Google Analytics & Principles of Marketing

3 Steps to Performing a SWOT Analysis

1. Copmplete SWOT 2x2. Meet with company and do online research. 2. Create a list of all possible action steps that build on strenths and opportunities and minimize weaknesses & threats. 3. Prioritize action steps to detemine which should be pursed immediately.

T or F? SWOT analyses should only be performed when businesses are in decline.

False. SWOT analyses should only be performed when businesses are in decline.

Why might a marketer choose to use a survey to gather data instead of hosting a focus group?

Focus groups are used to gather in-depth qualitative data from a small group of individuals. They are relatively costly to host, compared to surveys that can be sent online. Surveys might be selected over focus groups if there is a smaller budget or if a large number of data points are needed.

Freemium Model

Freemium Model The freemium model is one in which a company's basic services are free, yet users must pay for additional premium features, extensions, functions, etc. One of the biggest companies to use this model is Linkedin, the most popular business/social media platform. Advantages: Similar to the previous model, the freemium model offers something free to users, which is a great way to give them a taste of your product or service while simultaneously enticing them to pay for something later on. Disadvantages: This model requires a considerable investment of time and money to reach out to your audience, and even more effort to convert free users into paying customers.

According to the article, McDonald's uses data about population density to determine where it will open stores. In this example, McDonald's uses _______ segmentation.

Geographic - By using data related to where people live, McDonald's is using geographic segmentation.

What are ways that a company could benefit from using sales data in its market research?

Sales data is an effective way to keep track of your own performance and the effectiveness of various marketing campaigns. It can also be used in conjunction with competitive analysis to see how a company's change in sales performance compares to others'. Sales data can also be used to segment customers, i.e., determine which demographics or parts of the population are most likely to purchase your company's product or service.

Secondary research

Secondary research involves the use of data and information that has already been collected by someone else. secondary research include: competitor benchmarks, sales data, government publications and statistics, research sites and reports (i.e., Deloitte, Nielsen, and eMarketer) survey aggregator tools (i.e., GlobalWebIndex, Simmons, and Market Research Insight)

Segmentation

Segmentation identifies and classifies people into homogeneous groups of people who share a common characteristic. The end goal of segmentation is to determine the target market

Segments

Segments might include people who are in a specific age range, of the same gender, live in the same geographical region, or have similar buying preferences.

Time Lag report

The Time Lag report shows conversions grouped by the number of days it took from initial interest to conversion. This can give you a sense of how long your users take to make a purchase and potentially inform your remarketing campaigns.

Top Conversions Paths report

The Top Conversions Paths report shows conversions and conversion value grouped by the channel combinations that led to conversion.

JavaScript tracking code

The goal of the JavaScript tracking code is to track each user interaction that occurs on your website. Analytics Tracking codes enable the collection website data on every web page of the site where you want to collect data.

As a digital marketer, you research your competitors to examine their strengths and weaknesses and better understand where your brand might be able to stand out.

To better understand your competitors, you will examine their current marketing strategies. Specifically, you'll look at existing marketing materials and consider the tone, messaging, creative design, and types of channels (ways they choose to reach their customers).

Email Marketing Manager

an Email Marketing Manager develops a CRM. Customer relationship management plan by analyzing email campains, performing A/B testing to refine the email campaign content to effectively commuicate the company's brand.

affiliate marketing Manager

an affiliate marketing Manager partners with affiliate organizations to promote thier clients product or service. This entails recruiting, contracting, training, and strategizing with new business partners and vendors to promote sales while maximizing ROI.

Imagine you are a marketer for a local coffee shop. Based on what you just learned about each of the elements of SWOT, determine which element best matches the following statement: Based on market research, you learn that there is a growing number of people who appreciate coffee in your community. That is best described as a/an _________. Strength? Weakness? Opportunity? Threat?

ased on market research, you learn that there is a growing number of people who appreciate coffee in your community. That is best described as an Opportunity.

competitive factors include:

competitive factors include: Price: Customers might choose a solution that is cheaper. Quality: Customers might choose a solution that is more durability, trendier, or more enjoyable. Service: Customers might choose a solution that gets to them faster, is more convenient, or is more personalized.

competitive factors

competitive factors, or reasons that a customer would choose your company's product or service over others that address their problem.

content marketing managers

content marketing managers create, inspire and share brand messages and conversations. a strategic marketing approach that focuses on creating and distributing content that is valuable, relevant and consistent with the Brand.

customer lifetime value (CLV)

customer lifetime value (CLV), the amount a customer will spend on a particular brand over his/her lifetime, for marketers if they can capture this group of buyers.

four common types of segmentation

demographic, psychographic, behavioral, and geographic. How do the ages, races, and ethnic backgrounds of our customers affect what they buy?

differentiated marketing

differentiated marketing, also known as segmented marketing, a company targets several market segments by changing its offer based on what each segment wants. That means that a company will adjust one of the 4 Ps of the marketing mix—product, price, place, or promotion—to create more value for a specific group of customers.

geographic segmentation

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods. Where are our customers located, and how can we reach them? What products do they buy based on their locations?

psychographic segmentation

dividing a market into different segments based on social class, lifestyle, or personality characteristics, activities, values, and attitudes. What do our customers think about and value? How do they live their lives?

email marketing

sending highly targeted marketing messages via email

Explain two reasons to segment your market.

