MGT 6311 Midterm

MGT 6311 Midterm questions and answers well elaborated with 100% success. Shift in marketing mix - correct answersReach, effectiveness, and efficiency goal of marketing - correct answersto create a product/service that sells GOST hierarchy - correct answersGoals, Objectives(specific metrics), Strategies, tactics aka hierarchy towards achieving goals 5 C's - correct answersCustomer, competitors, collaborators, company, context Customer marketing model - correct answersAwareness Interest/Engagement Acquisition Customer Segmentation Customer Retention Support/Advocacy RFM - correct answersrecency, frequency, monetary value (as a customer persona) Buyer journey - correct answersDiscovery (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 - correct answersCore components associated with a mktg mix: Price Product Promo Place People Porter's 5 forces - correct answersdesigned 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 - correct answers1. 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 - correct answersuse of software to buy digital advertising. What are goals of display ad? - correct answersBuild brand awareness Increase share of voice Create consumer demand Inform consumers Build brand loyalty Drive response and sales Avg CTR - correct answers1.91% on search network, but just .25% on display network Dwell duration - correct answersLength of time a user remains exposed to an ad after first engaging with it Type of ad more likely to be viewed - correct answersVertical ads (above the fold) When is a display ad considered view able? - correct answersWhen 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 - correct answersto increase engagement - create targeted ads down to an individual viewer level Contextual ads - correct answersshown 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 - correct answersserves 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 - correct answerswhere unsold ad space is placed by publishers and then bid on by advertisers CPM - correct answersCost per mille (1,000 impressions) Most common; pricing depends on popularity of the site - sites w/ more traffic tend to cost more CPC - correct answersCost per click - other most common CPA - correct answersCost 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 Fixed cost/flat rate - correct answersper time interval. usually smaller sites. owner offers a fixed amount of ad space for a fixed fee based upon a period of time Pay per click (paid search advertising) - correct answersadvertising for which the advertiser pays only for each click on their advert CTR - correct answerstotal clicks on link/# times ad has been shown Types of PPC ads - correct answersSearch Display Social Mobile Network Headline 1/2 character amt - correct answers30 char Primary domain - correct answersdomain name from final URL Manual ad extension - correct answersDo not increase cost of ad - may change from one platform to another. Ex: adding location/address, Price, phone #, site links (2-6), callout (not clickable) Landing page - correct answersaffects quality score of the ad and can affect cost/click of the keyword - keyword can be added to predefined spots on LP Vickery auction model - correct answersHow search ad pricing is typically run. Place bids to appear based on criteria - set their max bid price; search engine sets min price for each keyword based upon historical id prices and demand Quality score - correct answersFactors: Keywords (22%), ad copy, LP(39%); CTR of the ad (39%) How google determines which is ad shown where - correct answersMax bid + qual score CPC Bid (max) * Qual score = Ad rank - position Process for planning a search campaign - correct answers1. brainstorm keywords relevant to product that are aligned with goals + cust journey 2. Relationship (generic terms, branded terms, related terms, and compet terms) 3. CPC (can be a wide variance in cost) 4. Compet analysis (determine common compets, assess their use of paid search, etc) Match types - correct answersoptions to control breadth of searches that will trigger ads