A1.

Following are the significant differences between traditional and modern marketing
based on certain areas of comparison:

Area of comparison Traditional Modern

Interactivity with end user In this type of marketing, In this type of marketing,
the customer, or the end there is a level of
user has no choice or say interactivity involved,
in whether he wants to be where users or customers
at the receiving end of a can change their
marketing campaign preferences
Customer Service and Here, the impact of a Here, the impact is
Engagement traditional marketing measured in order to
campaign is difficult to build relationships with
measure, and the results customers and keep them
cannot be determined further engaged;
exactly customer satisfaction is a
key point of focus
Time taken for Fulfilment Traditional marketing Efficiency is better, and
- Agility campaigns take a longer also the agility of service
time to reach fulfilment is higher in modern
due to the use of physical marketing
channels of marketing
Aims and Conversions This type of marketing Here, the marketing
has the main aim of activities are more
increasing product towards the end of the
awareness and funnel, where the
generating interest in the consumer will make the
product decision of purchase
Customization and Here, the marketing Offerings can be
Personalisation techniques used are customised for each
mainly for the masses, individual customer in
and do not contain any order to provide for better
personal touch for customer experience
individual customers
Brand Image Building There might be platform Strong imagery is not
limitations for building impossible for the brand
brand specific imagery, because of the presence
hence difficult to create of rich media
the same
Social Social networks cannot Leveraging of social
easily be integrated into networks and building of
the traditional marketing trust in this way is
techniques possible because the
techniques are
Since Track It is a new age device, a digital smart watch, it is an easy choice to
make between traditional and modern marketing. Hence we should choose modern
marketing techniques for promoting and advertising the brand.
Reasons for the same are as follows:
• Consumers in this day and age prefer mediums that are more interactive like
the mobile phone, or an online news website, which can be filtered to show
preferred ads, news, content only, instead of more traditional mediums like
magazines, TV, newspaper as these are structured to have a one-way flow of
information.
• Consumers today feel the need to validate every claim that is made in
promotional marketing and advertisements, which can be done by way of
searching through social media or looking to a trusted source on social media
who might have reviewed or promoted the product
• Mass marketing could lead to wastage of advertising budget, whereas a
properly customised advertising strategy for target customer groups could
help in actually achieving goals
The pros of modern marketing for the brand Track It would be as follows:
1. Brand recognition – This is a very important factor that is involved in the
success of any brand. If the general public does not have any knowledge of
what Track It brand is or what service it provides, and what benefits it would
offer to future consumers, then new customers will not get attracted and
existing ones will not be retained. Brand awareness should be considered as
a step to be taken to reach the higher goals of sales growth and customer
retention. Achievement of these goals would then prove that management of
the business is taken good care of.

Track It will become a known brand of smart watches, once modern marketing
techniques are used, because these techniques will make the brand visible to
target audiences on the various devices and various channels used by them.

2. Customer Service delivery which is an integral part of modern marketing can

prove to be the key to the brand’s growth. There is no denying that without
customers, there is no business, hence customer service must always be top
notch, in order to be able to retain existing customers by resolving all issues
and queries on time.

Therefore, Track It must ensure that the customer service it provides to its
consumers is extremely dedicated to resolving queries and issues.

3. Interaction with target audience – This is a critical method in which you can
understand exactly what the consumer needs and sentiment towards your
product are. This can be done via blogs, QnA sessions, social media, etc so
that customers and potential customers are always in touch with their
favourite brands.

Track It can have social media pages and blogs for constant interactions with
 customers, and even use these audiences as targets for their marketing
campaigns.

4. Reduction in cost of marketing – When there is an increase in customer

acquisition, there will automatically be an increase in revenue for the business
and building a loyal clientele will mean lesser spends on them.

5. Increased production quality – When consumer needs are discussed and

understood based on interactions and feedback from them, then the
production process can be modified in order to cater to those needs. The
brand can mould and modify its products in the production process, in order to
meet expectations. This will then increase trust in the brand and increase
quality of products.

Track It can bring in regular updates to its software or even its hardware
whenever feasible based on the changing needs of the market and the
customers that it serves.

A2.

