MGT 6311 Digital Marketing - Midterm Exam questions and answers

Marketing Creation and satisfaction of demand for a product or service. Digital Marketing Utilizing the internet and other digital channels to drive demand for products and services Strategy Set of ideas that outline how a product or brand will meet its objectives Tactic A specific action or method that contributes to achieving a goal. Components of GOST strategy Goals Objectives Strategies Tactics What are the Five Cs? Customers Company Collaborators Competitors Context Customers (5 Cs) Potential buyers with wants and needs that the company aims to fulfill with its offerings Business vs. non-business buyers Company (5 Cs) The org or business unit providing certain goods or services Look internally at messaging, positioning, etc. SWOT Strength, Weakness, Opportunities, Threats Competitors (5 Cs) Orgs that offer products or services that aim to fulfill the same wants/needs of the same customers as the company's offering Collaborators (5 Cs) External business entities that work with the company to create value for customers Context (5 Cs) The environment in which the company operates and its associated elements What does PESTEL stand for? Political Economic Sociocultural Technological Ecological Legal What are the steps of a customer marketing model? Awareness Interest & Engagement Acquisition Customer Segmentation Customer Retention Support & Advocacy Awareness Creating an identification moment in the customer's mind Interest & Engagement Informing the customer of your offerings and encouraging them to learn more "Now that I know you exist, why should I care?" Acquisition Converting a prospect into a customer Customer Segmentation Differentiating between customer segments and marketing to them accordingly Customer Retention Focus on convincing an existing customer to purchase again Support & Advocacy Satisfying customers to the point where they spread the word about offerings Customer Personas Semi-fictional depictions of the target audience Demographic Profiling Components Age Gender Marital Status Education Geographic Variables State Population Climate Psychographic Profile Lifestyle Values Attitudes Personality Behavioral Variables Usage Rate Brand Loyalty Benefit Sought