Digital Marketing 4650 Exam 1

Digital Marketing

Using any digital technology to facilitate the marketing process

Four I's of Digital Marketing

Interactive, Information driven, Immediate, and Involving

Interactive

Digital marketing allows two way communication and interaction between companies and customers

Information Driven

Digital marketing uses customer and market data to guide marketing activities

Immediate

Digital technology allows information and communication to occur quickly or in real time

Involving

Digital marketing allows customers to actively participate and engage with brands

Data

Raw facts or observations that have not yet been organized into meaningful information

Information

Data that has been organized, analyzed, or interpreted so that it becomes meaningful and useful

Internet of Things IoT

A network of physical objects or things that can be accessed or connected through the internet

Internet of Everything IoE

A broader concept than IoT that connects people, processes, data, and physical objects or things

Cloud Computing

Using internet based computing resources, software, storage, or services rather than relying only on a local computer or server

Virtual Reality VR

Technology that places the user in a completely virtual environment

Augmented Reality AR

Technology that adds digital information or objects to the user's view of the real world

Mixed Reality MR

An interactive combination of the physical and virtual worlds

Digital Divide

The gap between people who have access to digital technologies and the internet and those who do not

Mobile Commerce

Buying and selling goods or services using mobile devices

E Commerce

Buying and selling goods or services electronically, particularly through the internet

Digital Disruption

Changes caused by digital technologies that disrupt existing industries, markets, or ways of doing business

Digital Transformation

The process of changing a business by integrating digital technologies into its operations and strategy

Personalization

Using customer information to tailor marketing messages, products, services, or experiences to individuals

Customer Experience CX

The cumulative experiences a customer has through interactions with a company or brand

Conversion

When a customer completes a desired action, such as making a purchase, signing up, or downloading something

Customer Retention

A company's ability to keep existing customers over time

Customer Lifetime Value CLV

The value a customer provides to a business throughout the customer's relationship with the company

Call to Action CTA

A message that encourages the customer to take a specific action, such as Buy Now or Sign Up

Artificial Intelligence AI

Technology that enables computer systems to perform tasks such as analyzing data and making predictions

Supply Chain

The organizations, activities, and processes involved in producing and delivering a product or service

Value Chain

A supply chain in which value is added at various points in the distribution process

Virtual Value Chain

An integrated value chain that operates exclusively on the internet

Value Ecosystem

A network of interconnected organizations and participants that work together to create and deliver value

Friction

Information search and transaction costs that make an exchange more difficult or costly

Information Search Costs

The time, effort, or money customers spend finding information needed to make a decision

Transaction Costs

The costs associated with completing an exchange or transaction

Service Dominant Logic

A view of marketing in which goods are mechanisms for delivering services and customers participate in creating value

Co Creation

The process in which customers and companies work together to create value

Value Proposition

The value or benefits an organization proposes to provide to customers

Service Ecosystem

A system of interconnected participants that co create value through relationships, resources, innovation, and governance

Platform

A system that facilitates interactions between different users, customers, or other participants

Electronic Data Interchange EDI

The electronic exchange of business information or documents between organizations

Enterprise Resource Planning ERP

An integrated system used to manage and coordinate major business processes and information

Software as a Service SaaS

Software delivered through the internet, typically through a cloud based service rather than installed locally

RFID

Radio frequency identification technology using tags, chips, unique codes, and databases to identify and track physical goods

Demand Driven Supply Chain

A supply chain that responds to actual customer demand and market information

Agile Supply Chain

A flexible and responsive supply chain that can quickly react to changes in customer demand

Control Tower

A system providing visibility into supply chain activities so organizations can monitor and respond to events

Platform Economy

An economy in which digital platforms facilitate interactions or exchanges between different groups

Open Innovation

The use of ideas, knowledge, or resources from both inside and outside an organization to support innovation

Governance

The rules, structures, and processes used to coordinate participants within an ecosystem

Business Model

Describes how an organization creates value and sustains itself, including how it generates revenue

Business Plan

A detailed plan describing specific activities and actions a business intends to undertake and is not the same as a business model

