NMIMS
Digital Marketing
Internal Assignment Applicable for June 2022 Examination
1. Assume you have joined an organisation “WealthMax” that deals with investors who
are investing in various financial products like Mutual Funds, Equity, Crypto currencies,
ETF, etc. The company is not available on any online platform. The online visibility is ZERO.
You are a modern-day digital marketer and you have decided to increase the online
visibility of the brand WealthMax. What are the various ways through which you will
promote your brand online? Explain minimum five platforms with explanation to increase
online awareness. (10 Marks)
Answer:
Online promotion: Promoting a brand or product or service through internet platforms is
known as online promotion. It is useful when a company wants better exposure of its brand
at a reasonable cost. It increases the brand of a company and helps a company reach more
consumers at a wide range (globally).
It is better for small businesses that do not have much budget to compete against bigger
businesses. And because of advanced technology, a company can even measure the result
of online promotion, which is not possible in offline promotion through ads in newspapers
or billboards, etc.
Let us discuss different online platforms that can be used by brand WealthMax for the
promotion of financial products.
Google Business: It is an online service launched and operated by Google since 2014. This
platform helps gain control over the search results, which is displayed when someone
searches for a business. The business owner verifies its data by claiming a profile that is
already there or by making a new profile. After that, in the Google maps section, Google My
Business appears in the listing when someone searches for queries.
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YouTube: YouTube has almost a billion users. A company can reach a wide range of
customers through YouTube as it contains videos in 76 languages. It is an essential platform
for promoting business online. To attract consumers, a company can put up a video on the
user's manual and various advantages. And can also put different important and related
videos to the product.
Pinterest: Pinterest is gaining people's attention at a tremendous rate as it allows the user
of the app to share and save/pin the pictures and videos they like and want in the future by
organizing them in different folders with labels. That's why every business, whether small or
large, uses Pinterest to promote their product and brand at a wide range.
Linkedin: Millions of business professionals are active on Linkedin around the world. It is
one of the best platforms to promote a business. Along with promoting the company's
product, it is also used to appoint candidates in the company. Almost half of the people of
Linkedin have decision-making authority in the companies they work. Anyone can set up a
profile on Linkedin for free; therefore, it is an economical, affordable, and effective way of
promoting a product, especially for small businesses. It just depends on the time a company
invests in this app. More invested time on the app will lead to a better result.
Instagram: It is one of the most used social media app among youth. With this platform, a
company can reach a wide range of audiences and get paid from Instagram after reaching a
certain level of followers. Over billion of people are using this platform. People who love to
shop and rely on social media apps use it to search for new and different products for them.
It can help create loyalty, brand equity, and lifetime user utility. With the help of pictures
and videos, a company can gain the consumer's confidence without even pitching for sale.
Facebook: Like Instagram, Facebook is also one of the most used social media platforms by
billions of people. They use the app for social gatherings, meet, or for searching for places to
shop around. Through this, they can easily reach a company's website or place an order
through the app easily. A company can also put images and videos to attract the consumer
to buy its product and services without pitching.
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According to the consumers' needs and making their experience better and better, these
social media platforms and apps are making amendments from time to time. It also
encourages digital marketing and helps the business to save costs and time. And this saves
in cost and time can have a good effect on the price of the product as if the company does
not have to spend more on promotion and advertisement, it can lower the price of the
product, which can ultimately be affordable for more people.
These are some of the online platforms which can be used by WealthMax to promote their
product. Company is selling various financial products like Mutual Funds, Equity, Crypto
currencies, ETF, and they are not using online platform. Now a days people are very active in
social media and young generation prefer online platforms to buy any product or service.
Wealthmax can use all these online platforms to create the awareness of their financial
products.
2. The owners of WealthMax have shown some reservation for going online, you need to
Explain them the difference between Traditional and Modern Marketing. Also, explain
Various marketing era’s with example. (10 Marks)
Answer:
Marketing is not a new concept because it has been there for past many decades the only
thing that has changed is the way of doing marketing. Marketing which was done few years
or decades back is called traditional marketing while marketing which is done in the present
era is called modern marketing, however, today’s marketers sometimes also use traditional
marketing wherever it is relevant.
