Marketing & Social Media
FHNW- BITMr. Flad
FHNW- BITMr. Flad
In contrast to web 1.0, the core principles of web 2.0 are based on… (mark all correct answers)
- Artificial intelligence and analytics
- Client-server networks
- Neural networks and machine learning
- The creation and sharing of content by peers
- The externalization of content
In contrast to web 1.0, the core principles of web 2.0 are based on… (mark all correct answers)
- Artificial intelligence and analytics (false)
- Client-server networks (false)
- Neural networks and machine learning (false)
- The creation and sharing of content by peers
- The externalization of content (false)
Media richness (MR): mark all correct answers
- MR is the amount of information a medium can transmit at a given time
- Media with higher richness reduce uncertainty and ambiguity in communication
- The richest way of communication is face-to-face
- A phone conference is a richer medium than a virtual world
- Wikipedia is a richer medium than YouTube
Media richness (MR): mark all correct answers
- MR is the amount of information a medium can transmit at a given time
- Media with higher richness reduce uncertainty and ambiguity in communication
- The richest way of communication is face-to-face
- A phone conference is a richer medium than a virtual world (false)
- Wikipedia is a richer medium than YouTube (false)
Social presence and self-disclosure /self-presentation Mark the best answers
- Synchronous communication has a higher social presence than asynchronous forms
- Social presence is influenced by the capacity of a medium to provide intimacy and closeness
- Levels of self-disclosure are higher in Wikipedia than in LinkedIn
- A medium with high self-disclosure helps fostering employee engagement.
Social presence and self-disclosure /self-presentation Mark the best ansers
- Synchronous communication has a higher social presence than asynchronous forms
- Social presence is influenced by the capacity of a medium to provide intimacy and closeness
- Levels of self-disclosure are higher in Wikipedia than in LinkedIn (false)
- A medium with high self-disclosure helps to foster employee engagement.
What does the newsfeed algorithm of facebook do?
The newsfeed algorithm goes over the steps of a user and tries to classify it into different categories to provide strong KPIs to make prediction or improve the reach.
Interest in user - how often user interact with the sender/clicks on recent posts
+
Post - how interesting was this to other users/friends? (comments, likes, clicks)
+
Creator - how interesting is content form this creator in general?
+
Type - image? Video? Link? Plain text?
+
Timing- is the content new?
Why is the newsfeed algorithm useful for facebook? What was the initial urge to create this algorithm?
Content on facebook has been increasing. The algorithm filters corporate pages
Why? the value of a FB fan?
2/3 of fans are likely to share good brand experiences and share promotions and discounts with their Facebook friends. 2/3 of fans are likely to share a bad brand experience.
What type of advertising does facebook have? What are the benefits?
- News Feed
- Mimics regular postings
- Large image/video + text
- Right column Ad
- Not as effective as news feed ad
- Not available for mobile advertising
What is the benefit of stating the location in a targeted post on facebook?
You also have another layer of location targeting, allowing to be even more specific:
- Everyone in this location (the default targeting option)
- The last updated location of an actual Facebook user
- People who live in this location
- Location is set by the location on a user’s Facebook profile and confirmed by their IP address.
- People recently in this location
- Tracked by mobile device usage in the geographic area you intend to target.
- People traveling to this location
- Users who had this geographic area as a recent location that’s at least 100 miles away from their home location
What to do and what do avoid when using social media campaigns??
Do:
- Do not delete messages/ comments
- Apologise in an authentic manner
- Take critique seriously
- Engage the most prominent/ vocal critics
- Remain calm , every storm moves on
- React to date
Don't:
- Do not listen (united airlines)
- Do not react (dell)
- Work with unauthentic messages (NYPD)
- Use wrong medium (NYPD)
- E.g. musicians produce youtube song about company fail. 18'500'000 vies withing 4 days stock price decreased by 10 % since the company did not react in time to this video.
- Think about what could go wrong with a campaign before you launch it.
- E.g NYPD launched a campaign and expected happy pictures with the police with "do you have a photo w/ a member of the NYPD? Tweet us & tag it . Result was a flood of pictures with officers mistreating people, and cynical comments. 70000 people tweeted aout police brutality and comments postet at a rate of 10'000 an hour. Bad response. Image was more damaged thatn ever.
What is there to understand about the social media usage and users contes?
- Demographic: : Twitter users young/urban; no "social obedience" ▪
- Medium: no control "Tweets are like roaches". Most content is negative, funny or sarcastic.
- Brand: already negative sentiment => avoid a hashtag campaign.
