Differences Between Marketing and Digital Marketing

1. What is the difference between marketing and digital marketing?

Traditional marketing is a typical marketing strategy that combines numerous offline promotional and advertising strategies to attract clients. Ex- newspaper and magazines.

Digital marketing refers to all the marketing methods that are conducted online on various electronic devices (Chaffey and Ellis-Chadwick, 2020) (Kingsnorth, n.d.). Ex- SEO and email marketing.

2. Briefly explain the four stages in the development of marketing.

Four stages of marketing are- 

Discovery: It is all about the research and detailed marketing analysis keeping in view the customer and competition.

Strategy: Before a company moves forward, it must identify its aims and objectives, determine the suitable marketing channels, build messaging, plan the timing, and so on (Hult, 2014).

Implementation: Putting the strategy into action is implementation.

Measurement: Before moving on to the next step of the marketing process, the campaign’s performance should be evaluated to see how well it was received. Measuring outcomes gives you the information needed to plan for the next round and allocate resources wisely.

3. What is utility?

Customers are more likely to buy something if it is seen as useful to them. Using the concept of marketing utility, the goal is to demonstrate how a product may add value to the consumer’s life to increase sales (Kimmel, 2018).

4. Who is Michael Porter and what is the purpose of his Five Forces model?

Academician Michael Eugene Porter is well-known for his work in the fields of economics, business strategy, and social justice. He is a Harvard Business School Professor. The Porter Five Forces Analysis, developed by Michael Porter, is an essential tool for developing company strategy. 

Using Porter’s Five Forces Framework, a corporation can examine its rivals. It is based on economics to extract five forces that govern the level of competition and, as a result, the profitability of an industry. (Louis Cruz and Santesmases Mestre, 2011)

In Porter’s Five Forces Model, the following factors are considered important:

Substitutes: Alternative products and services are on the horizon.

Existing competitors pose a threat.

Potential Threat of New Entrants: New competitors are always a concern. (Louis Cruz and Santesmases Mestre, 2011)

Suppliers: Suppliers’ ability to negotiate

Customers: The negotiating power of the general public.

5. What is the purpose of the Marketing Mix?

One of the most critical elements of any marketing strategy is the marketing mix. To meet clients’ needs and desires, the four Ps of the marketing mix refer to four distinct decision-making areas (Maclaran, 2013). To capture, develop, deliver, and convey value to customers or clients, the four Ps refer to a product, pricing, place, and promotion.

Four Stages of Marketing Development

6. What is the purpose of SMART and why do firms use it?

SMART means Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For both personal and professional objectives, SMART is a well-recognized technique for goal planning that many people would suggest. It’s a method that helps people achieve their goals by focusing, clarifying, and motivating them (Maclaran, 2013).

The SMART goal-setting method encourages people to contemplate the value of their goals and makes them more meaningful to them. Employees who have been there for a long time may benefit from this, especially those who view goal setting as a simple checkbox exercise rather than a thoughtful process.

7. Why do firms release new products?

A company can address the seasonal needs of the market by creating new items. Customers are happy, and the company can do a good amount of business because the products are seasonally appropriate. Ascension and Progress. Increasing market share or sales can be achieved through creative and innovative thinking (Luna, 2020).

8. Using a diagram, explain why the Innovation Adoption Curve is important to firms.

Using a bell curve graph, the Innovation Adoption Curve can depict the range of variances within a group. The majority of the population is represented by the highest point on a bell curve; the early and late majority make up the bulk of the population (Russell, 2018). The bell curve can be used to show how quickly and how widely fresh ideas spread. Applied to marketing, the philosophy has also found its way into agriculture, public health, and criminal justice.

Source- www.researchgate.net

9. Define and explain the importance of C in PRESTC

The PRESTCOM acronym considers topics such as advertising and promotional activity legislation, what competitors are doing in terms of promotion, and market conditions while developing a marketing communications strategy. 

C stand for competitive-In order to be competitive, you need to know who your competitors are. If a company is competing with another company that offers the same or equivalent benefits, it is a direct competitor (TUTEN, 2020). So Pepsi is direct competition, Tango is a close competitor, and chocolate bars are a total budget competitor for Coca-Cola.

10. In market research, what is the difference between qualitative and quantitative?

When it comes to quantitative market research, surveys, polling, and questionnaires are used to gather a vast amount of data. Qualitative market research, on the other hand, focuses on observing customers in a small group or one-on-one contact to better understand their motivations (Russell, 2018).