1. Traditional Marketing Concept:
Traditional marketing concept focuses on products only and it aims in production and
marketing of products and gaining more profit. Traditional marketing is profit oriented. It
is based on old marketing concept and refers to a narrow concept. Traditional marketing
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concept is based on push marketing. It is one dimensional as the only target of it is to sell
the product and get the profit.
Most commonly used traditional marketing strategies are:
Business cards
TV and Radio ads
Billboards and signage
Flyers and brochures
Telephone marketing
Advantages and Disadvantages of Traditional Marketing Concept:
Advantages:
Opportunity for powerful creative efforts
Easy to understand
Easier reach to local target audience
Disadvantages:
Little interaction
Targeted customer is minimal
2. Modern Marketing Concept:
Modern marketing concept focuses on customer’s need and wants and it aims in meeting
the customer’s satisfaction. Modern marketing is customer oriented. It is based on new
marketing concept and refers to a broader concept. Traditional marketing concept is
based on pull marketing. It is multidimensional as along with selling product and getting
profit it also gives emphasis on customer satisfaction, planning, after sales service and
many other variables.
Most commonly used modern marketing strategies are:
Internet ads
E-mail marketing
E-commerce website
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Use of social media
Marketing automation
Advantages and Disadvantages of Modern Marketing Concept:
Advantages:
Higher ROI
Deeper levels of customer engagement and targeting
Cost effective
Opened to larger and bigger markets
Disadvantages:
Requires technical skill to be active in digital marketing and in use of internet
More costly in implementing
Difference between Traditional Marketing and Modern Marketing :
TRADITIONAL MARKETING
S.No. CONCEPT MODERN MARKETING CONCEPT
Traditional Marketing concepts A modern Marketing concept focuses
01. focus on products only. on customer’s needs and wants.
In traditional marketing the In modern marketing the objective is
02. objective is maximum profit. maximum customer satisfaction.
Traditional marketing is short term Modern marketing is long term
03. oriented. oriented.
It targets customer in focus of It targets customer in focus of providing
product/service selling and availing product/service and availing
04. high profit. satisfactory profit.
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In traditional marketing concept In modern marketing concept there are
05. there is less promotional activities. sustained promotional activities.
Traditional marketing is one type Modern marketing is one type of pull
06. of push marketing. marketing.
It includes digital/automated marketing
It is based on manual and physical along with traditional marketing
07. marketing concepts. methods.
Traditional Marketing concept is a Whereas modern marketing is a
08. narrow concept. broader concept.
In traditional marketing segments In modern marketing segments are
are developed by product developed by differences between
09. portfolio. customers.
It is always in search for potential
10. It is stuck in existing market. market.
Philip Kotler, a widely recognized marketing "guru" and author of numerous textbooks on
the topic, breaks down the history of marketing as a discipline into five eras: product,
production, selling, marketing and holistic marketing.
The Production Era
One of the earliest strategies now recognized as "marketing" followed what Kotler calls
the production concept: Products should be inexpensive and available everywhere.
Companies stressed mass production and efficiency – producing as much as possible at as
low a cost as possible – and marketing efforts were based on securing the widest possible
distribution.
Today, companies still use this strategy when trying to expand the market for a product.
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The Product Era
In the product era, marketing was less about establishing cost leadership and universal
distribution and more about relying on the attributes of the product itself to attract
consumers.
Companies built marketing efforts around quality, performance and innovative product
features.
The Selling Era
In the selling era, companies viewed aggressive promotion as the key to success. Any
product can succeed; the thinking went, if a company just pushed it hard enough. Kotler
refers to this as businesses "selling what they make, rather than making what the market
wants to buy."
This strain of marketing continues in the modern era, particularly with "unsought goods" –
things people may need but don't normally think of without prompting, such as life
insurance. Selling-era tactics can be risky for companies, as the hard sell can turn off
consumers, perhaps even push them into the arms of a competitor.
The Marketing Era
The marketing era, which Kotler says started around the mid-1950s, saw a fundamental
shift. Instead of just trying to persuade consumers to buy the products they were making,
companies focused on making products that customers wanted to buy.
