The country's first Marketing Olympiad will be organized by Bangladesh Brand Forum
Bangladesh Brand Forum inaugurated the country's first Walton Presents Marketing Olympiad organized by American International University-Bangladesh in association with The Daily Star and in partnership with International Advertising Agency - Bangladesh and Asia Marketing Federation from May 15 to May 27, 2023.
Registration for the most prestigious competition for marketing students and aspirants in Bangladesh started on May 8. Registration ends on May 14.
Bangladesh Marketing Olympiad was started with the aim of creating awareness and curiosity about sustainable and responsible marketing practices among the youth. The Olympiad aims to acquaint students with the rapidly changing field of business and how marketing can contribute to running a successful business. It also aims to showcase inspiring marketing case studies from across Asia to connect and engage students to solve social problems.
Shariful Islam, founder and managing director of Bangladesh Brand Forum, said about the first-ever Marketing Olympiad, "Students have to practice and practice marketing along with their academic knowledge. This initiative will create a new trend and give budding marketers an opportunity to think critically and more about any problem. Adopt sustainable solutions.”
The champion of the Marketing Olympiad will get a prize money of Rs.100,000. After the champion, the first and second runners-up will receive prize money of Rs 75,000 and Rs 50,000 respectively. Additionally, the top 10 will receive the ultimate exciting gift.
The Olympiad is designed to engage students in sharing knowledge among themselves, learning effectively, and strengthening their decision-making abilities in complex situations.
The Marketing Olympiad is presented by Walton, powered by American International University-Bangladesh, in association with The Daily Star, event partner Berger Paints Bangladesh Limited, International Advertising Association-Bangladesh, and Asia Marketing Federation and broadcast partner Deepta TV and an initiative. Marketing Society of Bangladesh.
Marketing Olympiad 2023 Quiz Example :
Q1. When placing a print ad campaign, the term "frequency" applies to what? a.The number of times your ad runs. How often do you change adsc.The number of times your target audience sees your adsd.The number of different publications that carry your ads
ANSWER: The number of times your target audience sees your ads
Q2.Marketing channels are considered part of the? a. Wholesaler-customer delivery network.Customer-value delivery networks.Retailer-wholesaler delivery network.Customer-retailer delivery networkANSWER: Customer-value delivery network
Q3: How does digital marketing differ from other forms of marketing?
- Digital marketing is very costly compared to other marketing forms
- Digital marketing uses an online platform to integrate people, processes, and technology
- Digital marketing does not use paper coupons
- Digital marketing does not allow a business to get to know its customers as well as other marketing for
- Internet
- Mobile phone
- Electronic billboard
- Social media
- Free wireless Internet for patients and visitors
- Pamphlets featuring new medical services and drug advertisements
- An electronic billboard promoting new medical specializations
- A television program on nutrition
Digital Marketing vs. Traditional Marketing: What Works in 2023?
One of the most popular debates in the world of marketing today is between digital marketing and traditional marketing. Many marketers argue that traditional marketing has its time and place and should be replaced with digital marketing, while others believe that, among other drawbacks, digital marketing makes it too easy to see negative aspects of your business through the feedback of customers and potential customers. and reviews.
The simple truth is that both digital marketing and traditional marketing are still very much relevant in 2023 and that won't change anytime soon. However, the best way to go would be to apply both methods of marketing to get the best of both worlds.
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Before we begin to explain what might actually work for you in 2023, it's important to first clarify what each of these marketing methods is and what differentiates one from the other.
Traditional Marketing vs Digital Marketing: What is Digital Marketing?
The term digital marketing simply refers to marketing activities or efforts done online. That is why it is often referred to as online marketing.Digital marketing is the type of marketing that targets internet users, meeting them wherever they are. Digital marketing has various channels and includes social media, email, website, and several others.
Let's take a closer look at some of the different aspects of digital marketing.
1. Website Design
Any business needs a functional website to survive online. Website design is considered as the first step of any kind of online business.An interesting myth about web design is that most people think they don't need a website because they run a small business.
The fact is, it doesn't matter if your business is big or small, as long as you want a huge return on investment, you better have a website.
2. Social Media Marketing
More than half of the world's population is on social media and this population is your target audience. Social media marketing should accompany your marketing efforts on social media channels like Facebook, Instagram, LinkedIn and many more.Through social media, you can sensitize your audience about your business or drive them to your website where they can shop or talk to you directly.
3. Pay Per Click (PPC)
Pay per click is one of the blessings of digital marketing and search engines, especially Google. Search engine advertising requires a lot of skill and patience. Your competitors are also trying to get an audience, which means your ads need to be top notch.With pay-per-click, you don't have to pay for ads until they click for you. As the name suggests, you only pay for each click. This is a way to monitor the success of your ads.
