Ch. 21: Implementing Interactive and Multichannel Marketing

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Two Market Environments

1. (Traditional) Marketplace 2. Marketspace (Internet-enabled)

Collaborating Filtering

A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases

Viral Marketing

An Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs

Personalization

Consumer-initiated practice of generating content on a marketer's website that is custom tailored to an individual's specific needs and preferences

Web Design Elements (that drive customer experience)

Context; Commerce; Connection; Communication; Customization; Community; Content

Eight-second Rule

Customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds

Showrooming

The practice of examining merchandise in a physical retail location without purchasing it, and then shopping online for a better deal on the same item

Webrooming

The practice of examining products online and then buying them in a store

Social Commerce

Use of social networks for browsing and buying

Behavioral Targeting

Uses information provided by cookies to direct online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising

Web Communities

Websites that allow people to congregate online and exchange views on topics of common interest

Note: Possibilities for customer value creation are greater in the digital market space than in the physical marketspace (believed by marketers)

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Six Reasons Why People Shop and Buy Online

1. Convenience 2. Choice 3. Customization 4. Communication 5. Cost 6. Control

Three Steps to Implement Multichannel Marketing

1. Document the cross-channel consumer journey 2. Employ channels that are mutually reinforcing in attracting/retaining/building relationships w/ consumers 3. Monitor and measure multichannel marketing performance

Benefits of Internet Technology

1. Interactivity 2. Individuality

Three Forms of Communication (internet)

1. Marketer-to-consumer e-mail notifications 2. Consumer-to-Marketer Buying and Service Requests 3. Consumer-to-Consumer Chat Rooms and Its

Multichannel Marketing

Blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in the traditional marketplace and marketspace

Cookies

Computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketer's website

Possession Utility

Getting a product or service to consumers so they can own or use it

Choiceboard

Interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options

Interactive Marketing

Involves two-way buyer-seller electronic communication in which the buyer controls the kind and amount of information received from the seller

Cross-channel Consumers

Online consumers who shop online but buy offline, or shop offline but buy online

Dynamic Pricing

Practice of changing prices for products and services in real time in response to supply and demand conditions

Customization

Practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer

Mission Marketing

Solicitation of a consumer's consent (called opt-in) to receive e-mail and advertising based on personal data supplied by the consumer

Online Consumers

Subsegment of all Internet users who employ this technol- ogy to research products and services and make purchases

Customer Experience

Sum total of the interactions that a customer has with a company's website, from the initial look at a home page through the entire purchase decision process


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