Deciding which products to make and market went from being a case of "filling a hole in
the factory" to one of "filling a hole in the market." It was in this era that the field of
market research really took off.
The Holistic Era
In the modern, "holistic" marketing era, Kotler says, "everything matters."
Marketing is integrated with all aspects of a company's operations – production,
distribution, and advertising – so that the company can quickly and effectively respond to
changes or opportunities in the marketplace. Marketing is not only directed outward,
toward the customer, but also inward, so that everyone in the organization is fully aware
of the company's goals and its strategy for attaining them.
Today, we might refer to this stage as social or relationship marketing.
Finally, holistic marketing isn't just about maximizing a company's financial return. It also
takes into account whether the company is acting in society's broader interest.
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3.a. You plan to purchase a new smart phone but this time you plan to do this in scientific
way so you have decided to use a model that encompasses various needs satisfying
behaviour.
Explain the process of smart phone purchase with reference to ‘Engel, Blackwell, and
Miniard (EBM)’ Model. (5 Marks)
3.b. Assume you have been invited to speak on a forum covering major types of media.
The participants attending the seminar are under graduate media students. You have
decided to cover all major types of media with minimum two advantages and
disadvantages of each type of media. Write the above content that you plan to speak in
the forum with examples.
Answer 3a:
The Engel Kollat Blackwell Model is a consumer behaviour model of the cognitive process
that helps to predict what customers are going to buy. The model consists of three different
categories, namely: Present Situation – this is where the customer is at the current
moment, Desired State – this is where the customer wants to be in the future and it will
help them achieve their goals, and Pathway for Movement from one state to another – this
includes various steps that may include various products or services which can help move
towards their desired state.
The model consists of five stages namely: Information input, Information processing,
Decision process stage, Decision process variables, and External influences.
Information Input
The input includes all kinds of stimuli that a person is exposed to. They trigger specific
behaviour patterns in people. The consumer is exposed to a number of things in the outside
world, both marketing, and non-marketing items, to make decisions about his or her life. It
may include the price or value of a product, the brand, and identity of a company, etc. Every
customer is different so his preference. Some customers are brand specific while others are
price conscious. Hence price, features and brand can be the triggering factors for purchasing
the Smartphone.
Information Processing
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Information processing is made up of several different cognitive styles which are formed
through experiences (learning) in life. The model uses situations to help determine the pros,
cons, and potentials that are associated with this particular decision.
Decision process stage
The stage focuses on the five basic decision process stages: Problem recognition, Search,
Alternative evaluation, Choice, and Outcomes (Post-purchase evaluation and Behaviour).
Problem Recognition
As it is clear that the customer wants to purchase Smartphone so there are various touch
points like through website or mobile app etc. through which he can search the options for
Smartphone.
Information Search
Before purchasing smart phone customer will enquire about the price and features it has.
Customer will also search the number of companies offering Smartphone and the review of
their product. He/She can also gather feedback from their friends and families using
Smartphone.
Alternatives Evaluation
It is an inter-relational stage of decision-making. This can be done by evaluating the choices
through related thoughts and beliefs. Here on the basis of the information collected and
customer will evaluate the pros and cons of each option of Smartphone.
Choice
By now there should be at least 4-5 solutions to choose from; rating, rating, and rating again
will make this decision easier. The final choice normally consists of what goes against one’s
values or what one feels is an obvious solution. As now the customer has evaluated so he
will shortlist few options to make a decision about purchasing Smartphone.
Post Purchase Decisions
After consuming the product or service, you will be left with that experience. You may or
may not continue using it or move on to the next purchase. Regardless of which, this is most
likely where you will consider whether your purchase was worth your money and/or worth
continuing with in the future.
Decision process variables
The model proposes that people’s opinions and choices make a difference to every stage of
the decision-making process they are at. Culture, Emotional state, and environmental
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influences have been proven to heavily affect decision-making. There are different factors
that can be altered by thought alone which helps in creating value for an individual
consumer; these include attitude, learning styles (introversion vs extroversion), curvilinear
models of decision making as well as dual-process models.