1. Segmentation allows you to sell your product faster because if your message is aimed at a specific audience, it will reach it more efficiently than if you try to reach everyone with a more generic message. 2. Segmentation also allows you to sell your product more thoroughly. When you are intentional about who your product or service would best serve, your customers are more likely to be satisfied with their experience of your brand, become repeat customers, and become brand advocates for you.

4 steps To see Custom Reports:

1. Sign in to Google Analytics. 2. Navigate to your view. 3. Open Reports. 4. Click CUSTOMIZATION > Custom Reports.

how does a target market differ from a target audience?

target market is broader than a target audience, which is the group of people that one particular marketing campaign aims to reach.

targeting strategies

targeting strategies or number and type of segments a company will aim to reach. As you read, consider why a company would choose one approach over another.

10 Types of Revenue Models

10 Types of Revenue Models. 1. Ad-Based Revenue Model. 2. Affiliate Revenue Model. 3. Transactional Revenue Model. 4. Subscription Revenue Model. 5. Web Sales. 6. Direct Sales. 7. Channel Sales (or Indirect Sales) 8. Retail Sales. 9. Product is Free, But Services Aren't. 10. Freemium Model.

How does Google Analytics differentiate between new and returning users?

A randomly-generated user identifier will allow Google Analytics to differentiate between new and returning users.

Revenue Model

A revenue model is the strategy of managing a company's revenue streams and the resources required for each revenue stream. describes how the firm will earn revenue, produce profits, and produce a superior return on invested capital

revenue stream

A revenue stream is a company's single source of revenue. A company can have zero or many revenue streams, depending on its size. the cash a company generates from each customer segment

Governement Publications and Statistics

A secondary research method is to analyze Governement Publications and Statistics like the Census to gain insights into demographics and build out personas and see populations trends. however not all the information may not be relevant.

Behavioral Segmentation

A segmentation method that divides customers into groups based on benefits needed, Usage rates and purchasing patterns. What benefits do customers want, and how do they use our product?

what is the goal of the four P's?

the four P's frame how you communicate the value of your product or service to your customers

Define the four P's

the four P's stand for. product. Price. Place. Promotion.

Organizations

An organization represents a company, and lets you access your company's product accounts, manage product users, permissions, and cross-product integrations.

Analytics accounts contain

Analytics accounts contain properties and views

Function of Analytics views?

Analytics views determines which data from your property appears in the reports through the use of filters.

Attribution

Attribution allows marketers to quantify each channel's contribution to sales and conversions. A marketer uses attribution to appropriately distribute monetary credit for purchases among the many marketing channels that may have contributed to each sale.

CRM

CRM (Customer Relationship Management) involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability

What four parameters of data are passed in the "Event" hits URL?

Event action, category, label, and value are passed in the "Event" hits URL.

What triggers a "event" hit?

Every time a user clicks on a particular element on your website (like playing a video or clicking on a product carousel).

Experience goals

Experience goals describe how personas want to feel when using a product, for example, having fun and feeling relaxed.

True or False: As a marketer, you will only use one type of segmentation per marketing campaign.

False - Marketers almost always use a combination of different types of segmentation (e.g., demographic, geographic, psychographic, and behavioral).

pace. P. product and positioning. describe four Concepts related to product and positioning

p. Product and positioning. a.company overview. B. the four P's and unique value proposition. u. V. P.

when considering digital marketing what distinguishes promotion from place?

promotion is more about the message and actively communicating that whereas place is more of the location in relationship to passive visibility.

Examples of properties

A property is a website, mobile application, or device (e.g. a kiosk or point-of-sale device.) An account can contain one or more properties.

Marketing

Marketing: The process of generating interest in a company's product or service.

What triggers a "pageview" hit?

A new "pageview" hit is triggered every time a user loads/opens a webpage with the tracking code.

3 benefits of segmentation to a marketing campaign

3 benefits of segmentation to a marketing campaign. 1. Market segmentation allows you to make better use of your time and money by enabling you to direct your ads at specific groups that are more likely to use your product or service. 2.Segmentation helps you discover new markets. Segmentation could reveal that you have not been selling to a particular group of people. It might be a specific segment, but you want to know who you are reaching and who you are not reaching. 3. Segmentation helps you gain a competitive advantage. Excellent market segmentation may enable you to reach and respond to groups of people more effectively than your competitors do.

4 Examples of Default Dimension

4 Examples of Default Dimension are: Browser, Exit Page, Screens, and Session Duration. Dimensions are attributes of your data.

6 Marketing Goals

6 Marketing Goals. 1. Increase Lead Generation. 2. Improve Brand Awareness. 3. Increase Website Traffic. 4. Increase Sales Revenue. 5.Improve User Experience. 6. Improve Data Quality.

