Foundations of Marketing: Digital Marketing and Social Networking

These flashcards cover key concepts from the Foundations of Marketing lecture focused on digital marketing and social networking.

Benefits of Digital Marketing

Digital marketing offers numerous advantages:

• Precise Targeting: Reach specific demographic, psychographic, and behavioral audience segments for highly relevant messaging.

• Relationship Building: Engage directly with customers and stakeholders, fostering loyalty and advocacy.

• Competitive Advantage: Innovate digital strategies to stay ahead in the market.

• Reaching New Markets: Efficiently expand geographic and demographic reach globally.

• Cost-Effective Communication: Achieve marketing goals with optimized budgets compared to traditional advertising.

Types of Digital Media for Marketing

The four main types of digital media utilized for marketing are:

• Social Media: Platforms (e.g., Facebook, Instagram) for customer engagement, content sharing, and targeted advertising.

• Blogs: Online journals publishing detailed content for thought leadership and search engine optimization (SEO).

• Podcasts: Audio content offering insights, entertainment, and a unique platform for brand storytelling.

• Online Communities: Forums and groups for user interaction, fostering brand loyalty and feedback.

Metrics for Measuring Digital Strategy Success

Key performance metrics to assess digital strategy effectiveness are:

• Traffic & Engagement: Measures website visits, page views, time spent, bounce rate, and social media interactions (likes, shares, comments).

• Conversion: Tracks desired user actions like lead generation, sales, sign-ups, or content downloads.

• Revenue & ROI: Evaluates direct sales, return on investment from campaigns, and customer lifetime value.

• Brand Awareness: Monitors online mentions, reach, impressions, and comparative share of voice to gauge visibility.

Impact of Digital Marketing on the Marketing Mix (4 P's)

Digital marketing significantly influences the traditional marketing mix:

• Product: Digital feedback and analytics drive product development and customization for online segment needs.

• Pricing: Digital platforms enable dynamic pricing, personalized offers, and transparent price comparisons.

• Place (Distribution): E-commerce facilitates direct sales, broader market reach, and new digital distribution avenues.

• Promotion: Encompasses targeted advertising, content marketing, social media campaigns, and email marketing for diverse communication.

Legal and Ethical Considerations in Digital Marketing

Key legal and ethical considerations in digital marketing include:

• Privacy Issues: Adhere to data protection regulations (e.g., GDPR, CCPA) for consumer data collection, storage, and use.

• Online Fraud: Prevent deceptive practices like phishing, click fraud, and misrepresentation to protect consumers.

• Intellectual Property Rights: Respect copyrights, trademarks, and patents for all digital content, designs, and brand elements.

Digital Marketing

Digital marketing is the comprehensive use of all digital media and technologies (websites, search engines, social media, email, mobile apps) to engage customers, promote products/services, and drive sales.

Social Listening

Social listening is actively monitoring, analyzing, and responding to digital conversations (social media, forums) to gain insights into customer opinions, trends, and brand perception for strategic decisions.

Importance of User-Generated Content (UGC) in Digital Marketing

UGC (customer reviews, testimonials, photos, videos) is crucial for digital marketing. It builds trust and authenticity through social proof, influences purchase decisions, and fosters community around a brand.

Omni-Channel Strategy

An omni-channel strategy is a comprehensive retail approach creating a fully integrated, seamless customer experience. It ensures consistent interactions across all touchpoints: physical stores, websites, mobile apps, social media, and customer service.

Key Performance Indicators (KPIs) in Digital Marketing

Key Performance Indicators (KPIs) are specific, measurable metrics used to monitor and evaluate digital marketing effectiveness. They track progress, identify improvements, and guide data-driven decisions for campaign optimization.

Online Fraud

Online fraud involves dishonest or illegal activities online, often using deception for illicit gain. Examples include phishing, identity theft, credit card fraud, malware distribution, and advertising misrepresentation, targeting personal or financial information.

Opportunities Provided by Blogs for Marketers

Blogs offer marketers key content marketing opportunities: publishing valuable articles to attract organic web traffic via SEO, educating potential customers, establishing thought leadership, and fostering loyalty through engagement.