- Alternatives
- Feel-good user generated photos through a contest on Facebook, Instagram and Pinterest
- Use Twitter:
- Upcoming events with positive/ neutral PR surrounding; for monitoring not for campaigning
- Nevertheless: More people are following @NYPDNews
How is social media used in global corporate?
Two-thirds of companies said they are either currently using social media channels or have social media plans in the works
But:
- Focus: social media as a one-way promotional channel,
- Lack of use media to analyse conversations and turn it into insights
- 75% did not know where their most valuable customers task about them
- 31% do not measure effectiveness of social media
- 7% of participating companies integrate social media into their marketing
What are social media approaches and principles of engagement?
Social media: approaches and principles of successful engagement (synthesis)
- Take social media seriously, feel the “pulse” (Dell)
- Know your audience and your media (NYPD)
- Align social media with corporate “reality” / with reality of products and services
- Interact with other influential individuals/ brands to maximise your reach
- Consider the timing of your engagement
- Dialogue and not content is king
- Let others talk for you (customers, employees, partners etc):
- Don`t sell – give (entertainment, information, education,…)
- 80/20 rule of thumb (non-promotional vs. promotional content)
Successful approaches
- Constantly monitor the social media environment. In case of "turbulences" react immediately, honestly, and sensitively
When do you tweet?
Most brands tweet during the work week. Peak is on Thursdays and in general between 9AM to 6PM. But peak times vary with industry, location, and audience demographics.
The most retweets happen on Sundays. And in general more at night (EST)
What are non-promotional dialogues?
Non-promotional dialogues:
- Get personal (occasionally) Dell
- Incorporate users or employees as your brand messengers
- Link social media messages to real world / events (Oreo, Obermutten)
- Transmit corporate and consumer values (Dove, Apple, Under Armour)
- Do the unexpected (outrageous /funny / provocative (Abarth, Blendtec, Burger King)
How can you transmit corporate and consumer values platforms without apparent self-serving purposes?
- Unilever’s Dove Campaign for Real Beauty’’
- Bring together like-minded people who wish to enhance girls’ and women’s self-esteem by helping to establish realistic standards of beauty
- Mix of media/activities: advertisements, video, workshops, sleepover events and the publication of a book, the production of a play and a digital platform, viral videos.
Automotive – practice case
Assignment: Your task is to develop an outline for a marketing campaign in which you try to engage the target populations as much as possible. You can use social media, viral marketing approaches, on site events/activities etc. In planning the campaign, you develop a first outline which describes the key elements of the campaign including channels, events etc.
Case: Company background You work as a marketer in a large and globally operating automotive manufacturer with European roots. The company has a global market share with a focus on US, Europe and Asian markets. You and your team are in charge of the US market. Your particular task is to develop a sketch for a campaign for a new electric car to be launched in the US market. The is priced between 25’000-35’000 USD. The image that you and your team want to bestow to the new care is a small, stylish/hip, and environmentally friendly city car for urban populations. One of the main customer segments for this market are millennials, who are relatively young and culturally diverse.
Contact influencers personality to promote the car & start a social media (twitter, Instagram(fb)) marketing campaign
Maybe guarantee something to be done for the environment when you buy the car. Like planting a tree
Influencer. Ping them, make a proposal, define expectations, name a price and make a contract. They need to interact with the product.
What do you need to Track & monitor in social media?
- Awareness
- Brand awareness e.g. followers
- Engagement
- Brand engagement (e.g. twitter analytics - comments)
- Website traffic from social media (google analytics)
- Word of mouth
What do swiss companies monitor on social media?
- Likes, follower 71%
- Visitors 68%
- Number of social media reports 59%
- Dialogue 16%
- Requests, rutnover 17%
- Image 14%
- Topic leadership 13%
- Satisfaction, recommendations 11%
How do you implement a systematic approach to social media?
Digital acceleration team (DAT)
3 core disciplines:
- Listening
- Engaging
- Inspiring & Transforming
Listening and engaging: focus on trouble spotting:
- Taping on online conversation and interactions as and when they happen.
- Trouble spotting: high number of comments,”
- Marking negative issues: «If there is a negative issue emerging, it turns red.”
- Alters to trigger engagement, i.e., a real-time online response from a team member.“
DAT team: combining social media with corporate training
- Digital leadership training
- 12 members per class train for 8 months
- Three different areas:
- Community management for top global brands.
- Small internal projects, where we would make our capacity for business units and functions, e.g. mobile solutions in emerging markets
- Intense training and through leadership
What are key questions and key content of Social Media?
