BT005 Principles of Digital Marketing - Exam Revision Flashcards

Vocabulary practice flashcards covering fundamental digital marketing concepts, orientations, consumer behaviour models, situation analysis tools, and market research methodologies.

Marketing

The process of identifying and fulfilling customer needs while maintaining brand values.

Needs

Basic things that people require to live and function.

Wants

The specific ways that people choose to satisfy their basic needs.

Level of Demand

An aspect of demand referring to how much demand exists for a product (for example, encouraging people to buy more Coca-Cola).

Timing of Demand

An aspect of demand referring to when people buy (for example, encouraging customers to visit a spa during a quiet period).

Composition of Demand

An aspect of demand referring to who buys, or what types of customers make up demand (for example, encouraging a new customer group to buy Johnson's Baby products).

Sales

A business function focused on closing transactions, converting opportunities into revenue, and completing purchases with a short-term, transaction-oriented focus.

Customer Value

The perceived benefits a customer receives compared with the costs they pay.

Customer Lifetime Value (CLV)

The value a customer generates for a business over the entire course of their relationship with it.

Value Creation (Stage)

Designing products, services, and experiences that solve customer problems or satisfy customer needs.

Value Delivery (Stage)

Making sure customers can access and experience the value created, through channels, customer service, communication, and digital platforms.

Value Capture (Stage)

Receiving value in return from customers through sales revenue, profit, market share, and customer loyalty.

Strategic Marketing

Long-term planning that decides where to compete, focuses on customers and markets, creates competitive advantage, and is not changed frequently.

Operational Marketing (Tactics)

Short-term marketing activities that decide how to execute strategy, focus on actions and implementation, and can be adjusted regularly.

Marketing Orientation

The overarching approach a company takes to its products, selling, markets, and customers.

Product Orientation

A marketing orientation that focuses on product quality, features, and production, guided by the question: "How can we make a good product?"

Sales Orientation

A marketing orientation that focuses on selling and persuading customers to buy, guided by the question: "How can we sell more?"

Market Orientation

A marketing orientation that focuses on understanding market demand, customer needs, and competitors, guided by the question: "What does the market need?"

Customer-Centric Orientation

A marketing orientation that places individual customers, their needs, preferences, and experiences at the centre of decisions, guided by the question: "How can we serve this customer better?"

Push Marketing

A promotional technique where a business pushes products towards customers through selling and distribution channels, such as sales representatives and retail promotions.

Pull Marketing

A promotional technique where a business creates customer demand and interest so that customers actively seek out the product.

Customer Journey

The complete path a customer follows from awareness to purchase and beyond, consisting of awareness, consideration, purchase, post-purchase, and loyalty or advocacy.

Buyer Persona

A detailed profile of a typical customer used to better understand and target specific customer segments.

Consumer Behaviour

The study of how consumers make buying decisions and how they choose, buy, and use products or services.

Decision Making Unit (DMU)

The group of individuals who participate in or influence a buying decision.

Initiator (Buying Role)

The individual in the Decision Making Unit who first suggests or recognises the need for a purchase.

Influencer (Buying Role)

The individual in the Decision Making Unit who gives advice or affects the purchase decision.

Decider (Buying Role)

The individual in the Decision Making Unit who makes the final choice regarding what to buy.

Buyer (Buying Role)

The individual in the Decision Making Unit who completes the transaction and pays for the product.

User (Buying Role)

The individual in the Decision Making Unit who actually consumes or uses the purchased product.

Consumer Buying Decision Process

A sequential five-stage framework: Problem recognition $\rightarrow$ Information search $\rightarrow$ Evaluation of alternatives $\rightarrow$ Purchase decision $\rightarrow$ Post-purchase evaluation.

Digital Consumer

A consumer who uses technology to buy and sell products or services, characterised by being well-informed, expecting fast/relevant information, and sharing extensive feedback online.

e-WOM (Electronic Word-of-Mouth)

Online opinions, reviews, comments, and recommendations shared by consumers regarding products or services.

Marketing Environment

The internal factors (connected groups like employees, customers, distributors) and external factors (wider forces like social, legal, economic, political, technological change) that influence a business and its marketing decisions.

Marketing Intelligence

The ongoing activity of monitoring market conditions, external trends, competitors, and occurrences outside the business.

Marketing Research

The systematic collection and interpretation of information to investigate a specific question, problem, or customer opportunity.

Marketing Analytics

The practice of measuring and evaluating marketing performance using platforms and tools like Google Analytics, Meta Ads Manager, and conversion tracking.

The 5 Cs Framework

A situation analysis framework used to organise market context, highlighting Customers, Competitors, and Context (the wider environment).

SWOT Analysis

A situational audit tool that summarises internal Strengths and Weaknesses along with external Opportunities and Threats.

PESTEL Analysis

A strategic tool that scans broad external influences: Political, Economic, Social, Technological, Environmental, and Legal factors.

Porter's Five Forces

An industry framework that assesses competitive pressures: Threat of new entrants, Bargaining power of suppliers, Bargaining power of buyers, Threat of substitutes, and Competitive rivalry.

Secondary Research

Research that analyses data that already exists and was collected or published previously by others (e.g., government statistics, consumer panels, retail sales records).

Primary Research

Research that gathers original, first-hand data specifically collected for the current study or project.

Quantitative Research

Research that uses numerical data to measure or count phenomena (asking "how many?"), typically utilising larger sample sizes of roughly $100\text{ to }1{,}000$ people.

Qualitative Research

Research that explores the underlying reasons, motives, and insights behind human behaviour (asking "why?"), typically using smaller samples via focus groups, interviews, and observation.