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.
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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.
Name some characteristics of marketing
marketing is the combination of:
- market segmentation
- behavioral orientation
- marketing-mix
- middle to long-term orientation
- branding
- innovation
- market research
- customer orientation
What are the building bloks of developing a marketing concept?
What is an information analysis of Macroenvironment with the PESTEL-Framework
What do you need to analyse when you look for trends in the macroenvironment?.
environment= political, ecological, economic, technological
You need to analyze, social development, megatrends, demand trends, opportunities /threats
What does PESTEL mean?
Political
Economic
Social
Technological
Enviromental
----
Legal
What are the forces in a company's macroenviroment?
Policical and social environment
ecological environment
economic environment
technological environment
Describe the macroenvironment forces of politial and social environment
- Political stability
- Legislation
- Cultural values
- Social problems
- Changing age and family structures
- Geographic population shifts
- Population diversity
- Educational characteristics
- Ecological oreintation
Describe the macroenvironment forces of ecological environment
- Shortages of raw materials
- Increase pollution
- Agricultural potential
- Topography
- Climate change
- Risk of natural disasters
- Increased foverment interventions
Describe the macroenvironment forces of economic environment
- Changes in income and spending
- Consumer spending patterns
- Inflation rates
- Rates of interest
- Sasving rates
- Unemployment
- Availability of infrastructure
- Income distribution
Describe the macroenvironment forces of technological environment
- Product innovation
- Process innovation
- Convergence of technologies
- Internet of things
- Big data
- Biotechnology
- Nanotechnology
What types of trends are there? Draw a graph with familarity and time
What are examples of megatrends in the macroenvironment
- New technologies
- Social and economic liberalization
- Individualization and search for identityincreasing diversity and polarization of society
- Demographic change and ageing of western industrial nations
- Climate change and scarcity of natural resources
- Multi-optionalization
What are the importat steps to analyzing a company's macroenvironment with the PESTEL-Framework?
- Understand PESTE Factors.
- Identify the major trends in the firm's Political, Economic, Socia-cultural, Technological and Ecological environment
- Identify opportunities and Threats
- Describe how these environmental forces might positively or negatively affect the company's ability to serve ist customers
- Take action
- Define measrues that allow marketers to take advantage of new opportunities as well as to combat threats.
What is Porter's Five Forces Model of Competition?
What is importatn to understand in an industry analysis and a competition analysis?
Industry Analysis (demand view)
Understand the structure of competition and the power of marketplace
Competition Analysis (product view) understand the product and services of relevant signle direct competitors
What is the bargaining power of buyers in the five forces model?
A buyer group is powerful if
- there are few buyers
- it purchases large volumes relative to seller sales
- the industry’s products are standardized or undifferentiated
- buyers face few switching costs in changing vendors
- it is price sensitive
- buyers can credibly threaten to integrate backward
- the industry’s product is unimportant to the quality of the buyer’s product or services
What is the bargaining power of suppliersin the five forces model?
A supplier group is powerful if
- it is dominated by a few companies
- it is more concentrated than the industry it sells to
- the industry is not an important customer of the supplier group
- its product is an important input to the buyer’s business
- there is no substitute for what the supplier group provides
- suppliers offer products that are differentiated
- it has built up switching costs for the buyer
- the supplier group can credibly threaten to integrate forward into the industry
Describe the rivalry among existing firms in the five forces model
The intensity of rivalry is greatest if:
- competitors are numerous or roughly equal in size and power
- industry growth is slow
- exit barriers are high
- fixed costs are high
- capacity must be expanded in large increments to be efficient ] risk of overcapacity
- the product is perishable
- products or services are nearly identical and there are few switching costs for buyers
Describe the threat of new entrants in the five forces model
High entry barriers lead to low threat of new entries
- Economies of scale
- Product differentiation
- Capital requirements
- Customer switching costs
- Unequal access to distribution channels
- Restrictive government policy
- Cost disadvantages independent of scale
Describe the threat of substitutes in the five forces model
The threat of a substitute is high if
- it offers an attractive price-performance trade-off to the industry’s product.
- the buyer’s cost of switching to the substitute is low.
Give an example of the competitive forces in the music industry today in form of the five force model of porter
Name the strategy steps to take when dealing with the five forces
Position your company where the forces are weakest
- find a profitable market niche
Reshape the forces in your favour
- Standardize specification for parts -> bargaining power of suppliers go down
- Expand your services -> buyers' switching costs go up
- Invest more heavily in unique products -> price rivalry goes down.
- Invest in R&D / marketing expenditures -> market entry barriers go up
- Reach customers directly -> bargaining power of distributors goes down
Exploit changes in the forces
- Identify game-changing trends early. Structural changes open up new needs and new ways to serve existing needs e.g. iTunes
What does the developing a marketing concept step normative orientation include?
The normative orientation step includes the development of vision, mission, guiding principles, code of ethics etc. Result in Vision, mission and guiding principles of the marketing concept.
What does the developing a marketing concept step strategic development processes include?
Strategic development processes include strategic analyses e.g. SWOT analysis, Industry analysis, Portfolio analysis to develop portfolio strategies.
Skills analysis to build up core competencies. Analysis of strategic groups and Stakeholder analysis.
What does the developing a marketing concept step operation management progesses include?
Operation management processes parts in coordination and management of day-to-day business and the controlling -> definition of KPI's, monitoring of assumptions and measurement of progress.
What is part of the marketing strategy when developing a marketing concept?
Marketing Strategy gets input from the market analysis and includes decision on target markets and positioning decisions. The results are included in the marketing mix.
What is a Marketing Mix? How does it fit into the developing of a marketing concept.
It gets input from the marketing strategy and is the marketing controlling (makret KPIs) where customer-, performance- and innovation processes are splitted into different categories like product, pricing, communication and distribution.
What is the triple bottom line?
How are Market Sizes defined?
- Market capacity is a theoretical maximum size; it indicates the theoretical capacity of a market without regard to prices and purchasing power. Market capacity is a quantity that can change depending on the size of the market base (number of users).
- Market potential is the equivalent of demand for a good or service at a specific price and with the best possible marketing-mix.
- Market volume comprises the sum of all the actually realized turnovers of all the suppliers on the market. In cases in which market supply is adequate, market potential and market volume correspond with each other.
- Market share is a KPI that puts a company’s own production or sales volume in proportion to the total market. As a key indicator, it is of major strategic importance because in many markets, the competitor with the biggest market share has advantages, for example regarding brand awareness, production costs and network effects.
What parts do you need to consider when doing an internal analysis?
- Business process an markets
Draw a sketch of a business process an markets analysis? What are the most important elements to consider?
Draw a sketch of a business process according to Porter
How do you calculate the added Value of Turnover?
Preparatory work, including Goods & services procured from third parties) plus the Gross added value, containing of Depreciation and Net added value equals the overall Turnover.
Company A and B are working in the same industry. Whose business model is financially more attractive and why?
Company B adds more value to it and is so harder to copy. They have a stronger position in the market and offer more individualized products than company A who just adds a little on top of an existing base.
What are possible business model value chains?
What is important when creating a value chain analysis?
When creating a value chain analysis you need to keep the logic of the value chain in mind. The value chain needs to show all the key activities and assess value added. All activities for current and potential contribution to competitive advantage need to be examine. You should invest in activities where you possibly get the highest added value and get rid of activities which do not contribute to any value. And you need it identify activities that could be produced at lower cost or the performance increased.