The 7 big categories of online marketing are:

7 big categories of online marketing are: Search engine optimization (SEO) Search engine marketing (SEM) Content marketing Social Media Marketing (SMM) Pay-per-click advertising (PPC) Affiliate marketing Email marketing

9 things a "hit' URL reports on

9 things a "hit' URL reports on are: language, web page name, screen resolution, the Analytics ID that associates that hit to the correct Analytics account, a randomly-generated user identifier, user's location; their browser and operating system; age and gender; and the source/medium that referred them to a site.

hit

A "hit" is a URL string with parameters of useful information about your users.

A "transaction" hit is also called?

A "transaction" hit also called an "ecommerce" hit.

What data is reported on in a "transaction/ecommerce" hit?

A "transaction" hit can pass data to Analytics about purchases such as products, transaction IDs and SKUs.

KPIs

A Google Analytics KPI is an objectively measurable performance indicator used to monitor, analyze and optimize user behaviors on websites. Google Analytics metrics, among other things, help website managers in the operationalization of their marketing goals.

business model

A business model is the structure comprised of all aspects of a company, including revenue model and revenue streams, and describes how they all work together.

"assisted conversion."

A channel that contributed to a conversion prior to the final interaction would be credited with an "assisted conversion."

focus group

A focus group group consists of 5-10 where you can gather qualitative data, like A/B Testing where you can ask follow-up questions. Drawbacks of this Primary research approach are that it is a smalll sample side and can be expensive and take a lot of time to conduct.

Why might a marketer choose to use a survey aggregator tool instead of conducting primary market research?

A marketer might choose to use a survey aggregator tool because there are many data points already available in their databases. Collecting the same volume of data through primary research would be highly time- and resource-intensive.

brand positioning statement

A. Is the single most important task of a brand manager. B. Is the foundation of all marketing activities. C. Anything that reaches the consumers is shaped by it. D. Is a simple, clearly stated sentence or two. Part of an effective brand positioning statement is clearly stating where a company excels above competitors.

According to the Yelp article, how should you choose the type of market research to pursue?

According to the Yelp article, the type of market research you choose to use depends on how you plan to use the information you collect. If you are making a risky business decision with the information you are collecting, for example, it is advisable to invest more time and money into your market research.

Ad-based revenue model

Ad-based revenue model: When companies use ads as a source of income.

Ad-Based Revenue Model

Ad-based revenue models entail creating ads for a specific website, service, app, or other product, and placing them on strategic, high-traffic channels. If your company has a website or you have a web-based company, Google's AdSense is one of the most common tools get ads. For most websites, AdSense will earn about $5-10 per 1,000 page views. Advantages: Making money from ads is one of the simplest and easiest ways to implement revenue models, which is why so many companies utilize ads as a source of revenue. Disadvantages: In order to generate sufficient revenue to withhold a business, you will need to attract millions of users. In addition, most people find ads annoying, which can lead to low clickthrough rates, and therefore, lower revenue.

Affiliate Revenue Model

Affiliate Revenue Model Another popular web-based revenue model is the affiliate revenue model, which works by promoting links to relevant products and collecting commission on the sales of those products, and can even work in conjunction with ads or separately. Advantages: One of the most obvious benefits of employing an affiliate revenue model is that it generally makes more money than ad-based revenue models. Disadvantages: If you use an affiliate revenue model for your startup, remember that the amount of money you make is limited to the size of your industry, the types of products you sell, and your audience.

Affiliate revenue model:

Affiliate revenue model: When companies promote other products and collect commission as a source of income.

demographic segments include

Age, gender, income, martal status, ethnicity

As a digital marketer at Sam's Sporting Goods, you create the following statement to describe what is unique about your brand: "Sam's Sporting Goods provides casual athletes with lower prices on sporting goods than any other sporting goods store. We do this by matching any price on the web and eliminating overhead."

Based on the advantages you offer to customers over your competition, you can now create a concise statement that describes your brand's positioning statement. Brand positioning statements will be discussed later in this section.

As a digital marketer, you search digital marketing channels to discover which companies offer the most similar products and services as yours.

Before you can understand how you differ from your competitors, you'll need to understand who they are. You'll do that by conducting market research, working with your sales team, searching for similar companies online, collecting customer feedback, or searching social media channels.

When marketing professionals aim their product at buyers who want certain benefits, such as people who want fresher breath and whiter teeth from their toothpaste, they are using ______ segmentation.

Behavioral - According to the article, benefits segmentation—segmenting buyers by the benefits they want from products—is a type of behavioral segmentation because it describes how people behave with or act toward products.

Which two parts of the SWOT analysis indicate characteristics of a company that could be harmful to achieving a company's goals?

Both weaknesses and threats could be harmful to a company realizing its goals.

Brand Positioning Map

Brand Positioning Map: A tool that illustrates a company's advantages over its competitors and shows where a company sits in consumers' minds

Brand Positioning Strategy:

Brand Positioning Strategy: The process of outlining how a company plans to create a unique impression of its offering and image in the minds of its customers

Brand Promise:

Brand Promise: The consistent benefit your company offers that makes your product or service appealing to customers. In other words, the brand promise is the most compelling benefit that a company delivers. To develop your chosen company's brand promise, take a look at the list of competitive factors that you came up with and consider what is appealing about those specific factors.

