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Marketing Chapter 10
Marketing Chapter 10 and 11
| Term | Definition |
|---|---|
| Products (Technology Impacts the Marketing Mix) | technology comes in all shapes and sizes; not just "high tech" products like smartphones, computers, electric automobiles |
| Price (Technology Impacts the Marketing Mix) | technology impacts the price of goods, which in many cases can be higher amongst launch but which can be driven down based on adoption |
| Place (Technology Impacts the Marketing Mix) | technology greatly affects where and how products and services are distributed (the internet) |
| Promotion (Technology Impacts the Marketing Mix) | technology impacts just about everyone and their behavior, thoughts, actions |
| Companies can use data and technology to: | improve products, learn more about consumer behavior, enhance the customer experience, misuse consumers' personal data, target consumers with advertising based on data, behavior, sites viewed, etc., invade consumers privacy |
| Consumers benefit from technology-centric companies in several ways | potentially beneficial products and services, helps keep consumers current on trends, often leads to more convenience and better service, product & brand differentiation, leadership position, various types of competitive advantage |
| People (Technology Impacts the Marketing Mix) | all the new products, various forms of communications, pricing structures, business models, branding |
| Value Exchange | companies provide consumers value with products and services and in exchange consumers provide value to companies by paying for those products and services |
| Benefits to consumers when companies responsibly use data and technology to: | improve products, learn more about consumer behavior, and enhance the customer experience |
| Procure and mine data | understand trends, learn about prospects and customers, etc. |
| Communicate and deliver better customer experiences | enable customers to serve customers better and faster |
| Improve overall operational efficiency | do things internally faster, better, and potentially cheaper |
| Build competitive advantage | technology-driven processes within the business can help differentiate the brand |
| Data empowers businesses to... | find out what prospects and customers want and need, know more about their target markets, understand what is working and not working through reporting |
| General Data Protection Regulation (GDPR) | an EU regulation protecting consumers around the use of their data and holding companies accountable on how that data is used |
| California Consumer Privacy Act (CCPA) | gives consumers more control over the personal information that businesses collect about them |
| Cookies | small text files placed in your browser that records sites visited, how long you were on the site, links clicked, and products placed in a shopping cart |
| First Party Cookies | placed in your browser by the website you are visiting to improve the experience |
| Third Party Cookies | cookies placed in a browser by a third party to track and deliver online advertising |
| IOS 14.5 App Track Transparency | enables users to provide permission for apps to track their data on IOS devices |
| data driven | refers to using the data to drive the business - including decision-making, processes, the customer experience, and even the revenue model |
| Softaware as a Service (SaaS) | users pay a subscription fee, usually by the month or year for use of the software |
| tech stack | a combination of programs, solutions, and services build or run an application or project; in this case, for enabling digital marketing |
Created by:
calliemiller729