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Unit 1: Intro to Marketing - Coggle Diagram
Unit 1: Intro to Marketing
Marketing vs digital marketing
Marketing is the
creation and satisfaction of demand
for your pdt, service or idea. the success of this
allows for the creation of demand
thus creating sales
Business goals
, the us of which requires a mix of tailored approacjes and tactics that suit it, its budget, its offering and its target customers.
Awareness:
raise awareness in the desired target market
Information:
provide information on how and where to purchase the product
Persuasion:
Convincing people their products is worthwhile, by creating an emotional connection
Affinity:
Allowing the customer to feel great so that they are more likely to share and repurchase the product
Marketing has 2 approaches, Factual(based on logistics, statics and intellectual content)
or
emotional, which relies on people the tapping into their feeling and aspirations
Marketing strategy
, purpose of a marketing strategy is to reach target market and turn people into consumers.
Address the firms challenges or opportunities
focuses on
understanding the environment
, through the use of PESTLE
Understanding the business,
what does it stand for, what does the brand mean? and what emotive response do that want to receive?
Understanding the consumers
, trying to
avoid the customer assumptions
as to why people like to
transact with the brand.
No real difference from tradtional marketing,
one in the same difference is that digital marketing is part of a
specific medium
Digital is a way of exploring content and ideas and connecting with and understanding customers
Powerful in 2 powerful fundamental ways
allows for the tailoring of personalized messages in a segement
Easier to measure, effectively translating to the performance of a particular campaign, best avenues and channels to watch.
Data-driven decision making, deals with the gut feel pursuit of the digital audience (online target audience)
Data can be used to be,
Descriptive
; using raw data to describe the market
Diagnostic
; Find out 'why' and look for patterns
Predictive
; Analyse data, both past and present to predict the future sales, revenue and market changes
Prescriptive
; Use the findings of the previous 3 types of data analytics to determine a possible solution to a problem, thereby delivering value
Digital marketing strategy
shouldn't be separated from the core strat,
uses the principles of traditional marketing, using the opportunities and challenges offered by the digital medium.
is constantly iterating and evolving, as the internet has a near-instantaneous feed-back and data gathering
5 aspects of the digital stratergy
Context(situational analysis)
, the
examination of context
of the org and the various stakeholders
Context analysis, relies on analysing both the Macro of the industry and Micro of the company
Macro: address
PESTLE.
INDUSTRY ANALYSIS(Porters 5 forces, and competitor analysisi)
Micro address the impact of the brand Unique Selling Proposition's (USPs), current digital offerings and 4P's
Context analysis is usually comprised of the
SWOT analysis in order to gain the best context
, and best digitally strategic move
2. Value exchange,
what is the value of the orgs proposition's, or promises, also address what makes the orgs particular product valuable and unique compared to competitors achieved by the level of satisfaction created for the specific target market
Objectives
, can be broken down into 4 aspects, Objectives, Goals, Key Performance Indicators(KPIS) and targets
Objectives, are the essential for
providing direction and an end-goal,
objectives answer "what do we want to achieve with this marketing campaign", Objectives
need to be SMART
Goals,
goals in web analytics refers to an action that a user takes on website or a type of user behaviour
Tactics
are what is used to achieve/meet your objectives
Key Performance Indicator(KPI's),
are metrics to measure or show if the tactic is doing well in order to meet the objectives.
Help clarify what is important and what to focus on in the particular campaign
Are determined per tactic with an over the overall objective
Targets
, the specific values that are set for the companies KPIS within a specific period, the T in smart
For a good break down of how this is composed is PG87
Tactics and evaluation
, these tools are available once you defined your digital marketing objectives, pg 88, for the full table of the tactics used
5.
Optimization,
the
ongoing process
of
altering any form of Digital Marketing
in order to
improve performance
. Usually
based on past performance
or best practices
Benefits of online marketing:
Low Cost
: Online marketing allows for lower production costs, speed-to-market, cost-efficient customer feedback, and faster speed
Flexibility and convenience
: marketers can switch mid-campaign, based on instant feedback, customers can educate themselves on the product
Targeting
: Allows more precise, targeting through the browser, and the best time to target the consumer.
More options
: Ads tool include pay-per-click ads, email marketing.
Analytics
: the measurability use of Google Analytics and other free analytics tools allows for for a optimal performance with the marketing efforts and get the best results