Brand:

Brand: All the associations customers make with a company

Brand

Brand: All the associations that customers make with a company.

"last-click" attribution model

By default, Google Analytics will attribute all of the credit, or ecommerce revenue, to the last marketing activity -- in this case, the email campaign. This is called a "last-click" attribution model.

sales data

By looking internally at Sales data in relationship to metrics like time, channel, or demographic to track campaign effectiveness, segmentation insights, and see trends. Drawback to this secondary research method is finding a qualified person to do this time-intensive project.

Channel Sales (or Indirect Sales)

Channel Sales (or Indirect Sales) The channel sales model consists of agents or resellers selling your product for you and either you or the reseller delivering the product. The affiliate revenue model is a good companion model to this one, especially if your offering is a virtual product. Advantages: The channel sales model is ideal for companies who have a product that's an incremental sale for their channel and can produce incremental profit. Disadvantages: Don't employ this model if your product requires you to evangelize your marketplace, or if your product competes with that of your partner's, as they will push theirs and not yours.

Competitive Analysis

Competitive Analysis: Used to identify competitors and evaluate their strengths and weaknesses relative to your product or service

competitor benchmark

Competitor benchmarking uses a direct competitor's primary research strategy to compare your business. It can help with best practice s to set goals and reduce costs. example: compare social media followers to see if there is a better strategy.

Concentrated Marketing:

Concentrated Marketing: A marketing strategy that is targeted to one specific market segment

With which targeting strategy is the following description best aligned? Prada, a luxury fashion company, targets high-end consumers with handbags, shoes, perfumes, and other fashion accessories. Most consumers do not fit into its target market, and Prada does not offer any lower end products.

Concentrated marketing - The high-end segment that Prada targets is well-defined and specific. Because Prada only offers one line of luxury products instead of various levels of products, its targeting strategy is considered niche rather than differentiated.

ways that a SWOT analysis can benefit your business

Conducting a SWOT analysis can be beneficial to a company to help identify areas for improvement, highlight the benefits of the business, provide information to guide future decisions, and identify areas where competitors might have an advantage. Identify areas for improvement Highlight the benefits of your business Provide information to guide future decisions Identify areas where competitors might be gaining the lead understand your business better address weaknesses deter threats capitalize on opportunities take advantage of your strengths develop business goals and strategies for achieving them.

Corporation Business Structure

Corporation: A corporation is the most expensive and complex business structure. An example of a corporation is a large company like Apple, which is owned by shareholders and has a board of directors. An advantage of a corporation is that there is liability protection for owners, making their personal assets less vulnerable in legal situations. A corporation can also raise money in the form of stocks. A disadvantage of a corporation is that they are complex to set up. There are several types of corporations, including C corporations, S corporations, B corporations, closed corporations, and nonprofit corporations.

What are metrics and examples?

Metrics are quantitative measurements. The metric Sessions is the total number of sessions. The metric Pages/Session is the average number of pages viewed per session.

Decline/Rebirth or Renewal Phase

Decline/Rebirth or Renewal If a company has been losing revenue for three quarters in a row, then it is likely in decline (meaning it has lost value). At this point, it is essential that businesses reinvest or look for an exit strategy. One exit strategy is to sell the company. Rebirth or Renewal occurs when the company makes changes to improve and spur another uptick in growth. As a marketer working for a company in this phase, your strategy might mirror that of a startup, in the sense that your goal is to rebrand the company and become more relevant. This graph shows the stages within the business lifecycle and the potential changes in revenue through each stage. Startups generally have the lowest revenue, followed by a sharp uptick if they are successful. After a business reaches maturity, it might experience decline or rebirth (or renewal).

When marketing professionals use information from the U.S. Census Bureau or FedStats to learn characteristics of different generations that can inform their marketing decisions, they are using _______ segmentation.

Demographic - According to the article, these publicly available databases are rich sources of information about different demographics, such as age brackets.

Steps to Create a Persona

Design a survey Send the survey to participants Collect and analyze the survey results Conduct online secondary market research Create a persona

Which targeting strategy does the following description best align with? McDonald's sells fast food all over the world and changes the food it offers in order to meet the cultural preferences of consumers in different countries. In China, for example, McDonald's serves taro pies, while in the U.S., it serves apple pies. In Germany, McDonald's serves bratwurst sausage burgers in addition to the hamburgers it serves in the U.S.

Differentiated marketing - By changing its offerings based on geography, McDonald's is targeting many markets worldwide.

Digital Marketing

Digital Marketing: The process of generating interest in a company's product or services through electronic devices.

Direct Sales

Direct Sales There are two types of direct sales: inside sales, in which someone calls in to place an order or sales agents calling prospects; and outside sales, which is a face to face sales transaction. Advantages: Direct sales models work great with relationship sales cycles, enterprise sales cycles, or complex sales cycles that entail multiple buyers and influencers. Disadvantages: The direct sales model often requires hiring a sales team of some sort, which means that it isn't optimal for small ticket price items. If your offering is pr

Direct competitors

Direct competitors are companies that offer a similar product or service. For example, if you work for a Mexican fast food restaurant, other Mexican fast food restaurants are your direct competitors.

