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Digital Marketing > Chapter 4 > Flashcards

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
Q

Leading Perfomance Indicator

A

A measure that is suggestive of future performance and so can be used to take proactive action to shape future performance

26
Q

Lagging performance indicator

A

Indicates performance corrective action cannot be applied to improve performance

27
Q

Strategy formulation

A

Generation review and selection of strategies to achieve strategic objectives

28
Q

Online tactical marketing segmentation

A

Tactical segmentation enables targeting based on customer journey behavior, such as search, behavior, content, access, and contribution to social media

29
Q

Market and product development strategies

A
  1. Market penetration
  2. Market development
  3. Product development
  4. Diversification
30
Q

Market penetration

A

Sell more EXISTING PRODUCTS into EXISTING MARKETS

31
Q

Market Development

A

Sell EIXSTING PRODUCTS into NEW MARKETS

32
Q

Product development

A

NEW products into EXISTING markets

33
Q

Diversification

A

NEW PRODUCTS into NEW MARKETS

34
Q

Digital disruption

A

Innovators, digital media and marketing technology that are able to change to new basis for competition in a market or a cross markets

35
Q

Business Model

A

A summary of revenue, identifying its product offering value added services, revenue sources, and target customers

36
Q

Skukworks

A

Loosely, structured group of people who research and develop innovative opportunities, and business benefits

37
Q

Revenue Models

A

describe methods for generating income for an organization

38
Q

Target Marketing Strategy

A

Evaluation selection of appropriate market segments in the development of appropriate offers

39
Q

Strategic market segment

A

A grouping of customer types defined by their value to a business in common characteristics needs or psychographic profiles

40
Q

Stages in target marketing strategy development

A
  1. Segmentation
  2. Target marketing
  3. Positioning
  4. Planning
41
Q

Options for segmenting and targeting audiences online

A
  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
Q

Differential advantage

A

A desirable attribute of a product offering that is not currently matched by competitor offerings

43
Q

Online value proposition (OVP)

A

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
Q

Multichannel prioritization

A

Assess the strategic influence of the Internet relative to other communications channels, and then deploy resources to integrate with marketing channels

45
Q

Customer communications channels

A

The range of media used to communicate directly with a customer

46
Q

Customer engagement strategy

A

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
Q

Social media strategy

A

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
Q

Social media optimization (SMO)

A

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
Q

Distribution channels

A

The mechanism by which products are directed to customers either through intermediary or directly

50
Q

Distribution channels

A

The mechanism by which products are directed to customers either through intermediary or directly

51
Q

Clicks-and-mortar

A

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
Q

Clicks-only (internet pureplay)

A

An organization with principle and online presence it does not operate a mail order operation or promote inbound phone orders

53
Q

Clicks-only (internet pureplay)

A

An organization with principle and online presence it does not operate a mail order operation or promote inbound phone orders

54
Q

Performance drivers

A

Critical success factors determine whether business and marketing objectives are met

55
Q

Campaign based digital communications

A

Digital communications that are executed to supported specific marketing campaign, such as a product launch, price, promotion, or a website launch

56
Q

Portfolio analysis

A

Identification evaluation and selection of desirable marketing applications

Digital Marketing (8 decks)

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