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Lernmaterialien für Digital Marketing an der Universität Hamburg

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TESTE DEIN WISSEN

2. What are current digital trends that impact (have the potential to impact) Digital
Marketing? Try to go beyond those discussed in the slides.

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TESTE DEIN WISSEN

• It could be something like Web 3.0: machines communicating with other machines
without human interaction, for example the smart home
• Current trends (among others) are blockchain, artificial intelligence, machine
learning, virtual reality – all of these are having and will have an impact
on marketing -> because all is data driven, it will make marketing more precise!

Lösung ausblenden
TESTE DEIN WISSEN

3. Explain the “power shift” from companies to individuals!

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TESTE DEIN WISSEN

• Given Web 2.0 technologies, users can now easily communicate with other users and
easily spread the word (positive and negative) about companies and their products
• Users are now in control when and how they want to consume content

Lösung ausblenden
TESTE DEIN WISSEN

4. What is Inbound Marketing and how does it differ from Outbound Marketing? Name three
examples for Inbound Marketing campaigns.

Lösung anzeigen
TESTE DEIN WISSEN

• Inbound marketing is not interrupting the user, instead it makes offers to the user
and tries to get the user interested in certain offerings (try to solve the user’s
problems)
• Examples are: A website that pops up once someone searches the Internet, a social
media post with interesting and relevant content, someone requesting a newsletter
• Outbound Marketing: reach out to customer with ads (commercials on TV)

Lösung ausblenden
TESTE DEIN WISSEN

1. What is effectuation? Please describe it.

Lösung anzeigen
TESTE DEIN WISSEN


• Based on five principles, it’s a decision-making logic that works particularly well in


uncertain situations: There cannot be effective planning in uncertain situations, textbook
knowledge is obsolete when dealing with really uncertain situations.
• Effectuation works best in uncertain situations. Whereas it’s always impossible to predict
the future, this is somehow possible for businesses that have acquired a lot of data in the
past (e.g., a company that has a lot of sales data from previous years might be able to
predict future sales). However, innovative startups don’t have such data, that is there is
no way to predict the future. In such cases, “living in the here and now” and thereby
creating one’s own future is best.

Lösung ausblenden
TESTE DEIN WISSEN

2. What is the concept of entrepreneurial orientation? How can it be used to determine the
level of entrepreneurship within a firm?

Lösung anzeigen
TESTE DEIN WISSEN

• EO measures the levels of innovativeness, proactiveness and risk-taking (not afraid of risky
marketing campaigns) in an
organization, the higher the organization scores on all three levels, the more
entrepreneurial oriented it is.
• EO is typically assessed through survey research.

Lösung ausblenden
TESTE DEIN WISSEN

3. Within entrepreneurial marketing, why is it important to distinguish between new, small
and innovative firms?

Lösung anzeigen
TESTE DEIN WISSEN

• It is possible that an organization matches all three criteria, for example startups – in a
lot of cases – can be considered new, small and innovative.
• However, there are different streams within entrepreneurial marketing that only focus
on one or two of these categories, along these lines, small business marketing
(companies that are small but not necessarily new or innovative) and innovation
marketing (companies that are innovative but not necessarily small or new) can be
considered sub-categories of entrepreneurial marketing.

Lösung ausblenden
TESTE DEIN WISSEN

4. What is the bottom-up approach of marketing (entrepreneurial marketing) and how does it
differ from the top-down approach (traditional marketing)?

Lösung anzeigen
TESTE DEIN WISSEN

• The top-down approach (classic marketing) starts with the customer and then develops a
product for the target audience (product development). Here, one starts with all
customers in a market, which is then segmented, and target customers are chosen.
Those needs are then analyzed, and a product developed that meets the needs.
• Bottom-up: start with a problem/solution – find customers – create a product. Is product and
innovation driven, that is one starts with a product idea

(innovation) and then tries to find customers for this idea (customer development). The
entrepreneur tries to attract a few customers who can give feedback and thereby help to
develop the idea (and the business model) further. Then more customers are attracted to
grow the business.