Direct sales model

Direct sales model: When companies offer products or services through a sales team. Products and services in this case are typically more expensive than those sold through a transactional model.

Display Marketing Manager

Display Marketing is a display ad that appears on a website, email, and social media. A Display Marketing Manager strategically develops creative growth plans based on performance insight trends. they maintain content in social media accounts and collaborate with internal teams and vendors to implement successful campaign that are optimized for existing and emerging technologies.

How do primary and secondary research differ.

Primary research is done with the target market directly, & secondary research uses existing research and data

Growth Phase

Growth In the growth stage, a company has clarity around its business model and product or service. The growth stage is defined as an increase in the ability of the business to produce goods and services. Sales are growing more quickly, and the company is likely earning a profit after existing for three to four years. There is likely less employee turnover. You'll want to keep track of new competitors entering the market that offer products or services similar to yours. As a marketer working for a company in this phase, you are interested in increasing revenue and sales for your company's product or service.

micromarketing (one-to-one marketing)

In micromarketing, the narrowest level of targeting strategies, a company targets individual customers. Companies can target customers based on their specific location—for example, based on the particular store they are in, their specific geographic location, or the IP address they are using. In the most targeted form of micromarketing, marketers might target specific, individual customers using data they gather from their social media use.

Overview Report

In the Overview report, you can see the Store's total conversions, as well as click-assisted, impression-assisted, and rich media-assisted conversions. You can look at Ecommerce transactions or individual Goals if you've set them up. If you've linked your Google Ads account, the report will also show specific Google Ads data. You can also set a lookback window of 1 to 90 days. This will determine the period of time prior to conversion used in the report.

Indirect competitors

Indirect competitors are companies that offer a product or service that is different but fills the same customer need. In the example of the Mexican fast food restaurant, a pizza shop might be your indirect competition because while it offers a different product (pizza instead of Mexican food), it also serves customers who want an affordable and quick food option.

Maturity phase

Maturity During maturity, a company grows at a slower rate than the previous stages, and it is not likely to grow quickly in the future. The market or industry is no longer new. The company has likely existed for eight to ten years. Business operations are probably much smoother at this point. Companies in this stage are characterized as consistent and dependable. As a marketer working for a company in this phase, you are more concerned with getting people to purchase your product or service. Companies usually have a larger marketing budget during this stage, and therefore may be less risk-averse and more open to innovative marketing.

interviews

Interviews are like focus groups except one on one or in small groups. Can give you specific examples of a customer journey. this Primary research strategy is also expensive and time-intensive.

Segments

Isolate and analyze subsets of your data. Use those subsets as the basis for Remarketing Audiences.

Before examining your competition, you and your marketing team analyze your own company by looking at your target customer, revisiting your UVP, and doing a SWOT analysis.

It is important that you fully understand where your company currently stands in order to accurately compare what you offer to customers versus what your competitors offer. To do this, you will examine your target customer, unique value proposition, and SWOT analysis.

Limited liability company (LLC) Business Structure

Limited liability company (LLC): A limited liability company (LLC) is a mix of partnerships and corporations. Like a partnership, an LLC can have one or more owners, but unlike a partnership, owners are not personally liable. An advantage of an LLC is that they carry less risk for owners. A disadvantage of an LLC is that they have higher regulatory and filing requirements than partnerships and sole proprietorships.

Marketing Campaign:

Marketing Campaign: An effort to raise awareness for a product or service that lasts for a specific amount of time.

With which targeting strategy is the following description best aligned? Community-supported agriculture shares, or CSAs, are systems in which a farm or group of farms sells produce to local consumers. Farms that operate CSAs target very specific, local neighborhoods near their farms, and they have no interest in expanding that segment. The goal is to sell produce to local sources.

Micromarketing - CSAs selling to one, local community is an example of micromarketing because they are only offering one line of products and are targeting a small group of people.

Micromarketing

Micromarketing: The narrowest level of target marketing strategies—when companies target individual customers

Persona goals

Most Persona goals should be end goals, goals about what the Persona ultimately achieves in using your product or service.

Multi-Channel Funnel reports - or MCF

Multi-Channel Funnel reports - or MCF. These reports can tell you what role prior marketing activities played in the conversion process. This conversion path data includes interactions across virtually all digital channels including paid and organic search, referral sites, affiliates, social networks, and email campaigns.

Offline marketing

Offline marketing. Enhanced offline marketing: Electronic billboards, Digital product demos,Digital product samples. Radio marketing: Radio commercials, Show sponsoring. TV marketing: TV commercials,Tele-shopping, Super Bowl commercials. Phone marketing: Cold calling, Text message marketing (giveaways, coupons, loyalty programs). QR codes

Which two parts of the SWOT analysis indicate characteristics that come from OUTSIDE of a company?

Opportunities and threats are both characteristics that come from external (outside) sources.

