Marketing in the Digital Era D373 WGU OA

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Students also studied Terms in this set (144) Western Governors UniversityD 373 Save D377 Digital Marketing Foundations...136 terms qrpjmmcdp9Preview

D373 Section 1: Lesson 1 Marketing ...

Teacher 14 terms victoria_cooper809 Preview D378 Digital Marketing Science - Te...Teacher 311 terms stigall06Preview WGU D 187 term quiz Practice questions for this set Learn1 / 7Study using Learn An EU law that enhances protection of citizens, while increasing obligations of companies that collect personal information. US companies that process date of citizens in the EU must comply.Target customersCustomers based on a predefined geographic boundary Choose an answer 1European Consumer Data Act 20122EU Digital Privacy Directive 2015 3 General Data Protection Regulation (GDPR) 2018 4 Transatlantic Data Protection Agreement 2010 Don't know?

Market segmentationDividing a market through variables such as age, gender, education level, family size, occupation, income, and more PsychographicFocus on the intrinsic traits the target customer has, such as values, personalities, interests, attitudes, conscious and subconscious motivators, lifestyles, and opinions BehavioralThe way customers go through their decision making and buying processes, including attitudes towards the brand, the way they use it, and their knowledge base What is marketing?The set of institutions and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society Marketing CoordinatorEntry-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization (1-3 years).Marketing DirectorMid-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization, with 7- 10 years of experience Vice PresidentSenior-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization, with 11-15 years of experience Chief Marketing OfficerTop-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization, with 20+ years of experience Who is responsible for ROI? (return on investments) Chief marketing officer What is the traditional marketing mix?Product, price, place, promotion What is the expanded marketing mix?Product, price, place, promotion people,process, physical evidence StrategyRepresents what the company intends to do ExecutionRepresents how the company intends to do it ProspectsPotential customers who haven't bought from the company yet CustomersPeople who have bought from the company PositioningThe culmination of the products, services, and experiences that a brand provides to convey value and meet customer wants, needs, and expectations ConflictOccurs when different companies or competitors have conflicting goals

Buyer's JourneyThe process a buyer goes through from recognizing a need or opportunity to making a purchase decision and evaluating the post-purchase experience BrandAn identifiable and differentiated product, service, person, movement, etc.Brand promiseWhat a brand promises to deliver to a customer Brand awarenessAwareness of the existence of a brand Brand positioningThe unique place the brand occupies in the consumer's mind, linked to benefits received Brand relevanceOccurs when there is only one relevant choice, making all other brands irrelevant Brand purposeThe reason the brand exists, goes beyond just selling Brand storytellingExpressing the mission, vision, values, and passion of a brand through a narrative that draws in the audience Brand differentiationHow a brand or brand family is delineated, including line extension, brand extension, flanker brands, down market and up market extensions, co-branding, etc.Brand experienceThe totality and quality of the interactions and engagements a customer has with a company, informing their perception and opinion of the brand Purchase decisionFactors influencing a customer's decision to purchase a product or service, including loyalty and rewards, ordering ease and convenience, user experience, interaction, transparency, and purpose DemographicsVariables such as age, gender, education level, family size, occupation, income, etc.PsychographicsIntrinsic traits of a target customer, such as values, personalities, interests, attitudes, conscious and subconscious motivators, lifestyles, and opinions LifestyleThe way a person lives and behaves, including their activities, interests, and opinions AIOActivity, interest, and opinion - factors used in psychographic segmentation Buying processThe process a business goes through when making a purchase, including the buying center, influencers, decision makers, buyers, and gatekeepers PersonaA semi-fictional representation of an ideal customer What is Ingredient branding?a Brand features Another brand in its product Why do we buy?Functional, habitual, cost, emotional, social, self expressive benefits

What is an upmarket extension?Involves introducing a brand at a higher price point What is equal pay cobranding?Both brands are featured prominently What is sponsorship branding?Two or more brands sponsor an event such as sports for shared exposure and goodwill Consumer buying processRecognize problem, information, search, evaluation of alternatives, purchase decision, purchase, post purchase evaluation.What is a line extension?Add a new product to an existing line What is a Brand extension?When a brand is extend it to a completely new product category.What is a flanker brand?When a company already offering a brand in that product market introduces a new brand to serve a different segment of that market.What is a down market extension?The companies introducing a Brand target at an audience, looking for a lower price point What is a holistic marketing concept?Looks at the interconnectedness between marketing and other aspects and departments of the business.What is a societal marketing concept?Looks at the benefit of the product or service to society as a whole noches the individual consumer.What is a marketing concept?Focused on meeting the needs and wants of the market and seek feedback from the market What is a production concept?Companies using this concept believe that success comes from making products that are readily available in highly affordable What is a product concept?Focuses on efficient and cost-effective mass production profits primarily from a low cost unit What is a Selling concept?That left alone consumers will not buy and need to be pushed to purchase through more aggressive, promotional efforts What is channel conflict?This occurs when the same or competing channels have conflicting goals What is customer experience?The totality and quality of the interactions and engagement. A customer has with a company there by informing the perception in opinion of the brand.What is the buyers journey?The buyers journey includes the awareness, stage consideration stage and decision stage What is the business buying process?Recognize problem, opportunity, conduct information, church on products and suppliers, develop need specifications document, request for proposals from vendors, vendor, selection, performance review.