Summary
Marketing II summary
- Course
- Institution
This is a summary of the Marketing II course. It's mainly about digital marketing.
[Show more]
Seller
Follow
femkehillen04
Content preview
Marketing IILecture 1
Digital transformation
Big data
o The collection of a wealth of data from and about everything internal and external to
the organization and its interpretation to help make the business run more efficiently
and improve customer service
Tracking customers and their communications across every channel
Measuring and managing the customer experience
o What can big data do?
Help improve customer service levels
Enhance customer retention
Improve overall customer lifetime value
Be used to deliver personalized services
o Some scepticism:
Big data mostly show what has happened or what is happening – but do not
always explain why things are happening
First learn to maximize value from smaller data before going big – sometimes
big data can also be useless
Reverse marketing
o The power relationship between firms and customers has changed – power to the
customer!
o Organizations and brands are increasingly distrusted by customers and so the
customer has become the marketer
o Customers trust other customers more
Conversations on platforms such as fb
Posting reviews on platforms such as TripAdvisor or retailer websites
o The impact of how potential customers use search engines
o How organization react to a request determines who gets the business
o Helping the buyer to buy: shifting from helping the seller to sell to helping the buyer
to buy
o Consumers now expect to be facilitated in their research on the product or service
that best meets their wants and needs
Mobile applications
o The smartphone: the best example of technological advances in mobile devices
o More Google searches are now performed on mobile devices than from PCs
o Consumers expect that all tasks should be easily achievable from a mobile device
o What caused what?
Was the rise of the mobile internet a result of consumer behavior, or was
consumer behavior changed by the technology?
‘Technology doesn’t cause out behaviors to change, it enables out behaviors
to change’
It was the convenience that smartphones enabled that was behind their
adoption, not their technology
The internet of things (IOT)
, o Computers communicating with each other to perform tasks without intervention
from humans
o Examples:
Internet-connected fridges that order milk via a shopping app when you are
running low
Wearable devices that are used to monitor health, wellness or athletic
performance
Oral-B toothbrush that connects with your smart phone in order to track
which teeth are being brushed
The automation of business processes
o The most long-standing aspect of an organization transforming to the digital world is
the use of technology to automate processes
o Examples:
Robots building cars
Computer software doing jobs that once required people
o ‘The technology has freed out crew and our guests from many of the mundane tasks
that keep us from human interactions’
Lecture 2
Classification of terms
Buy = to acquire by paying
Sell = to transfer ownership in exchange for payment
Customer = the person who pays for a product
Consumer = person who consumes it
The customer might not always be the consumer
Customer behavior = not only financial transactions, where a good is exchanged for money
o Example: the aim of a website might be to provide information. Therefore,
downloading a pdf might be the required sale
o The term customer might not be appropriate in all contexts
Online buying behavior B2C
Business to consumer (B2C)
o The most commonly used model of buyer behavior
o It considers the buying process as a cycle in a series of steps:
Problem recognition
Information search
Evaluation of alternatives
Purchase decision
Post-purchase behavior
o For some products, the process is swift – all stages might even take place almost
instantaneously
o For other products, the process might be much longer
o Buying model applied online:
, Another classical model of buyer behavior = AIDA (attention, interest, desire, action) model
o Did the ad grab attention, arouse interest, stimulate desire, provide a call for action?
o The AIDA model is a funnel model
o Not as linear as the buying cycle model
o Acknowledges the fact that people leave the buying cycle at various stages
o
, The process can also be seen as circular: the last stage of one buying process leads directly
into the first stage of the next process
Purchase as a repeated, not isolated event -> customer retention and relationship marketing
Eisenberg’s 20 forces that influence buying behavior:
o
People value their time and are willing to pay more in order to save time
Convenience is a key driver of buying behavior – and even so more so of buying online
Online buying behavior B2B
B2B differs from B2C in:
o The decision-making process and the actual purchase
o The range of products
Decision-making process: online presence serves more as a source of information and less as
a transaction channel
Range of products: much more diverse than B2C, marketers must adapt their online selling to
different product lines
Key objective of the B2B website is lead generation
o To provide information that will serve as a foundation to develop relationship with
customers
o Customers use the B2B website to gather information in order to narrow down a list
of potential suppliers, and then contact them on a personal basis
o Plays the tole of replacing or supplementing catalogues, brochures, trade shows, or
advertising
o The quality of the web presence plays a big role
The buying cycle model applied in B2B:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller femkehillen04. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82191 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now