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Questions and Answers
Which influencer has the highest number of followers on Instagram?
What brand did Dwayne “The Rock” Johnson promote?
Which marketing trend involves both influencers and short-form videos?
Which of the following celebrities is NOT associated with Gatorade commercials?
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Which influencer is known for content creation and promotion for Kylie Cosmetics?
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What is one principle that guides marketing decisions?
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What was a significant consequence of the Volkswagen emissions scandal?
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Which unethical marketing practice exploits consumer needs according to the content?
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How do ethical marketing practices benefit brand reputation?
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What was the misleading claim made by Purdue Pharma regarding OxyContin?
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What is value-based pricing?
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Which social media platform is ideal for visually driven brands?
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What is the primary advantage of penetration pricing?
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Which of the following is NOT a pro of social media marketing?
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What is a disadvantage of using Facebook for marketing?
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Which pricing strategy involves lowering prices over time after an initial high price?
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Which of the following is a key component of digital marketing?
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What is a common disadvantage of using X (Twitter) for marketing?
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What is a significant disadvantage of using LinkedIn for marketing?
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Which of the following is a benefit of using TikTok for marketing?
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What is a primary advantage of Pinterest for brands?
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Which tool helps companies manage customer and supplier relationships?
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What might be considered a downside of using Pinterest for marketing?
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What aspect of ethical marketing involves understanding differences across cultures?
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Which Key Performance Indicator indicates effectiveness in customer acquisition?
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Which statement best describes the concept of Corporate Social Responsibility (CSR)?
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Study Notes
Pricing Strategies
- Cost-Plus Pricing: Price is calculated by adding a markup to the cost of production.
- Value-Based Pricing: Prices set based on the value perceived by the customer, not the cost of the product.
- Competitive Pricing: Prices are set in line with what competitors are charging.
- Penetration Pricing: Introducing a new product at a low price to attract customers and gain market share. Price gradually increases over time.
- Skimming Pricing: Initial high price to maximize profits from early adopters. The price is lowered over time.
SWOT Analysis
- Strengths: Internal capabilities that give a company an advantage.
- Weaknesses: Internal limitations that hinder a company's performance.
- Opportunities: External factors that offer potential for growth.
- Threats: External factors that could negatively impact a company.
Digital Marketing
- Popular digital marketing strategies: SEO, SEM, content marketing, email marketing, and social media marketing.
Social Media Marketing
- Benefits: Direct connection with target audience, real-time interaction, building brand loyalty, precise targeting, cost-effective marketing, and valuable data on consumer behavior.
- Pros: Vast user base, advanced targeting options, diverse content types.
- Cons: Declining organic reach, increasing competition, privacy concerns.
- Pros: Visually driven, high engagement rates, features like Stories and Reels.
- Cons: Algorithm changes affecting visibility, limited linking options, requires high-quality content.
X (Twitter)
- Pros: Customer service, quick updates, community building through hashtags.
- Cons: Character limits, fast-paced nature, limited visual content.
- Pros: B2B marketing, high-quality content opportunities, targeted advertising.
- Cons: Less effective for B2C marketing, requires a formal tone, slower engagement.
TikTok
- Pros: Rapidly growing platform, high engagement, creative video content, viral potential.
- Cons: Focus on trends and creativity, less effective for traditional branding, evolving platform requires adaptation.
- Pros: Visually focused, users looking for inspiration, longevity of pinned content.
- Cons: Niche audience, requires high-quality content, less real-time engagement.
Tools for Managing Marketing Efforts
- Customer Relationship Management (CRM) Software: Software like Salesforce and Hubspot help manage relationships with customers and suppliers.
- Key Performance Indicators (KPIs): Examples include sales growth, market share, and customer acquisition cost.
- Marketing Metrics: Examples include ROI, conversion rate, and click-through rate.
Global Marketing and Ethics
- Cultural considerations: Differences in culture, language, legal regulations, and economic factors must be considered.
- Truthful advertising: Be truthful about product benefits and avoid false statements.
- Consumer privacy: Respect consumer privacy and data security.
- Fair trade standards: Adhere to ethical standards in sourcing, production, and distribution.
- Corporate Social Responsibility (CSR): Initiatives regarding environmental sustainability, community engagement, and other causes.
Marketing Ethics
- Principles guiding marketing decisions: Honesty, fairness, and building consumer trust.
- Benefits of ethical marketing: Protects brand reputation, avoids legal penalties, strengthens customer loyalty, and promotes fair competition.
Unethical Marketing Decisions
- False advertising: Example - Volkswagen emissions scandal
- Deceptive pricing: Example - Pharmaceutical price hikes
- Exploitation: Example - Nestlé infant formula controversy
- Misleading health claims: Example - Tobacco industry
- Misleading impact of products: Example - Misleading claims about OxyContin.
Influencers
- Top Instagram Influencers: Cristiano Ronaldo, Kylie Jenner, Selena Gomez, Dwayne “The Rock” Johnson, Ariana Grande, Kim Kardashian, Lionel Messi, Taylor Swift.
- Top Youtube Influencer: Mr Beast - Jimmy Donaldson
- Top TikTok Influencer: Charli D’Amelio
- Examples of Influencer Marketing: Tom Brady for Hertz, Serena Williams for Gatorade, Kylie Jenner for Kylie Cosmetics, Jennifer Aniston for Aveeno, Matthew McConaughey for Lincoln Motor Company, Dwayne “The Rock” Johnson for Teremana Tequila, Ryan Reynolds for Mint Mobile, Patrick Mahomes for State Farm and Adidas, Stephen Curry for Under Armour and Chase Bank, Kevin Durant for Nike and Google.
Digital Marketing Funnel
- Awareness: Creating awareness of a product or service.
- Consideration: Engaging potential customers to consider a purchase.
- Decision: Convincing customers to make a purchase.
- Retention: Maintaining customer relationships and encouraging repeat purchases.
Current and Future Marketing Trends
- Generative AI: Using artificial intelligence to create marketing content.
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Social Media Marketing: Across multiple platforms with emphasis on:
- Influencer marketing
- Short-form video marketing
- Augmented Reality (AR) and Virtual Reality (VR) experiences: Creating immersive customer experiences.
- Increased data and privacy concerns: Growing importance of data protection and ethical data use.
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Description
Test your knowledge on various pricing strategies and the SWOT analysis framework. This quiz covers key concepts such as cost-plus pricing, value-based pricing, and how internal strengths and weaknesses factor into business strategy. Enhance your understanding of digital marketing principles as well.
