MRK 325 TEST

Negative intrinsic motivators

- fear, embarrassment and inertia are some powerful drivers that rely on negative emotions.

SI: Software intelligence

- software tools and techniques used to mine data for useful and meaningful information, the result of which is similar to BI.

Personal values

- values instilled through cultural, religious, social or other means can be powerful motivators.

SEO

-involves creating relevant, fresh, and user-friendly content that search engines index and serve when people enter a search term that is relevant to your product or service. -Customer retention and acquisition

Social media

-is media in the form of text, visuals and audio, that can be shared online. It has changed the face of marketing by allowing collaboration and connection in a way that no other channel has been able to offer -Branding, value creation and participation

Targets

-targets are the specific values that are set for your KPIs to reach within a specific time period. That is, they are the actual target values that KPIs need to meet in order for the campaign to be declared a success -If one KPI is 'newsletter subscriptions', then a target might be '100 subscriptions every month' so if one month falls short at 70, this will quickly reveal that a fix is required.

Porter's Five Forces

Also known as Industry and Competitive Analysis. A framework considering the interplay between (1) the competitive rivalry within industry, (2) the threat of new entrants, (3) the threat of substitute goods or services, (4) the power of buyers, and (5) the power of suppliers.

Occam's razor

Assuming that an obvious choice is the best choice

Channel Manager

Content performance

Research methodology

Methods employed in research to reach results.

extrinsic motivators

Rewards that we get for accomplishments from outside ourselves (grades, salary)

Digital Manager

Site and channel performance

Primary research

The collection of data to present a new set of findings from original research

Understanding customers

The customer's journey is cyclical

They serve as a social signal

The default is seen as the socially approved option. The presumption is that the majority will choose this and there is safety in aligning with the majority

They offer a path of least resistance.

The default setting is perceived to be the one that is good enough for most people and requires the least amount of thought and customisation. This is ideal for reducing effort.

context

The first step in crafting a successful strategy is to examine the context of the organization and the various stakeholders.

Loss aversion

The negative feeling associated with loss is far stronger than the positive feeling of gaining the equivalent thing. In other words, we feel the pain of losing $200 more acutely that the joy of gaining $200.

Bounce rate

The number of people who view one page and then leave a website without viewing any other pages. Data statistics and facts collected for analysis.

Sample size

The number of respondents in a sample of the population

Observation/ online ethnography

When researchers immerse themselves in a particular environment in order to gather insights

Choice architecture

You can simplify your customers' decision-making processes by cleverly designing the choices you offer.

what is digital marketing?

digital is a way of exploring content and ideas (for users) and connecting with and understanding customers (for marketers).

Self-expression

some people act in a certain way because of what they feel the action says about them.

unique selling proposition (USP)

the aspect of your product that sets it apart from other brands in the same product category

Key performance indicators (KPIs)

-measurements that define and measure the progress of an organization toward achieving its objectives "What data do we need to look at to see if goals are being completed?"

how the value of a brand is measured?

By brand equity - how loyal are people to the brand? - how aware people of the brand?

Quantitative data

Data that can be measured or defined. Deals with numbers

Pricing bias

Generally, we perceive more expensive to be better and we can actually derive more psychological pleasure from them, even if the cheaper alternative is objectively just as good

Buisness strategy

asks the questions, "What is the business challenge we are facing that prevents us from making more revenue?" and, "What business objective should we strive for in order to increase the money in the bank?"

App store data

- app store analytics allows companies to monitor and analyze the way customers download, pay for and use their apps. Marketplaces like Google Play and Apple App stores should provide some useful data here.

Current indicators

- are pieces of information from right now. For example, you can use website analytics to see what customers are doing on your site and which pages they visit. You can use this data to segment around that. The immediate environment is also a current indicator. -Current indicators can encourage you to think about what you can do to be agile in response to them

Software data

- data might also be gathered by certain kinds of software. For example, some web browsers gather information on user habits, crashes and problems. If you produce software, consider adding a data-gathering feature (with the user's permission, of course) that captures usage information that you can use for future updates.

Online data

- everywhere your audience interacts with you online, such as social media, email, forums, and more. Most of these will have their own data-gathering tools. For example, look at Facebook Insights or your email service provider's send logs.

