Capitalism Simulation: Digital Marketing
This part of the Conscious Capitalism simulation assignment is individual. You will work to determine an appropriate digital marketing plan to include in your "Benchmark - Digital Business Plan" assignment.
In Topic 5, your team will develop a marketing plan to support your marketing division and justify an additional capital investment from corporate headquarters to move forward. Digital marketing is a critical part of marketing strategies today because of the prevalence of social media and other web-based technologies, online media outlets, and mobile Internet and applications.
Based on the current position of your new division in the simulation and your goals for coming quarters, analyze market consumer data, competitive data, and real-world digital marketing options to develop a summarized digital marketing plan for your division that benefits growth and considers competition. In 500-750 words, address the following:
Digital marketing strategies for your division: Discuss the decision to shift all or a portion of your division's promotional budget in the simulation to digital marketing. Discuss the digital marketing strategies that will be used to promote organizational growth. Consider factors including B2B verses B2C considerations in digital media, target market coverage, exposure, analytics, and costs.
Digital media impact: How would the addition of digital media options influence your division's overall promotional plan? Consider the five elements of the promotion mix.
Digital media types and options: Include examples of specific social media platforms, blogs, websites, applications, etc., and a justification for each based on your division's goals. Use real-world data by researching the outlets/platforms, reviewing media kits when available, and citing available sources on exposure, targeting options, and other factors.
Digital marketing ties to relationship marketing: Explain how your digital marketing strategy will improve relationship marketing efforts and increase revenue.
Monitor digital media: How will you monitor effectiveness and adjust your strategy based on your division's goals? What tools would you recommend to measure the effectiveness of reaching these goals?
You are required to include both academic and professional references (e.g., data on analytics, platform use data) to justify your plan.
Submit your individual report in the digital classroom, and then post your report to your CLC group forum for your group to review. Review the reports of the rest of your team and, as a group, discuss your individual plans to create the final digital marketing section to be included in your group's Final Report due in Topic 8.
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to LopesWrite. A link to the LopesWrite technical support articles is located in Class Resources if you need assistance.
Benchmark Information
This benchmark assignment assesses the following programmatic competencies:
MBA Core Benchmarked Competencies 1.1; MBA-MSN Nursing Leadership Benchmarked Competencies 7.2
Leverage digital marketing strategies to promote organizational growth.
MBA Core Benchmarked Competencies 2.4; MBA/MSN Nursing Leadership Benchmarked Competencies 8.4
Analyze markets and consumer data to inform marketing strategy.
Capitalism Simulation Essay
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Companies use technological tools to identify important business opportunities from data to augment decisions and foster marketing return on investment. Corporate leaders are also turning these insights into products and services that solve problems in the market. This capitalism simulation paper evaluates digital marketing strategies for marketing division, digital marketing impact, digital marketing types and options, digital marketing ties to relationship marketing, and digital media monitoring to augment marketing operations.
Digital Marketing Strategies for the division
Shifting a part of the division's promotional budget towards digital marketing facilitates a wider audience or customer reach, enhances the organization's exposure, and promotes measurable outcomes. The B2B marketing will incorporate strategies such as Search Engine Optimization (SEO), email marketing, and content marketing to develop thought leadership and attract worthy business partners. In B2C marketing, the company will employ personalized email campaigns, influencer partnerships, and social media advertising to engage and convert the audience to consumers. Partnering with online and website communities will improve the division's target market and exposure. The division will incorporate extensive analytics tools to facilitate tracking key performance indicators (KPIs) like customer engagement, website traffic, conversion rates, and return on investment (Ebrahim, 2019).
Digital Media Impact
Incorporating digital media options is fundamental since it will critically improve the overall promotional plan of the division. Digital advertising will facilitate the division's target of particular audiences, drive traffic, and improve brand awareness. In terms of personal selling, digital media will enhance personalized communication, and sales representatives will be able to engage potential customers in real-time while answering their questions and concerns and developing relationships. Digital media will provide sales promotion opportunities which the division will communicate through targeted advertisements, email campaigns, and social media posts. Also, digital media will offer opportunities for public relations activities via online publications. Digital media will improve direct marketing since, through personalized messaging and email marketing, the division will create direct connections with the target audience and directly deliver promotions and product updates to them (Ebrahim, 2019).
Digital Media Types and Options
Various recommendable digital media types and options exist, considering the division's goals. Facebook has a robust user base and enhanced targeting options; thus, it can effectively reach B2C and B2B audiences. Substantially, its advertising tools facilitate concise audience segmentation and will ensure that the division's messages get the targeted audience. For instance, in t...