Utility in Marketing

11. What is the difference between a product and a brand?

In marketing, the phrases “brand” and “product” are sometimes used interchangeably. People who buy and use products build brands. This is in contrast to how companies produce products. Furthermore, the former can be easily duplicated, whereas the latter is unique and cannot be copied at all (Maclaran, 2013). Products have an expiration date, but brands are everlasting.

12. Using the “Father of Strategic Management”, what are the different ways organizations can grow?

If you are trying to figure out your company’s growth plan, you can use the Ansoff Matrix. For instance, establishing the strategy’s focus on product and market development can help clarify how it operates. There are two axes in the Ansoff growth matrix (Louis Cruz and Santesmases Mestre, 2011). Is there anything you’d like to introduce in the future that you don’t currently have in stock? 

13. What is segmentation, targeting, and positioning (STP) and describe how firms use STP?

STP is an acronym for segmentation, targeting, and positioning – which means first segmenting an entire marketplace to identify and select the best market segments, and then using marketing strategies to target the selected market segment to create an image of your product and company in that market (Louis Cruz and Santesmases Mestre, 2011).

14. What is the difference between ethical and sustainable within the concept of Corporate Social Responsibility (CSR)?

Ethics is a much larger idea than CSR. While business ethics and corporate social responsibility are closely related, CSR focuses more directly on an organization’s responsibilities to society, rather than just the company itself (Maclaran, 2013). Corporate social responsibility (CSR) is a much broader concept that encompasses the responsibilities that companies have to their various stakeholders. 

15. What is the difference between “green marketing” and “greenwashing”?

“Greenwashing” is a word used to describe this type of behavior. In other words, it’s a ruse by which firms claim to be environmentally friendly when they aren’t. Authentic and honest displays of actual eco-friendliness by corporations, usually in their production processes, are contrasted with “green marketing.” (VISSER, 2021)

Authentic and honest displays of actual eco-friendliness by corporations, usually in their production processes, are contrasted with “green marketing.” Consumers today expect firms to be environmentally conscious and committed to sustainability.

16. Which analytical tools or models do organisations use to research the market environment?

There are many analytical tools or models organizations use, the popular ones are-

PESTEL

SWOT

Porter’s Five Forces

Global Competitive Index (TUTEN, 2020)

17. What are platforms and what is their purpose?

Business models based on the concept of “platforms” enable transactions between two or more interdependent groups, such as consumers and producers. Platforms leverage huge, scalable networks of users and resources that can be accessed on-demand to facilitate these kinds of exchanges (VISSER, 2021). Through the usage of platforms, people can engage and transact in communities and markets that have network effects.

18. What are the benefits of CSR to firms?

Benefits of CSR-

• Increased employee engagement can be achieved through corporate social responsibility (CSR).
• Improved bottom-line financials can be achieved through CSR (Kimmel, 2018)
• Local and global communities benefit from corporate social responsibility (CSR).
• Expands the pool of potential investors
• Allows for coverage by the media
• Retains and cultivates a devoted following of clients
• Improved employer brand as a result of CSR

 19. What is the Product Life Cycle (PLC)?

When a product enters the market, gains traction, and eventually fades away, this is what is meant by the term “Product Life Cycle” (PLC). Alternatively, the product life cycle defines the stages that a product is anticipated to through in its lifetime (Hult, 2014). Useful for managers, it aids in strategy development and analysis.

20. What makes a good mission statement?

It’s crucial to be clear about your company’s goals in a mission statement, including what you sell, who your customers are, and what your basic values are (Hult, 2014). A mission statement explains exactly what your firm stands for, who it serves, and why it exists. The most effective mission statements serve as a framework for a company’s daily activities.

References

Chaffey, D. and Ellis-Chadwick, F., 2020. Digital marketing. Harlow: Pearson.

Hult, G., 2014. Marketing. Australia: South-Western.

Kimmel, A., 2018. Psychological foundations of marketing. London: Routledge.

Kingsnorth, S., n.d. Digital marketing strategy.

Louis Cruz, O. and Santesmases Mestre, M., 2011. Fundamentals of marketing. Madrid: Pira?mide.

Luna, A., 2020. New Age Analytics. Ashland: Arcler Press.

Maclaran, P., 2013. The SAGE handbook of marketing theory. London: SAGE.

Russell, E., 2018. The fundamentals of marketing. Lausanne: AVA Publishing SA.

Tuten, T., 2020. Principles of marketing for a digital age. [s.l.]: sage publications.

Visser, M., 2021. Digital marketing fundamentals. [s.l.]: routledge.