For the company Inno-We, the following factors will impact digital business
strategies:

1. Stakeholder driven factors – Here, the factors which are most important to the
stakeholders are measured differently across key businesses. These
important areas are:

a. Customer Acquisition Targets – Revenue for the business is directly

related to how much money is spent per acquisition and how much
money is earned on every conversion. This makes customer
acquisition an extremely important factor for a business, which
measures not just revenue, but also other important KPIs.

b. Funding Driven – Business sustenance and growth is measured using

different methods which have changed over time since the use of
modern marketing techniques became prevalent. Investor funded
projects have also made a big headway into the market because of the
existence of low-cost cloud-based business models.

c. Large gestation period before revenues – Many firms take many years’
times to yield any revenues which can be exhibited to the investors.
Earlier, the firm was expected to yield revenues in a short span of time,
because the money (funding) at stake was the same company’s
money. Now, the firm can be pre revenue for very many years.
2. Market Driven Factors – The existence of digital marketing and its structure
overall, is unique with respect to operations, ever changing trends, etc.

a. Process based opportunity sizing – Here, we will try to look at how

products start to change themselves into the services provided by that
product. This is done with the help of newer digital services which are
tied with the brand's name, and when opportunities are converted into
service-oriented products.

b. Customer Segments Growth – Digitally forward businesses are now

more interested in knowing what are the various new ways in which
their customers and consumers are changing with respect to the latest
market preferences and market trends.

c. Technology As Output – Earlier, technologies were only developed to

aid in faster operational processes, however, now businesses consider
technology to be at the forefront of every product. Development of
products and services as technologies are done in order to be
consumed by the user.

3. Consumer Driven Factors – Customers will always be the main factor for
driving digital business strategies. The key areas to focus on would be as
follows:
a. Experience Driven Offerings – If a product can offer a user experience
that no other product can offer, it will stand out, and be the selling point
for that brand and product both. In the digitally forward world,
consumers are more inclined towards their own experiences with the
product that they are using, and the various touchpoints with the same.

b. Immersive Marketing – We are living in a time where a connection with

the customer can be made via various platforms, hence marketing
efforts must be put in all directions. For example, the brand will have a
page on Facebook, a blog on the main website, an email newsletter,
and direct connect with people via Twitter.

c. Marketing to socially Interconnected Groups – Marketers of today need

to understand that consumers rely a lot on product and service
reviews, especially on public platforms like social media and review
websites. Therefore, these aspects must also be taken care of when
looking at marketing to people of the new generation, while also
catering to individual needs of the customers.

4. Competitor driven factors – Nowadays, businesses not only have traditional

business competitors but also digital only, and hybrid competitors as well.
Therefore, there are some key areas to be considered:

a. Access Share – Here, instead of looking at only the market share, the
brand should also start looking at access share. Access share refers to
the number and the kind of consumers that the brand has across
various segments in the digital world. This is then used for targeting
 various segments in real time. Understanding and studying of numbers
then can be done dynamically.

b. Partnerships Driven – Digital platforms are convenient because

partnerships can be formed very easily both horizontally and vertically
for the brand’s products and services.

c. Service Driven Offerings – Offerings need to be service oriented as the

customer is always looking for those.

A3.

a. The brand can be promoted online in various ways. There are three main
methodologies that must be used. These are as follows:

Reach: Here, the brand’s pursuit must be to increase the number of people that
the advertisement reaches. The number of people who have watched or
experienced a marketing element which promotes the Track It product, must
increase. This can be done using the following promotional areas:

• Search Engine Marketing - This is a technique which uses paid

advertising in order to ensure that Track It’s products, that is, smart
watches, are visible to users in the results page of relevant searches,
also called as search engine results pages (SERP). This will work in
such a way that when a user types a keyword which is relevant or in
the list of keywords bought by brand Track It, SEM will ensure that the
brand appears in the results section of that particular search query.

• Display Advertising - Display marketing is ads that appear on third-

party websites. They use various forms of media to market a brand’s
products or services. Video/image/text media can be used on banner
ds/desktop/mobile platforms. Audience preference can always be
selected in order to display the advertisement to the relevant audience.

Track It can use display marketing because it will tell the audience that
they are getting a message directly from the brand, and this message
usually gets conveyed very quickly and creates an impression on the
user. Targeting the right customer group will be very helpful.