4. SEO (Search Engine Optimization)
SEO is the most effective way to get organic traffic to your website. Businesses take advantage of SEO to reach some of their competitors' audiences by providing information that their competitors don't.Scaling SEO isn't easy but with the right digital marketing firm by your side, you're good to go.
5. Content Marketing
Anyone can write content. However, how do you ensure that your customers see the content you offer? How do you know if they even need the information? Does your content solve their immediate problem?Content marketing is the king of digital marketing strategies as it helps you get real-time feedback from customers about your brand.
6. Email Marketing
Email marketing often comes across as the slowest or lowest among digital marketing methods. However, it is one of the most effective channels. By running an email campaign, you can get your website visitors coming back.Advantages and disadvantages of a digital marketing strategy
Digital marketing has its advantages. However, this type of marketing has some disadvantages which we will consider in this section.
Digital Marketing Strategy Professional
Below are some of the benefits of digital marketing that marketers worldwide can relate to.
A. It makes it much easier to reach a global audience
Digital marketing strategies help you reach a global target audience. For example, when you create a website, it is not limited to your area. Anyone using the internet can access the information on that site. The same is true of social media marketing.
B. Results are measurable
Whether you're running social media ads or search engine marketing, digital marketing allows you to easily determine how many people clicked on your ad using a few metrics. Unlike billboard and magazine ads where you can't tell how many people have seen them
C. Personalized advertising
Digital advertising makes it easier to communicate with consumers on a more personal level unlike traditional media which creates advertising on a more general basis. By clicking a few links on a website, businesses can target a customer in real-time, calling them by name.
D. It is affordable
Unlike traditional marketing methods, meeting your target audience where they are won't cost you a fraction of your capital. Digital marketing allows you to create several campaigns at a very affordable rate.
E. Building interactions
Internet marketing is the easiest way to interact with your target audience anytime, any day. By posting content frequently on social media, you can get your consumers' reactions and feelings about your product or service.
F. Higher conversion
Digital and traditional marketing will drive conversion. However, one does it better than the other. Your digital marketing efforts are much more likely to bring in customers because most of your potential customers are online.
With digital marketing, you can meet them where they are and with just a few clicks, they can buy the product before they know it.
G. It doesn't take up your time
While building your brand online can take some time, like any form of marketing, online advertising doesn't require a lot of time or physical effort.
Disadvantages of Digital Marketing Strategy
Below are some of the disadvantages of digital marketing.
A. It requires a lot of experience
To be able to successfully execute a digital marketing strategy, you need to be very experienced in the various aspects of digital marketing mentioned above. Well, this is why you can simply hand over the job to a digital marketing agency.
B. Visible complaints and negative reactions
One of the downsides of digital marketing is that your target audience can see what other users have to say about your product or service - bad or good. This can be a blessing or a curse depending on the quality of your product or service.
c. competition
Online marketing is undoubtedly the order of the day. Every company has a social media account, a website and possibly, a digital marketing company to handle these tasks for them.
This makes digital marketing very competitive. Your audience will likely watch your competitors as much as they watch you.
D. Confidentiality Issues
With online marketing, you have to be very careful how you use consumer information. You should be careful not to violate their privacy or security terms.
Traditional Marketing vs Digital Marketing: What is Traditional Marketing?
Internet Marketing vs. Traditional Marketing
Traditional marketing is any marketing activity or effort that is done offline. It is the only form of marketing that was done before the internet and social media became a huge part of our existence. However, traditional marketing is still highly used.
Traditional marketing strategies involve the use of channels such as print, magazines, billboards, television, direct mail, and radio advertising to communicate with customers and potential customers. It should be noted that more than 40% of direct mail is never opened.
Traditional marketing is hard to ignore. It's always in your face. It comes in the form of TV commercials that you can't skip. If you want to watch your program, you must watch the advertisement.
Traditional marketing strategies use the four Ps of marketing, which include the following:
1. Products: Traditional and digital marketing focus on products and services. However, traditional marketing takes it up a notch by getting feedback from customers about the product and ensuring that it meets customer requests. Digital marketing does not focus on this. It focuses only on advertising and selling.
In traditional marketing, the product has to be presented in a way that is palatable and solves the end user's problem. From packaging to branding and anything that makes the product more appealing to the user, the focus is on it.
2. Price: How much do we charge? How much do our competitors charge for this product or service? Will we make any profit by lowering the price to attract customers? Will we get any customers by raising the price? Can we sell at the same price even though our brand is good? These are all questions that go into pricing.
Traditional marketing strategies equate value with product, and it's not a coincidence that "value" is often placed after "product" when talking about the 4 Ps.