Enjoyment and fun

- few intrinsic motivators are as powerful as the desire to have a good time

Offline data

- in-store experience data, customer service logs, in-person surveys, in-store foot traffic and much more

CI: Customer intelligence

- information derived from customer data, that comes from internal and external sources, to build better customer relationships and make stronger strategic decisions.

Databases

- look at any databases that store relevant customer information, like your contact database, CRM information or loyalty programs. These can often supplement anonymous data with some tangible demographic insights

Algorithmic intelligence

- the algorithmic methods used by companies such as Google and Netflix to help drive revenue. In the case of Google, to assess what people want to read and in the case of Netflix, to assess what they want to watch.

BI: Business intelligence

- the technology-driven process for analyzing an organization's raw data, about profits and performance, and presenting that information to help brands make better-informed business decisions.

Brand Pyramid

-Brand idea (essence of the brand) -Values of User (The manifestation of brand in cust. characteristics) -Emotional Benefits (how the brand makes them feel?) -Functional Benefits ( tangible ben. to customers) -Attributes ( USP)

Online advertising

-covers advertising in all areas of the Internet - ads in emails, ads on social networks and mobile devices and display ads on normal websites -Branding and acquisition

Leading or future indicators

-help you think about where the company might be headed. Your brand can make a strategic decision about where you're going to be in the future. Look at other brands that are already established in that area and examine what people search for in that space. What words do they use in their searches? What ideas are they looking for? -Future indicators help you define your strategy for moving the business forward.

user personas

-is a description of a brand-specific cluster of users who exhibit similar behavioural patterns in, for example, their purchasing decisions, use of technology or products, customer service preferences and lifestyle choices -is a consensus-driving tool and a catalyst that can be applied when you try to understand your entire customer experience, or when you decide on the implementation of specific tactics - 4 to 5 personas

Email marketing

-is a form of direct marketing that delivers commercial and content-based messages to an audience. It is extremely cost-effective, highly targeted, customizable on a mass scale, and completely measurable - all of which make it one of the most powerful digital marketing tactics -Customer retention and value creation

Extrinsic motivators in marketing

-limited time specials and discounts -scarcity -ancillary benefits -free context or downloads

search advertising

-the advertiser pays only when someone clicks on their ad. The ads appear on search engine results page -Sales, customer retention and acquisition

Video marketing

-the creation and deployment of videos that help create brand awareness and favorability. -Branding, customer retention and value creation

attention economy

-the idea that we are flooded with information but we have a very limited supply of attention to direct toward all that information -The idea that human attention is a scarce commodity i.e. seeing attention as a limited resource.

4 main forms of data

1. Algorithmic intelligence 2. BI: Business intelligence 3. CI: Customer intelligence 4. SI: Software intelligence

Trust has three components Privacy: 3. Transparency: Give consumers insight into how their data is being used. Demonstrate how providing access to their data is contributing towards improving their experience.

1. Security 2. Privacy 3. Transparency

A recommended or default option.

Because people consider expert advice and social preferences when choosing, highlighting one option as 'the most popular choice' or 'our top-selling package' can direct people to the option you most want them to take.

Transparency

Give consumers insight into how their data is being used. Demonstrate how providing access to their data is contributing towards improving their experience.

What are derived of objectives?

Goals refer to an action that a user takes on a website or a type of user behavior "What do we need users to do in order to achieve our objective?"

Myopia bias

Interpreting the world around you in a way that is purely based on your own experiences and beliefs

Knee-jerk bias

Making a quick decision in a circumstance where slower, more precise decision-making is needed

Four P's

Product, Price, Place, Promotion

Default

Providing a 'default option' can be a powerful decision-making shortcut, because it removes the need to make an active decision.

CEO

ROI

They offer assurance.

Similarly, we also presume that the default choice has been selected by an expert because of its merit to the end user.

cognitive biases

are our own personal prejudices and preferences, as well as common ways of thinking that are inherently flawed. A classic example is confirmation bias, where we take note of information that confirms our beliefs or world view, but discount or ignore information that doesn't

. Lagging indicators

are past data, such as financial results, sales history and past campaign results. Profits can be seen as a result of your marketing efforts and how you responded to the competition. These indicators are important because they show your past performance, but they are only one part of the whole

By combining all four forms of data, you could say that you are using____________

data intelligence (DI) and this can easily make you the most powerful brand in your field.