• Email Marketing – Building a customer base through ads, QnA

sessions, interactions on social media, form filling, surveys, etc will
generate leads, which can be helpful in creating email marketing
campaigns which are directed into a user’s inbox, something which
they check every day. Newsletters which contain information that the
user likes to read everyday can help the user in building a solid
customer base.
 • Affiliate Marketing – This is usually done in partnership with other
websites like blogs, influencers, YouTubers, etc who will promote Track
It on their platforms, and earn a certain share of the revenue
generated. This means that those who promote Track It, or lead their
traffic to the website, will receive a commission for the same.

• Social Media Sites – Influencer marketing can be considered in this

area of promotion. It also includes engaging with customers online in
real time. Track It brand can reach out to influencers, celebrities, micro
influencers, etc to make sure that they make the brand popular by
posting paid ads, reviews, contests, etc.

Engage: During the reach stage of promotional activities, a customer base has
been built. After this stage, it is necessary to engage with that customer base, in
order to keep them excited about the brand, so that they do not forget about its
existence.

• Content Marketing – This includes ways by which content about the

brand is spread across various platforms, where the people can view
it and understand what products and services are being spoken
about.

• Public Relations – In this method of brand product promotion, the PR

team handles the different ways in which the brand is mentioned
across various media channels, the different ways in which link
building is done, ultimately building the SEO. Encouraging media
houses to feature the brand, and make sure to reach various
audiences who will understand the product and see it in good light.

• Viral Marketing – This kind of technique involves the use of social

messages in the form of videos, images, news headlines which go
viral, that is, they are shared a lot on social media and communication
platforms.

• Gamification – Contests, prizes, discounts, coupons, etc are used in

order to market the brand.

Activate: In this stage, marketers for the brand Track It would want their prospective
customers to start taking actions as desired, for example, buying the smart watches.

• Interest based marketing – This technique is used to make sure that

ads are targeted to users who have shown definite interest in the
products before so that they can be convinced to make the purchase.
This can be done by also offering discounts and coupons, in order to
convince the customer.

• Social Targeting – Targeting in personal messages via social media

platforms, which means that interested parties would receive ads of
 the product on their Twitter, Facebook, Instagram, Youtube, etc.

• Retargeting – This is a method in which the brand starts re targeting

those customers who showed an interest in the product and then left it
halfway. This is used especially when a product is left in the cart and
the customer has abandoned the purchase.

b. Pricing means to set a price for the goods or services being sold.

Pricing models in the digital world have been developed keeping in mind the
existing traditional pricing models. This is because businesses are now existing in
the digital space.
However, they are also in contrast to the traditional models of pricing.

Following are some of the digital pricing models:

• Comparative Pricing – This type of pricing is like Going Rate in the sense
that it compares itself to competitor prices, but also sets its price based on
customer loyalty, customer visits, channel influence, which e commerce
site the product is being sold on, keyword searches, the customer
sentiment across social channels, etc

• Ad Supported Model – Here, the consumer is not being charged for

anything, but the businesses and advertisers are charged a cost for
placement of ads across various platforms, Google keywords, reviews
placed on social media.

• Subscription Model – Instagram has also now started a subscription model

by which influencers on social media can ask their followers to subscribe to
exclusive content by paying a small fee.

• Pay per content/usage model – This method of pricing is where customers

are charged for each digital product being used. This can be seen in cloud
storage pricing models.

• Last Minute Pricing – Here the price can increase or decrease based on
demand, surge pricing, weather changes, etc. The examples I can give
here are airline ticket rates, OLA/Uber cab or auto rates, Zomato and
Swiggy charging extra during rainy weather or festival season.

• Cart Based Pricing – For customers who are regular on the shopping app
or website, loyalty points can lead to discounts. Bundling offers, free
coupons for other promotional products, etc are given.

Track It as a brand can use two digital pricing models, according to me: Comparative
Pricing and Cart Based Pricing.
This is because the smart watch can be sold on different e commerce sites, there will
be different price points applied, some may have more discount than the other.
Brand sites will usually either show the original MRP or they will show a higher
discount rate than the e commerce websites.

Cart Based Pricing can also be used here because once a customer becomes loyal
in terms of buying from the same brand Track It multiple times, he or she will be privy
to special discounts for further purchases.