MGT 6311 Midterm test

Shift in marketing mix Reach, effectiveness, and efficiency goal of marketing to create a product/service that sells GOST hierarchy Goals, Objectives(specific metrics), Strategies, tactics aka hierarchy towards achieving goals 5 C's Customer, competitors, collaborators, company, context Customer marketing model Awareness Interest/Engagement Acquisition Customer Segmentation Customer Retention Support/Advocacy RFM recency, frequency, monetary value (as a customer persona) Buyer journey Discovery (loosening of status quo, committing to change) Consideration (Exploring possible solutions & committing to a solution) Decision (Justifying the decision, making the selection) The 5 P's Core components associated with a mktg mix: Price Product Promo Place People Porter's 5 forces designed to consider competitive implications for an org within context of consumer behavior. Power of customer, threat of new entrants, threat of substitutes, power of supplies - All circle into: competitive rivalry within industry 4 components to define a holistic strategy 1. define the mission behind dig. mktg efforts 2. derive the digital strategy 3. define the interaction strategy across cust. lifestyle 4. measurement & improve ROI Programmatic ad buying use of software to buy digital advertising. What are goals of display ad? Build brand awareness Increase share of voice Create consumer demand Inform consumers Build brand loyalty Drive response and sales Avg CTR 1.91% on search network, but just .25% on display network Dwell duration Length of time a user remains exposed to an ad after first engaging with it Type of ad more likely to be viewed Vertical ads (above the fold) When is a display ad considered view able? When 50% of an ads pixels are in view on the screen for a minimum of one second. better to have multiple senses, like sound and video Dynamic creative optimization to increase engagement - create targeted ads down to an individual viewer level Contextual ads shown based upon a webpages ad copy and ads associated tags to create a symbiosis of relevance. like a marriott or trip advisor page Ad network serves as an intermediary between advertisers and websites that have opted in. help publish ads at scale, manage pricing, help geo-target and provide useful analytics Ad exchange where unsold ad space is placed by publishers and then bid on by advertisers CPM Cost per mille (1,000 impressions) Most common; pricing depends on popularity of the site - sites w/ more traffic tend to cost more CPC Cost per click - other most common CPA Cost per acquisition - payment made based upon an action taken after user has clicked an ad and visited the advertiser's site. rarely used for display