External influences
The external environmental influences include “Circles of Social Influence,” like culture, sub-
culture, social class, and family. Social Challenges enforce influence on the consumer’s
decision-making process. Here the family, friends and colleagues can influence the decision
to purchase Smartphone.
3b:
The types of media are the different channels through which information and entertainment
reach an audience. Media often includes the content itself as well as the physical device
needed to transmit it, such as television programming and a television. You can divide
media into four distinct categories:
Print media: Print media refers to printed materials, such as books and magazines, that
contain words and images.
Advantages
Established history
Print media is still a widely trusted resource for relevant and fact-checked information.
Having your story published in print can mean a reputation boost.
People are looking for you
As found by the Readership Institute at Northwestern University, advertising is one of the
BIGGEST selling points for printed media purchases. People LOVE reading magazine
advertisements.
Targeted audiences
As long as you reach out to publications that fit your industry, you’ll know only ideal
audiences will be seeing your content.
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DISADVANTAGES OF PRINT MEDIA
May not be around forever
While still widely circulated, digital media makes it so easy and affordable to publish
content. Hence, print media may fade away.
Bad for the environment
Paper has detrimental impacts on the environment. In the wake of climate change and wild-
fires in Australia and the Amazon, audiences are looking for greener ways of ingesting
content.
Easy to get overlooked
Since printed media is jam-packed with advertising, it can be easy for you to get lost-
especially if it’s competing with more prominent brands.
Broadcast media includes information transmitted through one of several mass
communication channels, such as television and radio.
ADVANTAGES OF BROADCAST MEDIA:
Massive audience reach
Over 95% of US homes have televisions, and 93% of adults still listen to the radio.
Trusted media outlets
Just like printed media, broadcast media hosts respected programs and personalities that
people turn to religiously.
Accessible to TV, computing, and mobile
Even though broadcast media centres on television and radio, most TV and radio stations
have an online presence. Thanks to platforms like Netflix and Hulu, as well as podcasts,
broadcast media is transient.
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DISADVANTAGES OF BROADCAST MEDIA
Expensive
It takes a pretty penny to secure a spot on prime-time television and radio.
Difficult to get your foot in the door
It’s competitive and challenging to get the attention of decision-makers. It might be harder
for new companies.
Dying medium
Broadcast media is giving way to digital media as mobile devices are more affordable and
accessible.
Internet
Internet media refers to audio and visual content transmitted online. It can include words,
images, graphics and interactive elements. Here are some different types of internet media
along with the corresponding advantages and disadvantages:
ADVANTAGES
It can only go up from here
Digital media is the way of the future. There’s no sign of slowing anytime soon.
It’s easy to publish anything
With a plethora of easy and free platforms, you can publish stories at little to no cost.
Targeted marketing
SEO, CRMs, and online marketing have made it easier than ever to research, identify, and
target your perfect client avatar. Thanks to algorithms, your ideal audience is directed to
your content by their browsing patterns.
DISADVANTAGES
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Constantly changing but never forgetful
It’s challenging to stay ahead of technology, platforms, and trend evolutions. Not to
mention, whatever you put on the internet stays there. So you have to handle PR like a
hawk.
Over-saturation
Because digital media is so easily accessible, it’s hard to build organic traffic due to over-
saturation.
Skeptical audience
Since any human can post anything on the internet, you have to jump through extra hoops
to ensure your content is taken seriously. Internet users know all-too-well that you cannot
trust everything you read on the web.
Out-of-home media
Out-of-home (OOH) media reaches consumers where they spend their time outside,
including city streets, highways and transit stations. The following are types of OOH media
along with the corresponding advantages and disadvantages:
Billboards and outdoor signs
Billboards and outdoor signs may appear along busy streets, recreation centres, city
sidewalks and retail centres.
Advantages of billboards and outdoor signs
Wide reach: In high-density areas, hundreds or thousands of people may see your ads.
Inexpensive: Billboards and posters are cheaper than many other forms of advertising.
Disadvantages of billboards and outdoor signs
Limited audience targeting: The audience for outdoor advertising is often less targeted, as
advertisers cannot filter for demographics.
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