Title: Describe the relevance of digital and social media marketing to business.
Course: Digital and Social Media Marketing (12162) > Section: Understanding the Fundamentals of Digital and Social Media Marketing

Description should include the role of digital and social media marketing in relation to

- data-driven insights
- price and non-price competition
- supply and demand
- direct and indirect competition
- competition in the global economy.

Process/Skill Questions:

- How can digital or social media marketing help a business compete without lowering prices?
- How can digital marketing help a business predict customer demand?
- Why is it important for a business to understand online consumer behavior before launching a new product?
- How can social media campaigns increase demand for a product?
- What happens when a product goes viral—how might that affect supply and production decisions?
- How does social media allow businesses to observe and analyze their competition in real time?
- What types of content do direct competitors share online, and how can a business respond?
- How has social media changed the way businesses compete with companies worldwide?
- What opportunities do global digital platforms provide to small or local businesses?
- What challenges do businesses face when competing globally on social media?