Lecture 6: Digital Marketing Flashcards
What is marketing management
The art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value.
(Kannan & LI)
What is digital marketing?
An adaptive technology - enables process by which firms collaborate with customers and partners to jointly create, communicate, deliver, and sustain value for all stakeholders.
What is digital marketing used for? (5 points)
- Acquire customers
- Build customer preferences
- Promote brands
- Retain customers
- Increase sales
(Kannan & Lee)
What is the 5 C’s?
Customer, competitors, collaborators (partners), context, company.
Which factors are included in the marketing strategy process?
Corporate objectives & strategy Marketing strategy Market structure and demand Competitor strategy Emerging opportunities & threats
What is the framework of digital marketing by Kannan & Li built upon? - Try to explain the framework
The framework of digital marketing is built on the 5 C’s
We identify key touchpoints affected by digital technologies and propose a research framework that is inspired by the marketing process as well as by the marketing strategy process
What does the Marketing Mix consist of?
Product
Price
Place
Promotion
Define Product
How digital is transforming the product or service
Define Price
What is for free/paid for, sell content and services, sell customers’ information, sell space for advertising (display ads)
What is Place?
Consumer behavior in different channels
Interaction of channels
Get data on specific touch points –> How to contact customers
What is Promotion?
Personalization of communication
Two-way communication
Media-types
Place: What are the 4 different channels? - Explain
Traditional
- Bricks & Mortar store
E-commerce
- Online Shopping
Multi-channel
- Various disconnected channels for customers to use independently
Omnichannel
- An integrated, seamless experience across multiple devices and touchpoints
- The customer experience across channels and the performance over channels are optimized
Promotion: What are the different media types? Also, explain the different media types
Paid media
- Advertising: Paid search, display ads, affiliate marketing, digital signage
Owned media
- Digital properties: Website(s), Blogs, Mobile apps, Social presence
Earned media
- Partner network: Publisher editorial, influencer outreach, word-of-mouth, social networks.
What is customer experience?
Customer experience is a multidimensional construct focusing on a customer’s cognitive, emotional, behavioral, sensorial, and social responses to a firm’s offerings during the customer’s entire purchase journey.
(Lemon & Verhoef)
Explain the stages of the total customer experience: The customer journey (Lemon and Verhoef)
Previous experience
- Prepurchase
- Purchase
- Postpurchase
Current customer experience
- Prepurchase
- Purchase
- Postpurchase
Future experience
- Prepurchase
- Purchase
- Postpurchase
What are the touch points of the customer journey?
- Brand owned
Loyalty program, direct marketing - Partner owned
Jointly designed, managed and controlled by firm an partners - Customer owned
Own needs/perceptions
Choice of payment, deliver, etc - Social/external touchpoints
Peers/influencers
Review site/social media
What is customer experience measurement?
Customer satisfaction
The loyalty of a firms customer relations (NPS)
- “How likely is it that you would recommend our product/company?”
Critical touch points
What is customer experience management?
Explain the three aspect
Schmitt (2003) defines customer experience management as the process of strategically managing a customer’s entire experience with a product or company
Three aspects of customer experience management:
- Customer journey and touch point design
- Seamless experience across channels through channel integration
- Self-service technologies
- Better integration of channels - Partner and network management
- Customer-coordination
- Service-coordination
- Firm-coordination - Internal firm perspective
- Customer-centric focus
- Multiple functions corporate to deliver a CX (marketing, IT, Operation, etc.)