- Foundations /characteristics of social media and social networks, nodes etc.)
- What makes networks and social media powerful?
- Networks in organisations
- Social media and underlying concepts/classifications)
- Social media goal setting/ approaches / building blocks
- Audience, channels and successful customer engagement principles
- Frequent mistakes - and approaches and principles of successful engagement
- Social media tracking / monitoring
How would you define marketing?
"Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers."
"Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return"
"Marketing is the process of planning and execution the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives."
What are the goals of marketing?
"marketing is to find out what people like and do more of it. Marketing is to find out what people don't like and do less of it."
Why do we need marketing?
The Consumer needs something and the suppliers provides goods and services- so marketing gives the information of the supplier to the consumer and the consumer gives money to the supplier.
Old times the consumers needs were only provided by one supplier. It was a simple decision making. The supplier market decided (shortage society) Today it is different, consumer demand marked (affluent society) consumers have multiple suppliers to choose from and make a complex decision about goods and services and where to buy it.
What is the principal of reward? Which rewards exist for the market partners?
Consumer: convenience fllfilled, happy, phychological relieve, accessability
Supplier: Revenue provitability, new customer, loyalty, dominance in area
What is the principal of capacity? Which resources do the market partners need?
Consumers: space, capital, human resource
Supplier: human resource, capital, suppliers, good decision making, smart invesments
What was the marketing evolution from the 1950ies to 2000s?
1950 Production orientation (sellers market) produce as much as you can
1960 Sales orientation (increasing competition, saturation) sell as much as you can
1970 Marketing orientation (buyers market) produce what you can sell
1980 Competitive orientation. How do we differentiate ourselves from competition?
1990 Environmental orientation , how do we recognize relevant trends and react effectively?
2000 Network orientation, how do we interact in networks and with customers and other market partners?
What are factors impacting marketing?
- Customer collaboarion and influence
- Growth of channel and device choices
- Social media
- Roi accountability
- Decreasing brand loyalty
- Data explosion
- Shifting consumer demographics
- Regulatory considerations
- Growth market oppotunities
- Financial constraints
- Corporate transparency
- Privacy considerations
- Global outsourcing
Sorte the factors that impact marketing by impact.
- Privacy considerations
- Shifting consumer demographics
- Social media
- Roi accountability
- Corporate transparency
- Global outsourcing
- Customer collaboarion and influence
- Regulatory considerations
- Data explosion
- Growth of channel and device choices
- Decreasing brand loyalty
- Growth market oppotunities
- Financial constraints
- 67% Customer collaboarion and influence
- 61% Growth of channel and device choices
- 57% Social media
- 45% ROI accountability
- 42% Decreasing brand loyalty
- 39% Data explosion
- 37% Shifting consumer demographics
- 33% Regulatory considerations
- 31% Growth market oppotunities
- 30% Financial constraints
- 21% Corporate transparency
- 10% Privacy considerations
- 9% Global outsourcing
Identifiy unerlying needs of tesla in the upside down maslow pyramid.
Self actualization, esteem, social, safety, transportation
What is market oriented management
It takes customer orientation plus competitor orientation and equals the building up, extensions and conservation of competitive advantages of a corporation. Marketing is market-oriented and market-driven business management and decision making.
Draft a marketplace and customer needs and the role of marketing
What is marketing as a dual management concept ?
Compare the old view of organizations to the new way of organisations
What is a seamless hospitality organization drawing?
What is maslow's hierarchy of needs?
Define: Need, Want and Demand
Need- a state of feld deprivation of some basic satisfaction e.g. food, clothing ,safety, belonging. Needs Are states of feld deprivation
want- desire for specific satisfiers of these needs. E.g.g burger, mercedes benz, and LV Bag etc. different for different socio-cultural structures. Wants Are the form human needs take as they are shaped by culture and individual personality.
demand- wants backed by ability and willingness to buy. E.g. * of people who want a Merc and can buy it. Demands Are human wants that are backed by buying power
What are Market offerings and marketing myopia?
Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Marketing myopia is focusing only on existing wants and losing sight of unerlying consumer needs.
What does marketing actions try to create?
Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing actions try to create, maintain, and grow desirable exchange relationships.
What is a market?
A market is set of actual and potential buyers. Consumers market when they: - search for products.
- interact with companies to obtain information
Make purchases
What questions do you need to ask when designing a customer value -driven marketing strategy?
Marketing management is the art and science of choosing target markets and builing profitable realtionships with them.
- what customers will we serve (target market)?
How can we best serve these customers (value proposition)?