Define Opportunities

Opportunities: External factors that the company may be able to exploit to its advantage

PACE framework

PACE framework: P.Product & Positioning. A. Advocacy. C. Customer Journey. and E. Evaluation.

Partnership Business Structure

Partnership: Another relatively straightforward form of business structure is a partnership. Partnerships are entities owned by two or more people. Those people share the assets and liabilities and also both pay taxes. An example of a general partnership is two architects with their own architectural firm. An advantage of a partnership is that it is relatively easy to set up, hire, and file taxes. A disadvantage of a partnership is that each partner is responsible for losses of the company.

Persona

Personas are fictional depictions of your model customer. They represent behaviors, attitudes, personal attributes, and even pain points of existing customers, according to market research. From here you can improve your marketing strategies and better reach customers.

in the four Ps of marketing describe how Place impact the marketing campaign

Place describes where we engage with potential customers i e. online, storefront, product placement. when considering online product placement one can think of it being on the front page of Amazon, on a pop-up, banner, product placement in a Netflix show, featured in a blog, or on an obscure website.

Place:

Place: Where the product is available to consumers.

Price

Price: The amount of money customers pay to obtain the product.

Primary research

Primary research involves collecting data or information directly from its source, which, in the case of marketing, is often the customers themselves. Methods of primary research include: surveys, focus groups, interviews.

Product is Free, But Services Aren't business model

Product is Free, But Services Aren't This model is unique compared to others, in that you have to give your product away for free, yet require customers to pay for installation, customization, training or other additional services. Advantages: This model is great for building trust with your customer base and boosting brand awareness, as any company that offers anything for free will generate considerable buzz. Disadvantages: Remember, employing this model means that you are basically running a services business with the product as a marketing cost. Also, a model like this isn't always the best for scaling your company in the long term, so keep your eye on additional revenue models to utilize later on.

Product:

Product: The goods or services that the company offers to the target market.

Promotion:

Promotion: Activities that communicate the merits of the product and persuade customers to buy it.

According to the article, dividing consumers into categories that describe how they think about making purchases, such as "innovators," "thinkers," and "achievers", is an example of _______ segmentation.

Psychographic - According to the article, these categories describe peoples' attitudes toward purchases and are therefore used in psychographic segmentation.

Qualitative research

Qualitative research is research gathered by interviewing people, running focus groups, or simply observing people's behavior.

Quantitative research

Quantitative research is research that involves information or data based on numbers. For example: Nine out of ten people prefer cheddar cheese to mozzarella. While some quantitative research is statistically valid, some isn't. Doing a poll online, for example, will gather quantitative data. But unless the poll uses a true random sample, the data will not be statistically significant.

Reasons to Believe:

Reasons to Believe: The competitive factors you included in your competitive analysis can help to guide the reasons to believe. Reasons to believe are the specific ways that a company meets its brand promise.

Research Reports

Research Reports are a secondary research method that uses industry reports that provide insights to a business problem. these are put out by reputable market research groups, but may not fit your niche well and can be costly.

Retail Sales

Retail sales entails setting up a traditional department store or retail store in which you offer physical goods to your customers. Keep in mind that the retail sales model will require shelf space (that you'll have to pay for) at existing stores, and is best suited for products that require logistics to reach your customers. Advantages: Retail sales is a great way to offer deals and complimentary products to an existing customer base to help boost brand awareness. Disadvantages: The retail sales route is not ideal for early stage companies, or companies that offer digital products like software or apps. In the Domain.me article, "Planning The Expansion and Revenue Models for your Startup", Sarah Green lists even more effective revenue models for startups, including two that are based around the idea of giving something to your customers for free to help generate revenue at a later point.

SEM or Search Engine Marketing Specialist

SEM or Search Engine Marketing Specialist sets up , executes, and manages paid search campaigns. SEM specialist refine SEO tactics, provide data analyzing ROI on PPC campaigns. Work with search engine vendors to campaign optimization. Produce and manage content for websites. Compare competitors' marketing campaigns to align best practices.

SEO Speicailist

SEO Speicailist employs a SEO strategy, performs keyword research and analysis, and stays up to date on search engine algorithms.

SEO

SEO uses Techniques to increase a web page's search engine rankings.

SMM or Social Media Marketing Manager

SMM or Social Media Marketing Manager uses research and analysis to stratigicaly create copy and creative for Social media campains, & plans out campaign schedules. Often it is necessary to collaborate across company departments to increase custome reach and social media engagement.

SWOT

SWOT is an acronym that stands for strengths, weaknesses, opportunities, and threats.

What is a A SWOT analysis ?

SWOT is an acronym that stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is an overall evaluation of those components of a company. It is a framework that you can use to better understand the strengths and weaknesses of a company from both an internal (inside the company) and external (outside the company) perspective.

Sole Proprietorship Business Structure

Sole proprietorships are considered the most simple form of business structure. In a sole proprietorship, there is only one owner with complete control of the assets (what the company owns) and liabilities (what the company owes). An example of a sole proprietorship would be a single person art studio run from someone's home. An advantage of a sole proprietorship is that it is easier to set up and manage. A disadvantage of a sole proprietorship is that the sole owner assumes personal responsibility and is therefore more vulnerable in legal situations.

