Exam #1: Lectures 1-4

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Tuesday, Feb. 6th, 2024

Marketing

78 Terms

1

brand marketing

awareness
personality
reputation
viral consideration

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2

direct marketing

a database-driven interactive process of directly communicating with targeted customers or prospects using any medium to obtain a measurable response or transaction via one or multiple channels

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3

6 Characteristics of Direct Marketing

  1. data-base driven

  2. directly communicating

  3. targeted customers

  4. any medium

  5. measurable performance

  6. multiple channels

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4

1994

the first banner ad

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5

2001

the dotcom bubble burst

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6

2003

CAN-SPAM Act

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7

2007

the first-generation iPhone was released

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8

customer data

all personal, behavioral, and demographic information gathered by marketing companies and departments from their customer base, crucial for informing and shaping marketing strategy decision

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9

types of customer data:

  1. personal data

  2. engagement data

  3. behavioral data

  4. attitudinal data

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10

personally identifiable information (PII)

any information that can be used to recognize an individual’s identity (ex. name, address, date of birth, etc.)

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11

engagement data

tells you how customers interact with your brand via various marketing avenues

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12

behavioral data

helps you uncover underlying patterns that your customers reveal during their purchase journey

→ transactional data
→ product usage
→ qualitative data

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13

attitudinal data

driven by the feelings and emotions of your customers; how they perceive your brand

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14

zero-party data

collected directly from users and customers via surveys, polls, etc.

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15

first-party data

collected directly from users and customers from contract, newsletter sign up and registration forms

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16

second-party data

collected as first-party data by one company and shared with another as a part of a data-sharing deal

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17

third-party data

collected by data brokers or DMPs from multiple companies

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18

customer data by formats:

  1. structured data

  2. unstructured data

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19

structured data

refers to information that either has a pre-defined data model or is an organized in a pre-defined manner
→ usually numeric

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20

unstructured data

refers to information that either does not have a pre-defined data model or is not or is not organized in a pre-defined manner
→ ex. images, videos, etc.

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21

collection types:

  1. declared data

  2. inferred data

  3. modelled data

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22

declared data

is given by the users themselves

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23

inferred data

is not given by the users directly, but is deduced from their behavior

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24

modelled data

uses a large data set to find users matching a desired profile

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25

types of data:

→ declared
→ inferred
→ modelled
→ structured
→ unstructured

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26

Identity (ID) Graph

one database that holds customer profiles and all identifiers that correlate with individual consumers

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27

relational database

a type of database that stores and provides access to data points that are related to one another

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28

Recency, Frequency, Monetary Value (RFM) Analysis

a data-driven customer behavior segmentation technique

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29

RFM Segmentation*

→ enables personalized marketing
→ increase engagement
→ creates relevant offers
→ increases retention

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30

RFM Scoring*

evaluate the attractiveness of individual customers with respect to their transactions over time

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31

traditional approach

→ define demographics and/or geographic traits of targets, create a product matching the need/want of the target, and select media with audiences of the target
→ useful for new products or advertising on traditional media

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32

customer relationship management (CRM) approaches

→ use past transactional databases to identify customer segments with potential to maximize sales
→ useful for b2b sales, e-commerce, email campaign, product improvement

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33

behavioral approaches

→ use online data tracker user behaviors to target customer segments in order to achieve desirable behavioral responses
→ used for ad campaigns

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34

contextual approaches

→ this targeting refers to the placement of a display advertisement on websites that are directly relevant to the product being sold in the ad
→ used for display ad campaigns or outdoor media ads

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35

audience-based approaches

→ the ability to take your full audience of prospective customers and segment it into groups based on different criteria (ex. interests, demographics, etc.)
→ used for social media ad campaigns, mobile ads

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36

Claritas PRISM

finds prospective customers in the US & analyzes households in each major retail area by demographic, lifestyle, and purchasing characteristics then sorts them into 66 geo/demographic segments