A brand's value proposition is the set of benefits or values it promises to deliver to customers to satisfy theri needs.
-
- 1 / 402
-
Flashcards
What is needed for a market repositioning?
Maintain the existing core customer group(s) and simultaneously attract new ones
Reasons for repositioning:
- Shrinking of the existing market segment
- Economic marketing goals cannot be realized withing the existing market segment(s)
- Competitor's' activities
- Claims of other stakeholder groups
Necessary activities:
- Adaptation of the existing positioning strategy
- Qualitative and quantitative adaptation of the marketing mix on an instrumental level
What is needed for a new market positioning?
New positioning is equivalent to the launch of a new product or the occupation of a fundamentally new image dimension
Reasons for new positioning
- Target groups have an increasingly negative opinion of the product
- Lack of a comparative competitive advantage; little prospects of catching up with competitors
- Lack of economic attractiveness of existing target group(s)
Necessary activities:
- Strategic reorientation of the company / business unit; based on a new or fundamentally changed target group
- Exploitation of a new product value relevant to customers and previously neglected by competitors
What types of positioning strategies are there?
What needs to be fiven when communicating a chosen position
Communicating and Delivering the Chosen Position:
- All the company's marketing mix efforts must support the positioning strategy
- Firm must take care to maintain the position obtained through consistent performance and communication
- Product's position should be monitored and adapted over time to match changes in consumer needs and competitors' strategies.
What are the risks associated with the repositioning of a product or a brand?
- The new target group is not reached due to deficiencies in implementing the positioning strategy / consider the message irrelevant etc.
- Risk of losing existing target group / risk of losing existing comparative advantage
- Financial risk / investment in new strategy is not recovered
- Resistance to change / strategy is not implemented
- Confusion of existing customers / consider message irrelevant etc.
Why is it important to differentiate the customer's perspective?
Customers are faced with a wide range of offers that can vary more or less regarding price and / or other performance characteristics What matters is: #Are these differences perceived by the customer? #Are they relevant from a customer’s perspective?
What is the generic strategies by michael porter?
What are the options when identifying possible value differences and competitive advantage?
Competitive advantage: An advantage over competitors gained by offering greater customer value either by
–Having lower prices, or
–Providing more benefits that justify higher prices
Firms can differentiate in terms of product, services, channels, people, or image
Developing a unique selling proposition (USP, UAP, USL) for each brand and sticking to it • Positioning on more than one differentiator
Why do you need to differentiate yourself from others?
Differentiation
- The objective is to gain a competitive advantage by offering greater customer value through providing more benefits that justify higher prices.
- Key to winning target customers is to understand their needs better than competitors do and to deliver more value.
- Finding points of differentiation requires that marketers examine the entire customer experience.
Differences to promote:
- Important
- Distinctive
- Superior
- Communicable
- Pre-emptive
- Affordable
- Profitable
What are the sources of cost advantages?
A competitive advantage is gained by offering greater customer value through lower prices.
Sources of Cost Advantages
- Economies of Scale
- Economies of Learning
- Process technology and design
- Product design
- Input costs
- Capacity efficiency
- Organizational efficiency
Give an example for a value chain low cost car
What are the four growth strategies on product/Market Mix?
What is Lateral Marketing in the professional product management ?
It is horizontal and vertical growth completed with lateral growth and co-branding.
Horizontal and vertical growth: existing products will be varied or will be launched by new companies.
Leads to a higher flop risk because..
- There is no market growth, but a fragmented market will arise.
- The new product variants will remove existing consumers from traditional products
- Only a few products will reach such a great volume that they lead to profit.
Lateral growth and co branding: existing product will be combined with a new second product category to a new product.
Advantage: new products and new markets will arise
What is Customer Centricity?
It is the overlapping of the three areas of Customer Lifecycle, Customer Experience and Customer Value
Sketch the SOR behaviour model
Sketch the customer buying cycle
What are the goals of Marketing?
Marketing involves creating value for customers and building strong customer relationships in order to capture value from customers in return. Goals:
–Attract new customers by promising superior value
–Keep and grow current customers by delivering satisfaction
Marketing consists of creating, maintaining, and growing desirable exchange relationships with target audiences.
–Marketers build strong relationships by consistently delivering superior customer value.
What is the goal of Customer Relationship management?
Delivering superior customer value and satisfaction to build and maintain profitable customer relationships
- Customer-perceived value: Customer’s evaluation of the difference between all the benefits and costs of a marketing offer relative to those of competing offers
- Customer satisfaction: Extent to which a product’s perceived performance matches a buyer’s expectations
Customers form expectations about the value and satisfaction of market offerings.