Startup Phase

Startup The first stage of a company is when it is a startup, a new company that involves a lot of risk and potential reward. There are likely many new hires, and the business model and product or service might change significantly. Employees often play many different roles and may not have job descriptions or titles yet. During this phase, companies are determining their market (who they will sell to) and their business model. This phase is often exciting, but also where most businesses fail. As a marketer working for a company in this phase, you are interested in making sure that as many people as possible learn about your company's brand. Because startups are often strapped for cash, marketers might choose free or low-cost ways to market, such as social media posts, emails, or YouTube videos.

Having skilled management with relevant experience is a benefit to your company. That is best described as a/an ___________. Strength? Weakness? Opportunity? Threat?

Strength: Having management with relevant experience is a benefit to your company and something that is within your control (internal).

Which two parts of the SWOT analysis indicate characteristics of a company that would be helpful to achieving a company's goals?

Strengths and Opportunities would help a business to achieve goals.

Which two parts of the SWOT analysis indicate characteristics that come from INSIDE of a company?

Strengths and weaknesses are both characteristics that are internal, or inside, a company.

Define Strengths

Strengths: Internal capabilities that help a company reach its objectives

Subscription Revenue Model

Subscription Revenue Model The subscription revenue model entails offering your customers a product or service that customers can pay for over a longer period of time, usually month to month, or even year to year. Advantages: If your company is far enough along in its development, this model can generate recurring revenue, and can even benefit from customers who are simply too lazy to cancel their subscription to your company (which is the dirty little secret of a subscription-based model). Disadvantages: Because this model depends so much on having a large consumer base, it's critical to maintain a higher subscribe rate than an unsubscribe rate. In the blog post "Comparing Business Models to Sales Models", Dave Parker outlines the various ways that a company can sell their product or service, emphasizing how the market you pick affects the way in which you take your product to market. Here are the methods he describes:

Subscription revenue model:

Subscription revenue model: When companies offer products or services that customers pay for over a period of time.

Survey Aggregator Tools

Survey Aggregator Tools are a secondary research method that is mostly used by big marketing firms. Survey Aggregator Tools like Market Research Insight provide specific large-scale data sets like what social platforms a target demographic uses. these tools offer customized insights to best reach their target audience. these programs can be technical and costly.

Assisted Conversions report

The Assisted Conversions report shows the total number and monetary value of assisted sales and conversions broken out by channel. The higher these numbers, the more the channel helped assist with conversions. You can break this out by the Day of Conversion, the Day Before Conversion, and the Path Position, which is the number of interactions involved in the conversion.

Path Length report

The Path Length report also shows how many interactions on average it took to convert and how much each series of interactions was worth.

The three most common types of hits are?

The three most common types of hits are "pageview" hits, "event" hits, and "transaction" hits

A SWOT analysis may be limited because it:

There are some limitations to conducting a SWOT analysis. The analysis can provide a ton of information but it is not prioritized and it is not all useful, and the analysis does not offer alternative solutions or clear action steps. doesn't prioritise issues doesn't provide solutions or offer alternative decisions can generate too many ideas but not help you choose which one is best can produce a lot of information, but not all of it is useful.

Your area of the country is experiencing an economic recession, so people are less likely to go out and spend money on coffee. That is best described as a/an ___________. Strength? Weakness? Opportunity? Threat?

Threat: An economic recession will harm your company. It is outside of your control (external).

Define Threats:

Threats: Current and emerging external factors that challenge the company's performance

Define Weaknesses

Weaknesses: Internal limitations that interfere with a company's ability to achieve its objectives

Transactional Revenue Model

Transactional Revenue Model Countless companies, both tech-oriented and otherwise, strive to rely on the transactional revenue model, and for good reason too. This method is one of the most direct ways of generating revenue, as it entails a company providing a service or product and customers paying them for it. Advantages: Consumers are more attracted to this experience because of its simplicity and the wider set of options. Disadvantages: Because of the directness of the transactional revenue model, many companies employ it themselves, which means more competition and price deterioration, and therefore, less money to made for everyone who uses this model.

Transactional revenue model

Transactional revenue model: When companies offer products or services directly to a customer (e.g., through a storefront or a company website).

True or False. A classic definition of market segmentation is dividing a target market into smaller and smaller markets.

True. A classic definition of market segmentation is dividing a target market into smaller and smaller markets.

T or F A property has a unique ID, which is a combination of the account ID and additional digits.

True. A property has a unique ID, which is a combination of the account ID and additional digits. This property ID links a property to one or more views in an Analytics account.

T or F. All roles in a company can benefit from being part of performing a SWOT analysis.

True. All roles in a company can benefit from being part of performing a SWOT analysis.

T or F? Marketers can benefit from performing a SWOT analysis because it helps them develop a marketing strategy that builds on a company's strengths and minimizes threats.

True. Marketers can benefit from performing a SWOT analysis because it helps them develop a marketing strategy that builds on a company's strengths and minimizes threats.