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37

facebook pixel

piece of code that you put on your website that lets you to measure effective advertising by understanding actions customers take on website

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38

cohort analysis

subset of behavioral analytics that takes the data from a given dataset and rather than looking at all users as one unit, it breaks them into related groups for analysis

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39

broad vs narrow targeting

broad:
→ good for building brand awareness
→ may find unexpected audience
→ small response rate (need a large budget)

narrow:
→ better response rate
→ may end with a small audience

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40

magic of 10%

only 10% increases in marketing outcomes create almost 200% increase in profits

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41

Testing (experimentation or A/B Testing)

manipulates one or more controllable factors (independent variables - causes) to determine their influence on events or outcomes (dependent variables - effects)

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42

types of tests:

  1. list tests

  2. offer tests (ex. one free ticket)

  3. creative tests

  4. contact strategy tests

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43

top of funnel (TOFU)

Goal: Awareness
→ generate interest, capture attention initiate customer journey
→ ex. PR, SEO, etc.

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44

middle of funnel (MOFU)

Goal: Consideration
→ nurture and guide leads toward becoming qualified customers
→ ex. direct emails, demos, etc.

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45

bottom of the funnel (BOFU)

Goal: Conversion
→ convert potential customers into actual customers
→ ex. limited-time offers, discounts, etc.

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46

return on ad spend (ROAS)

total campaign revenue / total campaign cost
→ 3-4 ROAS is considered as a good ROAS in usual marketing campaigns

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47

views (Instagram vs YouTube)

Instagram looped views are not counted so only the first play is a view — 3 second play

YouTube wants viewers to stay longer on the platform — 30 second play

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48

control group

a group of subjects on which the experiment is not conducted but that is otherwise identical to the test group

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49

test group

a group of subjects on which the experiment is conducted

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50

random assignment

both control and test group subjects must be assigned randomly so that differences between groups occur by chance only

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51

null hypothesis (H0)

that statistic that there is no difference between the means of the groups being compared

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52

alternative hypothesis (Ha)

the hypothesis that is determined when a null hypothesis is proven wrong

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53

statistical test (chi-square test)

the test stats reject the null hypothesis when the probability that the observed result occurs is less than 0.05 (p-value)

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54

Google Analytics

web analytics service offered by Google that tracks and reports web traffic

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55

Google Tag Manager (GTM)

a tool that enables marketers to install, store, and manage tag tracking user activities on website without modifying the code

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56

session

starts when the user visits website/opens app & ends when the user exists and have been inactive at least 30 mins

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57

engaged session

→ last longer than 10 seconds
→ had a conversion event
→ had 2+ screen/page views

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58

event

any interaction or activity that a user has with website/app

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59

conversion

particular events marked by GA4 users as important metrics on website (purchase/subscription)

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60

affiliates

links on affiliate sites

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61

cross-network

ads that appear on a variety of networks (ex. search and display)

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62

direct (brand marketing)

a saved link by entering your URL

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63

display

display ads, including ads on Google Display Network

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64

email

links in email

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65

referral

non-ad links on other sites/apps (ex. blogs and news sites)

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66

organic search

non-ad links in organic-search results

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67

organic shopping

non-ad links on shopping sites like Amazon or eBay

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68

organic social

non-ad links on social sites like Facebook or Twitter

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69

organic video

non-ad links on video sites like YouTube or TikTok

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70

paid search

ads on search-engine sites like Bing or Google

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71

paid shopping

paid ads on shopping sites or retail

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72

paid social

ads on social sites

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73

paid video

ads on video sites

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74

paid other

ads but not through an ad identified as search, social, shopping, or video

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75

RACE

reach
act
convert
engage

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76

agency holding companies

large corporations that own multiple advertising agencies

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77

What does RFM stand for?

recency, frequency, and monetary value

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78

four primary uses of customer data

  1. targeting

  2. personalization

  3. product recommendation

  4. customer experience design

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