assignment cover sheet

Placement.Many firms are supplementing or even bypassing physical retailers by making their products directly available at either an online retailer like Amazon.com or on their own websi

MKT318m-Digital Marketing 1

Assignment Cover Sheet

Student

Code:

CS170625 Date

Due:

07-June-2023

Student

Name:

Nguyen Duc Thuan No of

Words:

Compan

y

Chosen:

Yame store Word

Limit:

1,500 (+/-10%)

Table of Contents

MKT318m-Digital Marketing 1 0

I Introduction 2

II Define what is marketing, marketing mix, digital marketing 2

1 Marketing 2

2 Marketing mix 2

3 Digital marketing 3

III How digital tool changing marketing mix 3

1 Product 3

2.Promotion 3

3 Placement 3

4 Price 4

IV How companies can react to the changing of digital marketing environment 4

I Introduction

With digital advertising platforms, businesses can utilize advanced targeting options such as demographics, interests, online behavior, and geographic location to ensure their marketing efforts are directed at the most relevant audience

Digital tools have also transformed the way companies engage with customers Social media platforms, email marketing, and instant messaging apps enable businesses

to interact with their audience in real-time, fostering two-way communication and building stronger relationships Companies can gather feedback, address customer queries, provide personalized recommendations, and create engaging content to enhance the customer experience

Furthermore, digital tools provide robust data analytics capabilities that enable businesses to measure the effectiveness of their marketing campaigns accurately Key performance indicators such as website traffic, conversion rates, customer engagement, and social media metrics can be tracked in real-time

II Define what is marketing, marketing mix, digital marketing.

1 Marketing

Marketing is the activity, set of institution and processes for creating,

communicating, delivering, and exchanging offerings that have value for customers, In essence, marketing is the enactment of a mutually beneficial exchange between two parties, a seller and a buyer

2 Marketing mix

Marketing mix, also known as the 4Ps Each "P" represents a crucial aspect of marketing strategy and contributes to achieving marketing objectives

The first "P" stands for the product A product is really anything that fulfills a customer need or want We usually think of a product as a tangible good

The second "P" is promotion This aspect of the marketing mix covers the methods

of communication that a marketer uses to provide information about his products The third "P" represents place or location This aspect of the marketing mix focuses

on making a product conveniently accessible to potential customers

The last "P" is price This aspect of the marketing mix focuses upon the amount that a customer pays for a product

3 Digital marketing

Digital marketing is a form of marketing that leverages the internet and digital technologies, such as computers and smartphones, to connect with customers

III How digital tool changing marketing mix

1 Product

Digital tool in product is co-creation It is contributions made by customers that assist a firm in the design and development of a new product offering this contributions may also come from non-customers, but that's typically less likely Thus they are a nice example of a new digital tool Co-creation help company improve their new product development activities by both contributing ideas as well as selecting ideas for possible new offerings

In 2010, BMW announced its first-ever open innovation contest: ‘Tomorrow’s Urban Mobility Services’ Launched within BMW’s Co-Creation Lab, the contest was an opportunity for fans and customers to share their product ideas and opinions with BMW The contest resulted in 497 users publishing over 300 distinct ideas, which were then evaluated by over 1,000 judges and assessors around the world The winner of the contest was Venugopal Panicker, with his ‘Pick Me Up Please’ concept, a connected mobility system for pedestrians

2.Promotion.

Anyone access Internet, a computer, or a smartphone can easily create and disseminate a promotional message for just about any product- this is the basic idea behind user generated content, or UGC Of all the different types of UGC, product reviews appear to be the most common and also has the strongest impact on customer purchasing decisions GoPro was very successful with their strategy, today a search for

“GoPro” on YouTube yields 40,000,000 results and the brand is more than one of the YouTube’s most popular with over 10 million subscribers