Business Model Canvas BMC

A framework describing how an organization creates, delivers, and captures value

Key Partners

BMC element identifying important outside organizations or individuals that help the business operate

Key Activities

BMC element identifying the most important activities a company must perform

Key Resources

BMC element identifying important resources required for the business model

Customer Relationships

BMC element describing how a company establishes and maintains relationships with customers

Customer Segments

BMC element identifying the groups of customers the business serves

Channels

BMC element describing how a business communicates with and delivers value to customers

Cost Structure

BMC element identifying the major costs associated with operating the business model

Revenue Streams

BMC element identifying how the company earns money

Competitive Advantage

A benefit or capability that helps a company compete successfully and is not one of the nine Business Model Canvas elements

Pipe

A linear channel through which products, services, or information move from producers toward customers

Two Sided Platform

A platform connecting two different groups that interact with each other

Multi Sided Platform

A platform connecting more than two different groups

Advertising Model

A business model that generates revenue by delivering advertising to audiences or customer segments

Brokerage Model

A business model that brings buyers and sellers together and facilitates transactions

Infomediary Model

A business model that provides or uses third party information and data

Merchant E Commerce Model

A business model in which a company acquires goods from vendors and sells them to customers, often storing and shipping the goods

Manufacturer Direct Model

A model in which a manufacturer sells its own products directly to customers

Affiliate Model

A model in which a business earns a commission for referring qualified customers or buyers to another business

Community Crowdsourcing Model

A model that creates value by connecting individuals or groups and drawing on participation from a community

Subscription Model

A model in which customers pay a recurring fee for continued access to content, products, or services

Utility Model

A model in which customers pay according to their actual usage

Freemium Model

A model providing a basic product or service for free while charging for premium features or additional services

Native Advertising

Paid media designed to follow the form and function of the platform or website where it appears

Mobile First

A strategy in which products, services, or experiences are designed primarily around mobile devices

First Party Data

Data collected directly by a company from its own customers or interactions

Blockchain

A shared, immutable ledger used to record transactions or information

Bitcoin

A cryptocurrency that uses blockchain technology and is not the same thing as blockchain

Oracle

A mechanism that allows a blockchain to securely communicate with systems or information outside the blockchain

Customer Journey

The complete process a customer goes through while interacting with a brand before, during, and after purchase

Nonlinear Customer Journey

A customer journey in which customers may start, stop, repeat, skip, or return to earlier activities instead of following one fixed sequence

Touchpoint

Any interaction or point of contact between a customer and a brand

Customer Loyalty

An ongoing relationship in which a satisfied customer continues using a brand and may become an advocate for it

Customer Advocacy

When satisfied or loyal customers positively support or recommend a brand to others

Journey Map

A visual or conceptual representation of the customer's interactions and experiences throughout the customer journey

Conceptual Journey Map

A general customer journey map that provides a useful starting point for understanding the journey

Data Driven Journey Map

A specific journey map based on actual data for a particular product, market segment, and purchase situation

Pixel

A tiny transparent image or tracking mechanism used to track visitor activity on a website

Retargeting Remarketing

Advertising again to people who previously interacted with a brand or viewed products but did not purchase

Dynamic Ads

Advertisements that automatically display products selected from a catalog based on customer data

Real Time Personalization

Using customer data to provide personalized communications or experiences at the appropriate moment

Customer Sentiment

The emotions or attitudes expressed by customers that can be analyzed to understand how they feel

Customer Service

Assistance and support provided to customers before, during, or after a purchase

Self Service

Customer service options that allow customers to find information or solve problems without directly contacting an employee

Crowd Servicing

A customer service approach in which customers or community members help answer questions and solve other customers' problems

Predictive Customer Service

Using data and predictive models to anticipate customer service needs, problems, or demand before they occur

First Contact Resolution

Resolving a customer's problem during the first interaction without requiring additional contacts

Omnichannel

A strategy providing a personalized, consistent, and seamless customer experience across multiple channels and devices

Social CRM

Using social media to listen to, interact with, and manage relationships with customers

Call Center

A centralized operation where customer service representatives provide assistance, often by phone or other communication technologies