T or F. SWOT analyses consider both internal and external characteristics to a company.

True. SWOT analyses consider both internal and external characteristics to a company.

Name two ways that performing a SWOT analysis could benefit a company.

Two ways that performing a SWOT analysis could benefit a company include: Identifying areas for improvement and capitalizing on opportunities.

5 questions a UVP looks to answer.

UVP. Target Customer: Who are you aiming to sell to? Statement of the Need or Opportunity: What does your target customer need or want? Product/Service Name: What is the name of the company or specific product/service you are selling? Product Category: What industry is your company part of, or what category does your product or service fall into? Statement of Benefit: How will your company, product, or service meet the need or want of your target customers?

With which targeting strategy is the following description best aligned? Morton is a brand of salt, a product that is widely consumed. Morton does not brand its product for one consumer segment, but rather aims for all potential consumers to choose its brand of salt over others.

Undifferentiated marketing - This targeting approach often works well for widely consumed products such as salt. In the case of Morton's salt, it brands its product to appeal to large masses of people rather than tailoring its message for specific segments.

There is another coffee shop in your community that offers popular events such as local musician nights. That is best described as a/an __________. Strength? Weakness? Opportunity? Threat?

Weakness: Having a competitor with popular events is harmful to your business and something that you can control by offering similar events (internal). This is an example of a competitive advantage, which is considered a threat because it is within the control of the company. You will learn more about competitive advantage in the next module.

Web Sales

Web Sales This is an offshoot of the transactional revenue model, in which a customer pays directly for a product or service, except that customers must first come to your company via a web search or outbound marketing, and conduct transactions solely over the internet. Advantages: Web sales work with a wide variety of offerings, including software, hardware, and even subscription services. Disadvantages: Relationship sales are incompatible with the web sales model, so if your company is related to consulting or big ticket items (high-value items such as houses, appliances, and cars), you should consider employing a model that's more suited to your offering.

What channels make up digital marketing?

What channels make up digital marketing? Search engines, social media, blogs, online ads, affiliate marketing, emails, and mobile apps.

personas illuminate several insights

Where to best reach customers, whether that's on social media, websites, or store displays (for example). What mindset the consumers have about a particular product or service. What specific pain points (opportunities) are experienced by that customer that the company's product or service can help solve.

Where do you find Multi-Channel Funnel reports?

You can find Multi-Channel Funnel reports in the Conversions section.

Custom Reports

You pick the dimensions (City and Browser, for example) and metrics (Sessions, Pageviews, and Bounce Rate, for example) and decide how they should be displayed.

Tagline

Your tagline is a valuable tool to help you tell brand story, and it is a crucial element of your brand strategy.

in the 4 P's of marketing describe Promotion

in the 4 P's of marketing promotion involves the dissemination of differentiating product information. promotion puts product, place, and price into action. Promotion includes elements like advertising, radio Jingles, sweepstakes, street team, commercials, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. take into consideration your Brand's voice, is it playful, cold, uncaring, stiff. other examples can include the Oscar Mayer Wienermobile for the Budweiser Clydesdale horses. right product, in the right place, at the right price, at the right time, with goal of being irresistable.

in the four p what what do you do as a marketer need to consider in regards to the term product

in the 4 p's a product is a service or good offer to meet consumer interest or demand. You want to be able to describe what makes sets your product apart from the competition. 3 questions to consider. what does my product or service do that nothing else does? how is my product or service better than the competition? Why should a consumer pay for my product or sales service instead of the competition?

in the four Ps of marketing, describe concepts in regards to Price

in the four Ps of marketing, factors influencing price are actual cost of materials and cost of producing the product, Market fluctuation Supply, demand, competitors prices, marketing strategy, and profit margin. some may consider artificially inflating the price to increase perceived value or decreasing the price to build customer loyalty. for example a grocery store might sell eggs at 50 cents on the dollar just to get customers through the door to spend more.

pace. C. describe key Concepts in the customer Journey.

the sea in Pace refers to where an individual is on their customer Journey. the customer Journey relates to where an individual is in the marketing funnel and the channels that used to get there.

undifferentiated marketing

undifferentiated marketing, also known as mass marketing, a company targets the entire market with one offer. Undifferentiated marketing makes sense for widely consumed products like soap, toothbrushes, and water bottles.

UVP

unique value proposition introduces you to prospective customers and helps you make a strong first impression. is a clear statement that describes the benefit of the product, how a product solves a customer's needs, and what distinguishes the product from the competitors. a view v p is a clear statement that communicate how your company is different from its competitors and it's Unique contribution as a company product or service. I usually pee helps marketers identify the essence of what makes a brand unique. Specifically, it helps marketers identify what distinguishes their brand from competitors. This statement can then be used to drive marketing campaign so that customers get the same effective message.

the A in Pace stands for audience.. describe two things to consider when targeting an audience for marketing

when considering your audience. A. two concepts to employee are segmentation and persona.

pace. E. describe two things to consider in the evaluation stage of pace

when is value waiting a marketing campaign. Pace. It is important to look at the marketing objectives and the key performance indicators k. P. I. s