-to-action when appropriate Signup and view all the answers

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

Execution and Analysis Signup and view all the answers

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

Justify their use based on marketing goals Signup and view all the answers

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

Understanding of the target audience and value propositions Signup and view all the answers

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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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.