Lösung ausblenden
TESTE DEIN WISSEN

1. Describe how CRM and Digital Marketing are related. Why is it important to cover CRM
when talking about Digital Marketing?

Lösung anzeigen
TESTE DEIN WISSEN

• Digital Marketing comes with the opportunity to learn as much as possible about users
(who are they, what are they doing, what are their interests, how valuable are they/can
they be to the company, …?)
• This information is needed when starting and maintaining customer relationships,
(customer) relationships demand both sides having information about each other
• So, digital marketing provides the data for CRM and CRM guides digital marketing
efforts (because we now what data we need to obtain)

Lösung ausblenden
TESTE DEIN WISSEN

2. Explain the concept of wallet share.

Lösung anzeigen
TESTE DEIN WISSEN

• Wallet share (or share of customer) is about how many different products a company
can sell to a single customer
• This is in contrast to market share, which defines how much of the same product a
company can sell to as many different customers as possible

Lösung ausblenden
TESTE DEIN WISSEN

3. What are ways to identify your customer/user? What role do digital technologies play in
this regard?

Lösung anzeigen
TESTE DEIN WISSEN

3. What are wa

this regard?

• In general, companies must incentivize the user to give up self-identifying information
(name, email address, phone number, …)
• This can be done through discounts (“get 15% off when subscribing to newsletter”),
account creations (“create an account to watch our demo video”), purchases, etc.
• Digital technologies can make such bargaining offers (if you give me your name, I give
you something in return)

Lösung ausblenden
TESTE DEIN WISSEN

4. How can digital technologies be used to identify customer value and customer needs?

Lösung anzeigen
TESTE DEIN WISSEN

• Customer value: What is the current and future value of a customer for a company?
o Can be identified through current purchases of a customer, current referrals of
other customers, measured for example through Google Analytics

o Future value can be estimated by comparing with other similar customers (for
example “customers who bought this product are typically also interested in
these products”)
• Customer needs: What does the customer want/is interested in?
o Can be measured through user behavior, for example on websites (what pages
does someone visit, how much time is spent on these pages?)
o Can be assessed through customer communications, for example via email or
chat

Lösung ausblenden
TESTE DEIN WISSEN

1. What is the difference between Web 1.0 and Web 2.0?

Lösung anzeigen
TESTE DEIN WISSEN

• Web 1.0: humans interact with machines/computers, for example someone
searching something on a search engine (beginning of internet)
• Web 2.0: humans interact with other humans through machines/computers, for
example two users communicating through Instagram (custromer gets more power because he can
give reviews now)

Lösung ausblenden
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Q:

2. What are current digital trends that impact (have the potential to impact) Digital
Marketing? Try to go beyond those discussed in the slides.

A:

• It could be something like Web 3.0: machines communicating with other machines
without human interaction, for example the smart home
• Current trends (among others) are blockchain, artificial intelligence, machine
learning, virtual reality – all of these are having and will have an impact
on marketing -> because all is data driven, it will make marketing more precise!

Q:

3. Explain the “power shift” from companies to individuals!

A:

• Given Web 2.0 technologies, users can now easily communicate with other users and
easily spread the word (positive and negative) about companies and their products
• Users are now in control when and how they want to consume content

Q:

4. What is Inbound Marketing and how does it differ from Outbound Marketing? Name three
examples for Inbound Marketing campaigns.

A:

• Inbound marketing is not interrupting the user, instead it makes offers to the user
and tries to get the user interested in certain offerings (try to solve the user’s
problems)
• Examples are: A website that pops up once someone searches the Internet, a social
media post with interesting and relevant content, someone requesting a newsletter
• Outbound Marketing: reach out to customer with ads (commercials on TV)

Q:

1. What is effectuation? Please describe it.

A:


• Based on five principles, it’s a decision-making logic that works particularly well in


uncertain situations: There cannot be effective planning in uncertain situations, textbook
knowledge is obsolete when dealing with really uncertain situations.
• Effectuation works best in uncertain situations. Whereas it’s always impossible to predict
the future, this is somehow possible for businesses that have acquired a lot of data in the
past (e.g., a company that has a lot of sales data from previous years might be able to
predict future sales). However, innovative startups don’t have such data, that is there is
no way to predict the future. In such cases, “living in the here and now” and thereby
creating one’s own future is best.

