words Flashcards
segmentation
Process of dividing a market of potential customers into groups, or segments, based on different characteristics (demographic, geographic, behavioural) Segments: composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations
Targeting
Choosing which segment of the market are appropriate and determining the products that will be offered in each segment.
market positioning
refers to the process of establishing the image or identity of a brand or product so that consumers perceive it in a certain way
4 P
Product, pricing, placement and promotion
product strategy
quality, product life cycle, brand names, product or service, package design
pricing strategies
premium pricing, economy pricing, dynamic pricing, promotional pricing, psychological pricing
placement strategy
where they are buying ( directly, retailers, pop-up)
Order fulfillment:process of storinf inventory, picking and packing products and shipping online orders to customers
Promotion startegy
traditional advertising, social media, public relations, digital
KPIs
Key performance indicators to track success. Digital marketing KPIs are what you’ll use to measure the efficacy of every tactic you deploy and optimize them to improve your result/returns
Marketing tactics
- conversion optimized website
- SEO strategy
- paid advertising
- live chat
- e-mail marketing
- social media marketing
- influencer campains
- offsite optimizations
Conversion optimized website
intuitive user paths, fewer steps to checkout, integrate user reviews and generated content, benefit-driven pop-ups, mobile-friendy shopping, high quality images/descriptions
SEO strategy
Process of organizing a website’s content by topic to improve the likelihood of appearing in search results
Paid advertising
Extremely important for all ecommerce brands.
Facebook, instagram and google Ad Words make it easy for advertisers to get started.
-Targeting:each campaign has a unique goal, use buyer personas
-Retargeting:Advertising to people who have already been to your website
Content/inbound marketing
Blog posts, downloadable quides, videos. Most populas in digital marketing. Drives relevant traffic to your website
affiliate marketing
A bit of influencer marketing, mixed with content marketing. You pay for the relevant traffic thay drive to your site for a percentage of the sales generated bu said traffic.
Offsite marketing
Guarantees, shipping, logistics, packaging
Successful ecommerce practices
Personalization, Consistency across channels, Branding on social media, Branding on social media, Mobile commerce, influencer marketing
M-commerce
Mobile commerce, use of the wireless handheld devices
How to set up an ecommerce website
- lay out an ecommerce business plan
- get a domain name
- choose the right web hosting service
- choose the right ecommerce platform
- make sure to obtain a secure certificate
- design an easy to navigate ecommerce website
- choose ecommerce payment methods
- create a marketing strategy for your ecommerce website
CRM (5)
Customer relationship management. To manage and analyze customer interactions and data throughout the customer lifecycle.
CRM goal (5)
- Improve customer service relationships.
- assisting in customer retention.
- Driving sales growth
Strategic CRM
- Focused upon the development of a customer-centric business culture
- winning and keeping customers by creating and delivering value better than competitors
Operational CRM
Automates and improves customer-facing and customer-supporting business processes.
-marketing, selling and service functions to be automated and integrated: Marketing automation, sales-force automation, service automation
Analytical CRM
Analytical CRM focuses on the intelligent mining of customer-related data for strategic or tactical purposes.
Capturing, storing, extracting, integrating, processing, interpreting, distributing, using and reporting customer-related data to anchase both customer and company value
collaborative CRM
Strategic and tactical alignment of normally separate enterprises in the supply chain for the more profitable identificatiob, attraction, retention and development od customers.
collaborative CRM
Retention marketing
Making current customers shop again.
Acquisition marketing
getting new customers
ecommerce
- any type of exchange of currency for goods or services online.
- business of buying and selling goods and services on the internet
- ecommerce: umbrella term that covers everything there is to do with buying or selling online.
ebusiness
• e-business: use of the web, internet, intranets, extranets or some combinations thereof to conduct business
• e-business: similar to e-commerce, but goes beyond the simple buying and selling of products and services online
• e-business: much wider range of business processes such as:
o supply chain management
o electronic order processing
o customer relationship management
• e-business: processes therefore can help companies to operate more effectively and efficiently
ecommerce scope
what, who, where
• what types of products are sold:
• there are four main products that any ecommerce business can sell:
o physical products
o digital products
o services
o affiliates
affiliate program: agreement in which a business pays another business or influencer a commission for sending traffic and/or sales their way
• who the products are sold to?
o there are four types of situations
Where the products are sold on?
Branded ecommerce stores:
o the online store belongs to your particular business so you can personalize it in order to attract and retain your customers
ecommerce market places
o many third paries sell goods and services to consumers or businesses
o the operator of the website processes the business transactions, orders…
conversational commerce
o intersections of messaginf apps and shopping
o interacting with businesses through messaging and chat apps like facebook messenger and whatsapp
Branded ecommerce store
identity, style, story, quality, autentic realtions with customers, personalize the customer experience, establish a social media presence, video content, speak their language, be part of something bigger
marketplace
-third party companies can sell their products to consumers
- vendors have access to a section dedicated to independent vendors on a distributor’s website
- they can create a free professional account, then upload their product catalogues
- buyers browse through the platform to select their products and vendor, according to several criteria
- vendors generally manage their stock themselves and handle their own dispatching once the orders have been placed
- the transaction is done in their own …
- the packaging and dispatch labels are printed with the vendor’s name on them
- the buyer usually receives the product from the vendor
- vendors free the set their own prices
- they pay a commission to the distributor for each sale, calculated according to …
dropshipping
- It is a retail fulfillment method where a store doesn’t keep the products it sells in stock
- it purchases the item from thisr party
- has it shipped directly to the customer
- +less capital is required, easy to getstarted, low overhed
- -low marigins, inventory issues, supplier errors
wholesaling and warehousing
- This model is when you buy products in bulk and store them in a warehouse somewhere
- usually people who prefer this model are selling product in volume
- usually used in B2B
- requires a lot of investments at the start
- +complete control, marigins will outweigh the cost and time
- -high start-up cost, hire a team to handle operations
- difference from dropshipping, you will be holding the stock yourself
subscription model
- charges customers a recurring fee that is processed at regular intervals
- it is built to establishing long-term relationships
- revenue accumulates with each new subscriber
- customer comes more valuable the longer they use your product
private labeling and manufacturing
- For low investments
* as the buyer you specify everything about the product: what goes in, the packaging, what the label looks like
white labeling
- A product or service produced by one company that other companies rebrand to make it appear as if they had made it
- common in software and beauty and wellness industries
