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Chapter 4 Flashcards

1
Q

Strategy Development Activities at a glance

A
  1. Situation analysis
  2. Goal and objective setting
  3. Strategy formulation
  4. Organization issues of strategy implementation
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2
Q

Digital Marketing Strategy

A

Definition of the capabilities and strategic initiatives to support marketing and business objectives and organization should deploy to harness digital media data and marketing technology to increase Omni channel engagement with their audiences using digital devices and platforms. It should include opportunities from both new business and revenue models and always on campaign communications.

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3
Q

Channel marketing strategy

A

Defines how a company should set specific objectives for digital channels and how they integrate with traditional channels, including Web, mobile, and social media, and very its proposition and communications for this channel

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4
Q

Multichannel marketing strategy

A

Defined how different marketing channel should integrate and supporting each other in terms of their proposition development and communications based on their relative merits for the customer and the company

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5
Q

Omnichannel marketing

A

Planning an optimizing campaign, focused, marketing, communications tools, integrated across customer, lifecycle, touch points to maximize leads and sales, and delivering a seamless, integrated customer experience to encourage customer loyalty

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6
Q

Customer touch points

A

Communications channels through which companies interact directly with prospects and customers. Traditional touch points include face-to-face, phone, and mail. digital touch points include web services email and phones.

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7
Q

Challenges of managing digital media

A
  1. Gaining buy in and budget
  2. Conflicts of ownership and tensions
  3. Coordination with different channels
  4. Managing and integrating customer information
  5. Achieving consistent reporting
  6. Structuring the specialist digital team
    7.Time to market
  7. Insourcing vs outsourcing
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8
Q

Digital transformation

A

A stage program of organizational improvements to business models, people processes, and techniques used for integrated digital marketing in order to maximize the potential business contribution of digital technology, data, and media

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9
Q

How to structure a digital marketing strategy

A
  1. Start with the right goal, which is grounded in real economic value
  2. Define a value proposition which is deliverable
  3. Do things differently, create a distinctive value chain
  4. Be prepared to make trade off, tailoring a firms activities to outperform rivals
  5. Create a fit between what the company does, where it want to be and the resources available
  6. Establish continuity. Planning decisions follow the distinctive position set out by the original goals
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10
Q

Strategy process model

A

Framework for approaching strategy development

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11
Q

Marketing Planning

A

Logical sequence and a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them

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12
Q

SOSTAC

A

Situation
Objectives
Strategy
Tactics
Action
Control

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13
Q

Prescriptive strategy

A

3 quart areas of strategic analysis, strategic development, and strategy implementation are linked together sequentially

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14
Q

Emergent Strategy

A

Strategic analysis, strategic development and strategy implementation are interrelated and are developed together in a more agile fashion

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15
Q

Situation analysis

A

Collection and review of information about an organizations, internal processes and resources, and external marketplace factors in order to inform strategy definition

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16
Q

Resource Analysis

A

Related to the capability analysis, but should include an assessment of the resources needed to improve capabilities. Review the technological financial and human resources of an organization, and they are utilized in business processes.

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17
Q

Digital Marketing Dashboard

A

A visual summary of KPI’s showing the contribution of digital marketing to an organizations goals. It should show month on month and year on year performance comparisons and ideally performance against target for business goals.

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18
Q

Online revenue contribution

A

An assessment of the direct contribution of the Internet or digital media media to sales, usually expressed as a percentage of overall sales revenue

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19
Q

Allowable cost-per-acquisition

A

A target maximum cost for generating leads or new customers profitably

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20
Q

Online promotion contribution

A

An assessment of the proportion of customers who are reached and influenced by online communications

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21
Q

SMART Objectives

A

Specific
Measurable
Actionable
Relevant
Time Related

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22
Q

VQVC

A

Volume Measures
Quality Measures
Value Measures
Cost Measures

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23
Q

Efficiency

A

minimizing resources or time needed to complete a process

24
Q

Effectiveness

A

Meeting process objectives, delivering the required outputs and outcomes

25
Leading Perfomance Indicator
A measure that is suggestive of future performance and so can be used to take proactive action to shape future performance
26
Lagging performance indicator
Indicates performance corrective action cannot be applied to improve performance
27
Strategy formulation
Generation review and selection of strategies to achieve strategic objectives
28
Online tactical marketing segmentation
Tactical segmentation enables targeting based on customer journey behavior, such as search, behavior, content, access, and contribution to social media
29
Market and product development strategies
1. Market penetration 2. Market development 3. Product development 4. Diversification
30
Market penetration
Sell more EXISTING PRODUCTS into EXISTING MARKETS
31
Market Development
Sell EIXSTING PRODUCTS into NEW MARKETS
32
Product development
NEW products into EXISTING markets
33
Diversification
NEW PRODUCTS into NEW MARKETS
34
Digital disruption
Innovators, digital media and marketing technology that are able to change to new basis for competition in a market or a cross markets
35
Business Model
A summary of revenue, identifying its product offering value added services, revenue sources, and target customers
36
Skukworks
Loosely, structured group of people who research and develop innovative opportunities, and business benefits
37
Revenue Models
describe methods for generating income for an organization
38
Target Marketing Strategy
Evaluation selection of appropriate market segments in the development of appropriate offers
39
Strategic market segment
A grouping of customer types defined by their value to a business in common characteristics needs or psychographic profiles
40
Stages in target marketing strategy development
1. Segmentation 2. Target marketing 3. Positioning 4. Planning
41
Options for segmenting and targeting audiences online
1. Identify customer profile based demographic characteristics. 2. Identify customer lifecycle groups. 3. Identify behavior in response and purchase review. 4. Identify multi behavior. 5. Tone and style preference.
42
Differential advantage
A desirable attribute of a product offering that is not currently matched by competitor offerings
43
Online value proposition (OVP)
Statement of the benefits of online services that reinforces the core proposition and differentiates from an organizations off-line offering and those of competitors
44
Multichannel prioritization
Assess the strategic influence of the Internet relative to other communications channels, and then deploy resources to integrate with marketing channels
45
Customer communications channels
The range of media used to communicate directly with a customer
46
Customer engagement strategy
A strategy to encourage interaction and participation customers with a brand through developing content and experiences with the aim of meeting commercial objectives. It is closely related to the development of content, marketing, and social media strategy.
47
Social media strategy
Definition of the marketing communications used to achieve interaction in amplification with social network users to meet business goals. The scope of social media optimization also includes paid social media customer service and incorporation of social features such as status updates and sharing widgets into company websites.
48
Social media optimization (SMO)
A process to review and improve the effectiveness of social media marketing through reviewing approaches to enhance content and communications quality to generate more business value
49
Distribution channels
The mechanism by which products are directed to customers either through intermediary or directly
50
Distribution channels
The mechanism by which products are directed to customers either through intermediary or directly
51
Clicks-and-mortar
A business combining an online and off-line presence, mixed mode, buying a supported through click and collect or buy online pick up in store
52
Clicks-only (internet pureplay)
An organization with principle and online presence it does not operate a mail order operation or promote inbound phone orders
53
Clicks-only (internet pureplay)
An organization with principle and online presence it does not operate a mail order operation or promote inbound phone orders
54
Performance drivers
Critical success factors determine whether business and marketing objectives are met
55
Campaign based digital communications
Digital communications that are executed to supported specific marketing campaign, such as a product launch, price, promotion, or a website launch
56
Portfolio analysis
Identification evaluation and selection of desirable marketing applications

Digital Marketing (8 decks)

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