To build a robust user persona, you should consider

demographics, psychographics and motivators

SWOT analysis

strengths, weaknesses, opportunities, threats

Achievement or competence

when people challenge themselves, take a meaningful personal risk, or attain a long-desired goal, they are acting because of an intrinsic motivation.

Loyalty programmes

which typically offer extrinsic rewards like coupons, exclusive access or free gifts in exchange for people performing desired behaviours.

Free content or downloads

in exchange for contact details, often used for subsequent marketing activities.

What is data ?

is all the available information about your business. It includes information about your consumers, your products and their performance, your owned digital properties and any other information that exists that might affect your business.

Love

not just romantic love, but also the love of an activity or outcome.

Decision load

psychologists agree that we have a certain quota of decisions that we can make every day, after which subsequent decisions become harder and more taxing and often result in poorer outcomes called 'decision fatigue'. This is why leading thinkers try to cut out as many trivial decisions as possible. Steve Jobs of Apple famously wore the same blue-jeans-and-turtleneck outfit every day to save himself making that one extra decision every morning

The evolving consumer

refers to the fact that people are constantly changing. People change on an individual level and are influenced by technology, the macroeconomic climate, financial stability and a host of other factors that are always in flux.

Tactics

specific tools or approaches you will use to meet your objective examples: FB page or CRM implementation

Ancillary Benefits

such as free parking at the shopping centre if you spend over a certain amount at a specific store.

Qualitative data Data

that can be observed but not measured. Deals with descriptions

What is marketing?

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing strategy

to determine what the business is about and to then address the business or brand challenge, or objective that has been revealed. An effective strategy involves making a series of well-informed decisions about how the brand, product or service should be promoted.

limited time specials and discounts

where the customer is motivated by a perceived cost saving and the urgency of acting before the offer is revoked

scarcity

where the limited availability of a product or service is used to encourage immediate action

They take advantage of loss aversion

When it comes to sales and marketing, effective default packages typically include more products or services that are strictly needed to increase the value and therefore the price. This is done simply because opting for a more basic version involves the customer taking elements away and therefore suffering a loss

Privacy

You need to ensure that your brand is compliant with legal requirements regarding what data it is and is not allowed to be collected and what it is allowed to do with that data. You should have a privacy policy outline that is easily accessible to the consumer.

security

You need to make sure that you can protect customer data from being hacked or stolen

Brand

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

Trademark

a symbol, word, or words legally registered or established by use as representing a company or product.

Affiliate marketing

an internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its website -Sales and branding

Obejctive

answers the question why are we doing this ? also, they need to be SMART

clarifying a digital marketing strategy

1. context 2. value exchange 3. objectives 4. Tactics and Evaluations

Four pillars of situation analysis of a brand

1. environment (PESTLE) 2. The buss 3. The customer 4. The competitors

demographics and psychographics

1. understanding the physical facts, context and income of their outer world. (D) 2. understanding the motives, desires, fears and under intangible characteristics of their "inner world" (P)

Objectives 4 aspects

1.objectives, 2.tactics, 3.key performance indicators (KPIs) 4.targets

Research community .

A community set up with the intention of being a source for research

Focus group

A form of qualitative research where people are asked questions in an interactive group setting. From a marketing perspective, it is an important tool for acquiring feedback on new products and various topics

intrinsic motivators

A person's internal desire to do something, due to such things as interest, challenge, and personal satisfaction.

Hypothesis

A supposition that is tested in relation to known facts; a proposition based on reason but not necessarily assumed to be true.

Listening lab

A testing environment where the researcher observes how a customer uses a website or product

A small number of choices, usually not more than five, though ideally three.

The smaller the number of options to choose from, the easier it is for the customer to distinguish the differences between the options and to avoid a feeling of missing out.

Data sentiment analysis

The systematic analysis of subjective materials, such as survey responses or social media posts, in order to determine the attitude and intended emotional communication of the customer.

Inertia bias

Thinking and acting in a way that is familiar or comfortable

A visual design hierarchy, typically using color and size.

To make your preferred option stand out, one easy trick is to make it bigger and brighter than the options around it