MGT 6311 (Digital Marketing) Midterm Study Flashcards

Comprehensive vocabulary terms and mathematical formulas for the MGT 6311 Digital Marketing Midterm based on lecture notes.

marketing

The creation and satisfaction of demand for a product or service

digital marketing

utilizing the internet and other digital channels to drive demand for products and services

strategy

A set of ideas that outline how a product line or brand will achieve its objectives

tactic

A specific action or method that contributes to achieving a goal

5Cs

A framework consisting of company, collaborators, competitors, customers, and context

customers

potential buyers with wants and needs that the company aims to fulfill with its offerings

company

the organization or business unit providing certain goods and services, often referred to as the offering

competitors

organizations that offer products and services that aim to fulfill the same wants and needs, and the same customers as the company's offering

collaborators

external business entities that work with the company to create value for customers; examples include Raw Materials Suppliers, Distributors, Marketing agencies, and $3rd$ Party Retailers.

context

the environment in which the company operates, and its associated elements such as regulations or laws, economic conditions, cultural norms, and technological factors

PESTEL

An acronym representing political, economic, social, technological, environmental, and legal factors

The Five P's

The core marketing mix variables: price, product, place, promotion, and people

The Buyer Journey (Full Process)

The progression comprising loosening of the status quo, committing to change, exploring possible solutions, committing to a solution, justifying the decision, and making the selection

3 primary stages of The Buyer Journey

discovery, consideration, and decision

Porter's Five Forces

A framework identifying the Power of customers, Power of suppliers, Threat of new entrants, Threat of substitute products, and competitive rivalry within industry

website

A core foundational element for communicating value, generating interest in leads, engaging with customers, and tracking consumer insights within an ecosystem of platforms and traffic drivers

Digital Marketing Strategy Framework

The process of: Define Digital's Mission, Derive the Digital Strategy, Derive the Interaction Strategy Across the Customer Lifecycle, and Measure and Improve ROI

programmatic ad buying

the use of software to buy digital advertising

banner ads

images or animations displayed on a website for advertising purposes

pop-up (pop-under)

ads that open in a separate smaller window, either above the web page, or under the web page

interstitial

ads that are shown when a user is clicking from one page to the next

floating

ads that typically cover all or most of the web page, and either disappear after a few seconds, or have a close button in one corner

wallpaper

non-clickable ads used to take over or change the background of a web page for branding purposes

dwell duration

the length of time the user remains exposed to an ad, after first engaging with it

vertical ad units

Ad units that are most likely to be viewed more regularly and for longer periods of time as the user navigates a page

just above the fold

The generally most optimal placement for an ad based upon recent research

dynamic creative optimization

An ad tactic that allows marketers to serve distinct sets of ad creative based upon audience targeted data

contextual advertising

Ads shown based upon a web page's ad copy and associated tags to create a symbiosis of relevance

retargeting

the display of ads to a web user based on sites they have previously visited

digital ad network

An intermediary between advertisers and websites that helps publish ads at scale, manages pricing, performs geo-targeting, and provides analytics

ad exchange

where unsold advertising spaces placed by publishers are bid on by advertisers

CPM

Cost per Mille; synonymous with paying for ads in groups of $1,000$ impressions

CPC

Cost per click; the advertiser only pays when the ad impression is actually clicked

CPA

Cost per acquisition; payment is made based upon an action taken after the user has clicked (e.g., filling out a form, purchasing a product)

PPC

Pay per click; advertising for which the advertiser pays only for each click on their advert

SERP

Search Engine Results Page; the page showing results for a query on a search engine

keyword

A word found in a search query

click through rate (CTR)

the total clicks on a link divided by the number of times that an ad link has been shown; expressed as a percentage

landing page

The first page a user reaches when clicking on a link in an online marketing campaign

organic (natural) results

results on a search engine that are not directly paid for, typically shown below paid search results

Paid Search Ad Anatomy

The three primary sections consisting of the headline, display URL and path, and description

Headline character limit

$30$ characters including spacing and special characters

Domain path character limit

$15$ characters each for up to two domain paths

Description character limit

$80$ characters

Callout extension character limit

$25$ characters

Final URL

The URL address of the page people visit when clicking an ad; it must be the primary domain

vanity URL

Another name for the display URL

manual ad extensions

Optional ad features including location, call, sitelinks, callout, price, and app

Quality Score elements

The four elements including keywords, ad copy, landing page, and CTR of the ad

Ad Rank formula

$$CPC\text{ BID (Maximum Bid)} \times \text{Quality Score (keyword relevance + user exp)}$$

keyword relevance types

branded, generic, related, and competitor terms

search volume

The metric used to ensure energy is spent on terms that will achieve reach goals

broad match

Includes phrases containing keywords in any order, as well as variations like synonyms and misspellings

broad match modifier

Only shows ads in searches including words designated with a plus sign (e.g., $+red\text{ }+shoes$)

phrase match

Search phrases containing keywords in the same order, potentially with other words

exact match

Search phrases with the exact words in the same order

negative match

Search words that will not activate ads regardless of other words used

dynamic keyword insertion

A feature that allows keywords used in searches to be inserted automatically into advert copy

geo-targeting

The placement of ads in geographic regions with higher purchase tendencies for a brand

Adwords

On Google, the account that hosts all ads currently running, under review, paused, or ended

campaigns

Groupings of search ads within an account based upon marketing strategy

PPC Conversion Cost formula

$$\frac{Avg\text{ CPC}}{Conversion\text{ Rate}}$$

Profit Margin Per Sale formula

$$Avg\text{ Sale Value} \times Profit\text{ Margin}$$

BEP CPC for Avg Sale formula

$$Profit\text{ Margin Per Sale} \times Conversion\text{ Rate}$$

Profit Margin for LTV formula

$$LTV \times Profit\text{ Margin}$$

BEP CPC for LTV formula

$$Profit\text{ Margin for LTV} \times Conversion\text{ Rate}$$

SEO

Search Engine Optimization

on-page factors

SEO elements including keyword density, meta tags, a sitemap, and site performance

off-page factors

SEO elements including external links from other sites, social media, press releases, and blog or forum mentions

alt tags

descriptive words or phrases accompanying photos to assist with web accessibility and search engine indexing

meta descriptions

HTML attributes used to provide a summary of web page content, appearing under blue links in the SERP

hyphen

The character used to separate words in a file name for SEO optimization

featured snippets

direct answers seen at the top of the Google search results page

backlinks

links from another website to your website that signal credibility, relevance, and significance

anchor text

the visible, clickable text in a hyperlink

naked links

when the URL itself is used as the anchor text

responsive design

A design that allows one website to provide an optimal viewing experience across a range of devices