3 Placement.

Many firms are supplementing or even bypassing

physical retailers by making their products directly available at either

an online retailer

like Amazon.com or on their own website And with the 3D printer

Thingiverse.com are

providing freely digital design for mass of useful products Today, we

are moving from

long channels for physical goods to short channels for digital goods

Many firms are supplementing or even bypassing

physical retailers by making their products directly available at either

an online retailer

like Amazon.com or on their own website And with the 3D printer

Thingiverse.com are

providing freely digital design for mass of useful products Today, we

are moving from

long channels for physical goods to short channels for digital goods

Many firms are supplementing or even bypassing physical retailers by making their products directly available at either an online retailer like Amazon.com or on their own website Now, this trend has been going on for some time, and online sales are growing very rapidly Even products that we traditionally want to touch or try out at a store are now being sold online hey can sell online and in-store at the same time, this is called new retailing For example, in VietNam Yame they have a lot branch store and website Therefore, they can sell directly or online on the website

4 Price

The development of digital tools allows price comparisons between companies and changes the way firms approach pricing, from fixed to flexible It leads to new definitions that were born with different advantages and disadvantages: Freemium- a combination of “free” and “premium” The freemium model allows customers to access a portion of a product or a service for free and then pay only for any added offerings they would like to have (Aric Rindfleisch 2019) Linked offers different types of premium memberships that range in price from about $30 to $120 per month, and these premium subscribers get access to many features Additions are not available for free members of Linked In and some companies with other features like Dropbox, Spotify, New York Times, etc (Aric Rindfleisch 2019)

IV How companies can react to the changing of digital marketing environment.

Yame is a fashion brand of VietNam However, they must compete with a lot of brands such as Zara, H&M, and Local boutique stores All of them use new retailing concept However, I think about shirt Yame and their competitors are not anything especially I recommend for them co-creation concept they can make a web and encourage customers to design shirts and Yame can consider which is the most votes and they can use that design to sell in a week After 1 week, they can choose other designs to sell, this concept can help Yame diversity models customers are going to experience more products In my opinion, this concept will be more revenue to Yame and make them different from their competitors

Coursera 2023 Product - COURSE OVERVIEW AND HOW DIGITAL TOOLS ARE CHANGING PRODUCT | Coursera [ONLINE] Available at:

https://www.coursera.org/learn/marketing-digital/lecture/TDZaq/product [Accessed 07 June 2023]

Coursera 2023 Promotion - HOW DIGITAL TOOLS ARE CHANGING PROMOTION

| Coursera [ONLINE] Available at:

https://www.coursera.org/learn/marketing-digital/lecture/FKJ8I/promotion [Accessed 07 June 2023]

Coursera 2023 Placement - HOW DIGITAL TOOLS ARE CHANGING PLACEMENT

| Coursera [ONLINE] Available at:

https://www.coursera.org/learn/marketing-digital/lecture/M9EEL/placement [Accessed 07 June 2023]

Coursera 2023 Price Overview - HOW DIGITAL TOOLS ARE CHANGING PRICE | Coursera [ONLINE] Available at:

https://www.coursera.org/learn/marketing-digital/lecture/YdPPE/price-overview [Accessed 07 June 2023]

Customer Co-Creation Examples: 12 Companies Doing it Right - Braineet 2023 Customer Co-Creation Examples: 12 Companies Doing it Right - Braineet [ONLINE]

Available at: https://www.braineet.com/blog/co-creation-examples [Accessed 07 June 2023]

BMW’s Co-Creation Lab Source: Consumer Value

Creations The first of the

four Ps is product A

product is really

anything that fulfills a

customer need or

want.

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is product A product

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is product A product

is really anything that

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customer need or

want

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is product A product

is really anything that

fulfills a

customer need or

want

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is really anything that

fulfills a

customer need or

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four Ps is product A

product is really

anything that fulfills a

customer need or

want

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is product A product

is really anything that

fulfills a

customer need or

want

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is product A product

is really anything that

fulfills a

customer need or

want

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is product A product

is really anything that

fulfills a

customer need or

want.

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is product A product

is really anything that

fulfills a

customer need or

want.

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is product A product

is really anything that

fulfills a

customer need or

want.

Product

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is product A product

is really anything that

fulfills a

customer need or

want