3. Promotion
Promotion is where traditional and digital marketing have almost everything in common. Promotion is related to every activity that helps the brand gain more recognition and helps the company generate more sales.
Traditional marketing will use radio and TV ads, billboards, and various other means to promote the product. Promotion does not end with advertising. Discounts, giveaways and other tactics that help customers interact with the brand also count.
4. Place
Traditional marketing location simply refers to the location of the business — headquarters or branch.
How do we set up the office or factory in such a way that we can serve our customers at their point of need? Where should we set up the farm so that we can easily access the market for sale? These questions and more are "places" in traditional marketing tackles.
Advantages and disadvantages of traditional marketing
Traditional marketing has made its mark on marketing in general and will continue to do so. A question we often get when talking about digital marketing vs. traditional marketing is whether one will or will outlast the other. Let's consider the pros and cons before we get into it.
Traditional marketing techniques are professional
Below are some important advantages of traditional marketing.
Establishes credibility: When you see an ad on TV, chances are high that you automatically assume the company is legitimate.
Creates an easy connection with the local audience: When you create a marketing campaign on a radio station, you know that you are only dealing with potential customers in that area. It helps you channel your marketing campaigns more creatively
It's better for connecting with a larger and wider audience: One advantage of digital marketing over traditional marketing is that you can target audiences based on specific demographics. However, for brands that cater to a more general audience, traditional marketing helps you do this more easily.
Helps you connect emotionally: Traditional marketing allows you to connect more emotionally with your audience, giving you room to connect with them more.
Cons of traditional marketing techniques
When it comes to the more modern and broader picture of marketing, the traditional way is at a disadvantage. Let's look at some of the disadvantages of this form of marketing.
It is often more expensive: running a traditional marketing campaign requires a lot of funds. When you add the total cost of media buying and production (+ marketing costs), you can see that it costs a lot to run. According to Fit Small Business, running a full-page print ad can cost anywhere from $2,700 to $160,000.
Results are hard to measure: When it comes to digital marketing versus traditional marketing, a major deciding factor is how well this type of marketing is doing. With traditional marketing, you can't measure how many people interacted with your ad campaign. So how do you know if it's worth it?
Most people don't pay attention to traditional media anymore. TV and radio have not gone out of style but they are not as important as they used to be.
Traditional marketing campaigns take a lot of time to run.
Targeting sub-segment audiences is difficult.
How does a digital marketing strategy differ from a traditional business strategy?
The main difference between digital marketing, traditional marketing and other forms of marketing is marketing channels and costs.
Digital marketing uses online tools and media, while traditional marketing uses offline campaigns. You already know which one costs less and saves time.
Businesses that use digital marketing can reach their audience much faster than traditional marketers because you don't have to do anything special to see the promotion. Just turn on your internet, try using an app and ads will be sent to you.
Another major difference between the two approaches is that digital marketing allows you to target only those audiences who have shown interest in your product or are interested in your industry.
You can see real-time results with digital marketing. You know which segments of your audience are buying from you and which may be interested but not yet ready to buy. It helps you structure your campaign properly.
Traditional Marketing vs. Digital Marketing; Which is preferable?
Traditional Marketing vs Digital Marketing, Which to Choose?
Deciding which of these marketing methods to choose is not a difficult task, especially after reading this piece of content.
Digital marketing, traditional marketing, or any other form of marketing has its pros and cons. However, when you consider which is more good and which is less bad, you will know which one to choose.
From the carefully mentioned advantages and disadvantages of both digital and traditional marketing mentioned above, it is clear that digital marketing has a sharp edge over traditional methods.
Why is this?
As of April 2020, more than 60% of the country's population regularly uses the Internet. To clear things up, the total population is about eight (8) billion This simply means that more than half of the country's population has access to the Internet in one way or another.
Sending emails, putting up billboards, or using TV radio to advertise to that demographic has to be the best marketing strategy ever.
A good thing, though, is that many marketers will never tell you that the marketer can create the best campaign or technology to look at this approach. This is because in two ways you vote for both digital and local audiences.
Whether you like it or not, they always won't and can't. For example, children deciding to buy something for their parents.
Targeting this demographic is through engaging videos where they can be catered to. It's a great place to watch TV shows for kids.
Our advice is that if you only have to decide between digital and traditional marketing, go Digit. It is power-efficient and conversion is guaranteed, as long as you have a representative.
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Conclusion
Traditional and digital marketing are presented as important parts of today's business world. You definitely can't use the other one.
Digit marketing can be referred to as the current domestic method but it can complement the effectiveness of the true marketer marketer.
Many times, marketers use traditional marketing to solidify the level of consumer trust in them and their digital campaigns.
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