Read the summary and the most important questions on Digital Marketing

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• Explain the old marketing funnel

  Awareness -> market potential
  Interest -> suspect
  Desire -> prospects
  Action -> customers

• What are the applications of digital marketing?

  - An advertising medium
  - A direct-response medium
  - A platform for sales transactions
  - A lead-generation method
  - A distribution channel
  - A customer service mechanism
  - A relationship-building medium 

• What are the challenges of managing strategy?

  - Unclear responsibilities for digital strategy
  - Setting objectives (SMART)
  - Lack of budget
  - Budget wasted through experiments/duplication
  - Deming circle: not used 
  - Lack of measurement

• Why is a digital strategy needed?

  - To set clear goals for digital channels
  - To align with business strategy
  - Create a specific online value proposition
  - Specify communications tools to drive visitors
  - Integrate digital and traditional channels
  - Manage customer life cycle

• What are the different overlapping forms of web presence and give an example?

  Transactional e-commerce site: 
  - amazon, Dell 
  Services-oriented/relationship building: 
  - Accenture, British Gas
  Brand building site: 
  - Tango, Heineken
  Portal or media site: 
  - Yahoo! Silicon.com
  Social network or media site: 
  - Facebook

• Explain the communication model for traditional media?

  Company --> push to customer and the customer give a direct response back to the company

• Explain the communication model for new media?

  Company <--> pull/push to customer 
  It is a two-way feedback 

• The highly flexible prices by dynamic pricing are based on?

  - Market demand
  - Time of day/night
  - Day of the week
  - Customer location 

• How does dynamic pricing work?

  People are willing to pay different amounts of money for the same product. 
  
  Example; 1 bottle of water: 
  movies: 4,-
  Supermarket 0,50,-

• Dynamic pricing of retailers: What are the 3 ways to make it flexible?

  - use price intelligence to reprice based on the prices of competitors 
  - retailers can drop prices when demand is low
  - retailers can increase prices when demand is high