- Satisfied customers buy again and spread the word.
- Dissatisfied customers switch to competitors and criticize the product to others.
Compare Customer Satisfaction with cognitive dissonance
Customer satisfaction: Difference between consumers’ expectations and perceived performance of the good or service purchased.
Cognitive dissonance: Buyer discomfort caused by post purchase conflict
What are the most important factors when designing a customer-driven marketing management
Marketing management: Choosing target markets and building profitable relationships with them. Basic factors to design a winning marketing strategy:
–Target market
–Value proposition
What are the different components of Customer acquisition?
- Identify latent or current unsatisfied needs
- Reduce barriers to purchase
- Convince customers of the benefits of your own offer
What are the different components of Customer retention?
- after-sales-management
Management of customer complaints
Cross-selling
Up-selling
Why does customer retention pays off
How are the portion of the customer's purchasing that a company gets in its product categories increased?
- Having good customer relationship management
- Offering greater variety to current customers
- Creating programs to cross-sell and up-sell to market more products and services to existing customers
What is Customer equity?
- Total combined customer lifetime values of all of the company’s current and potential customers !
- Helps to measure the future value of the company’s customer base !
- Increases when the loyalty of the firm’s profitable customers increases !
- Better measure of a firm’s performance than current sales or market share
What is partner relationship management?
Working closely with partners both inside and outside the company to jointly bring more value to customers
- Partners inside the firm - cross-functional teams
- Partners outside the firm - suppliers, channel partners
What do you know about customer-engagement marketing?
Customer-engagement marketing involves fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.
- Customer-managed relationships are important as customers are empowered and marketing is made a two-way affair.
- Reach customers directly, personally, and interactively.
- Greater consumer empowerment means that companies should rely on marketing by attraction.
- The key is to find ways to enter consumers’ conversations with engaging and relevant brand messages.
What do you know about customer-generated marketing?
Brand exchanges created by consumers
- Consumers play an increasing role in shaping their own brand experiences and those of other consumers.
Occurs through:
- Uninvited consumer-to-consumer exchanges
- Invitation of consumers by companies
- Asking for new product and service ideas
- Asking to play an active role in shaping ads
Customer-managed relationships are important as customers are empowered and marketing is made a two-way affair.
What are the summary forms of marketing
What are the important components of "from customer processes to tool strategy"
- Broadly defined, customer relationship management is the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
- The actual purchase decision is part of a much larger buying process – starting with need recognition through how you feel after making the purchase. Therefore, marketers must focus on the entire buying process, not just the purchase decision.
- Companies want to not only acquire profitable customers but also build relationships that will keep them and grow the “share of wallet”.
- Customer-engagement marketing aims to make a brand a meaningful part of consumers’ conversations and lives through direct and continuous customer involvement in shaping brand conversations, experiences, and community.
- The digital age has created new ways to learn about and relate to individual customers. Online, social media, and mobile marketing offer new opportunities to target customers more selectively and engage them more deeply. The key is to blend the new digital approaches with traditional marketing to create a smoothly integrated marketing strategy and mix.
What is Marketing Mix?
Set of marketing tools the firm uses to implement its marketing strategy, Product, Price, Place, Promotion Each tool should be blended into a comprehensive integrated marketing program.
What are marketing tools of the marketing mix?
What are customer values of the marketing mix?
What questions do you need to be able to answer when setting a product strategy?
- What are the characteristics of products and how can they be classified?
- How can companies use packaging, labeling, warranties and guarantees as marketing tools?
- How can companies differentiate products?
- How can companies build and manage its product mix and product lines?
Concept of the product life cycle, marketing strategies at each stage
What do you need to know in the development process of a new product?
- Know how companies find and develop new product ideas
- Know the main stages in developing new products and how to best set up the new product development process
- Concept of diffusion and consumer adoption process for newly launched products
What do you need to understand when creating a branding strategy?
- What is a brand and how does branding work?
- What is brand equity?
- What kind of branding strategies exist?
Out of which goals does marketing-mix derive of?
Marketing mix is derived from the company's objectives and marketing strategy
Can you sketch a marketing-mix for market segment model which shows marketing opportunities as choices
What are products of the market mix?
- Physical goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
What is the difference between consumer and industrial products?
Consumer products are bought by final consumers for personal consumption. Industrial products are bought by individuals and organizations for further processing or for use in conducting a business.
– Materials and parts, capital items, and supplies and services