Q:

2. What is the concept of entrepreneurial orientation? How can it be used to determine the
level of entrepreneurship within a firm?

A:

• EO measures the levels of innovativeness, proactiveness and risk-taking (not afraid of risky
marketing campaigns) in an
organization, the higher the organization scores on all three levels, the more
entrepreneurial oriented it is.
• EO is typically assessed through survey research.

Mehr Karteikarten anzeigen
Q:

3. Within entrepreneurial marketing, why is it important to distinguish between new, small
and innovative firms?

A:

• It is possible that an organization matches all three criteria, for example startups – in a
lot of cases – can be considered new, small and innovative.
• However, there are different streams within entrepreneurial marketing that only focus
on one or two of these categories, along these lines, small business marketing
(companies that are small but not necessarily new or innovative) and innovation
marketing (companies that are innovative but not necessarily small or new) can be
considered sub-categories of entrepreneurial marketing.

Q:

4. What is the bottom-up approach of marketing (entrepreneurial marketing) and how does it
differ from the top-down approach (traditional marketing)?

A:

• The top-down approach (classic marketing) starts with the customer and then develops a
product for the target audience (product development). Here, one starts with all
customers in a market, which is then segmented, and target customers are chosen.
Those needs are then analyzed, and a product developed that meets the needs.
• Bottom-up: start with a problem/solution – find customers – create a product. Is product and
innovation driven, that is one starts with a product idea

(innovation) and then tries to find customers for this idea (customer development). The
entrepreneur tries to attract a few customers who can give feedback and thereby help to
develop the idea (and the business model) further. Then more customers are attracted to
grow the business.

Q:

1. Describe how CRM and Digital Marketing are related. Why is it important to cover CRM
when talking about Digital Marketing?

A:

• Digital Marketing comes with the opportunity to learn as much as possible about users
(who are they, what are they doing, what are their interests, how valuable are they/can
they be to the company, …?)
• This information is needed when starting and maintaining customer relationships,
(customer) relationships demand both sides having information about each other
• So, digital marketing provides the data for CRM and CRM guides digital marketing
efforts (because we now what data we need to obtain)

Q:

2. Explain the concept of wallet share.

A:

• Wallet share (or share of customer) is about how many different products a company
can sell to a single customer
• This is in contrast to market share, which defines how much of the same product a
company can sell to as many different customers as possible

Q:

3. What are ways to identify your customer/user? What role do digital technologies play in
this regard?

A:

3. What are wa

this regard?

• In general, companies must incentivize the user to give up self-identifying information
(name, email address, phone number, …)
• This can be done through discounts (“get 15% off when subscribing to newsletter”),
account creations (“create an account to watch our demo video”), purchases, etc.
• Digital technologies can make such bargaining offers (if you give me your name, I give
you something in return)

Q:

4. How can digital technologies be used to identify customer value and customer needs?

A:

• Customer value: What is the current and future value of a customer for a company?
o Can be identified through current purchases of a customer, current referrals of
other customers, measured for example through Google Analytics

o Future value can be estimated by comparing with other similar customers (for
example “customers who bought this product are typically also interested in
these products”)
• Customer needs: What does the customer want/is interested in?
o Can be measured through user behavior, for example on websites (what pages
does someone visit, how much time is spent on these pages?)
o Can be assessed through customer communications, for example via email or
chat

Q:

1. What is the difference between Web 1.0 and Web 2.0?

A:

• Web 1.0: humans interact with machines/computers, for example someone
searching something on a search engine (beginning of internet)
• Web 2.0: humans interact with other humans through machines/computers, for
example two users communicating through Instagram (custromer gets more power because he can
give reviews now)

Digital Marketing

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