Marketing Final Exam Study Guide 2024 What is marketing? Answer: Marketing is the process of promoting, selling, and distributing a product or service. It involves understanding customer needs, creating value, and building strong customer relationships to capture value in return. What is an area of business that doesn’t pertain to marketing? Answer: One area of business that doesn’t directly pertain to marketing is accounting. Accounting focuses on tracking and reporting financial transactions, ensuring accuracy in financial records, and preparing financial statements. What is a competitive advantage? Answer: A competitive advantage is a unique attribute or combination of attributes that allows a company to outperform its competitors. This can include superior product quality, lower costs, excellent customer service, or advanced technology. What are the two main types of competitive advantage? Answer: The two main types of competitive advantage are: 1. Cost Leadership: Being the lowest-cost producer in the industry. 2. Differentiation: Offering unique products or services that are valued by customers. What is a sustainable competitive advantage? Answer: A sustainable competitive advantage is a long-term edge over competitors that is difficult to replicate. It ensures the company maintains its market position over time. What is a target market? Answer: A target market is a specific group of consumers at which a company aims its products and services. It is identified based on demographic, geographic, psychographic, and behavioral factors. What are the two main things that are illegal according to the truth in advertising laws? Answer: According to truth in advertising laws, it is illegal to: 1. Mislead Consumers: Advertising must be truthful and not deceptive. 2. Make Unsupported Claims: Advertisers must have evidence to back up their claims. What are the main advantages of digital marketing compared to traditional marketing? Answer: The main advantages of digital marketing include: 1. 2. 3. 4. Targeted Advertising: Ability to reach specific audiences. Measurable Results: Easier to track and measure campaign performance. Cost-Effective: Generally lower costs compared to traditional methods. Interactive Engagement: Direct interaction with consumers through various platforms. What are the three types of digital marketing channels? Answer: The three types of digital marketing channels are: 1. Owned Media: Channels controlled by the company, such as websites and social media profiles. 2. Paid Media: Channels where advertising space is purchased, like Google Ads and social media ads. 3. Earned Media: Publicity gained through word-of-mouth, reviews, and other free promotions. What should be at the center of a digital marketing campaign? Answer: The customer should be at the center of a digital marketing campaign. Understanding and addressing their needs, preferences, and behaviors is crucial for success. What is SEO and why is it important? Answer: SEO (Search Engine Optimization) is the process of optimizing a website to rank higher in search engine results. It is important because higher rankings lead to increased visibility, more website traffic, and potentially more customers. What are the critical keyword locations on a well-optimized web page? Answer: The critical keyword locations on a well-optimized web page include: 1. 2. 3. 4. 5. 6. Title Tag Meta Description Headings (H1, H2, etc.) Content Body URL Image Alt Text What are the two types of posts that are available to marketers? Answer: The two types of posts available to marketers are: 1. Organic Posts: Free content shared on social media and other platforms. 2. Sponsored Posts: Paid content that is promoted to reach a wider audience. What is a Call to Action? Answer: A Call to Action (CTA) is a prompt that encourages users to take a specific action, such as "Buy Now," "Sign Up," or "Learn More." How is SEO similar to SEM? How are they different? Answer: • • Similarity: Both SEO (Search Engine Optimization) and SEM (Search Engine Marketing) aim to increase a website's visibility on search engines. Difference: SEO focuses on organic (unpaid) search results, while SEM includes both organic and paid search results, such as Pay-Per-Click (PPC) advertising. What are two common earned media strategies? Answer: Two common earned media strategies are: 1. Public Relations: Generating positive publicity through press releases and media coverage. 2. Customer reviews: Encouraging your customers to leave honest reviews about your business on sites such as Google. What are the important elements of a good landing page that will earn a high quality score on Google? Answer: Important elements of a good landing page include: 1. 2. 3. 4. 5. Relevance: The content must match the ad and keywords. Clarity: Clear and concise information. Navigation: Easy to navigate with a clear path to conversion. Load Time: Fast loading speed. Mobile-Friendliness: Optimized for mobile devices. What are some of the disadvantages of social media marketing? Answer: Disadvantages of social media marketing include: 1. Negative Feedback: Public negative comments and reviews. 2. Time-Consuming: Requires constant monitoring and engagement. 3. Algorithm Changes: Platforms frequently change their algorithms, affecting reach and engagement. What is A/B testing and why is it so important to marketers? Answer: A/B testing is the process of comparing two versions of a webpage or ad to determine which one performs better. It is important because it helps marketers optimize their content for better performance and higher conversion rates.