Midterm 1 Study Guide
Midterm 1 Study Guide MKTG 4900
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This 4 page Study Guide was uploaded by Minjee Kong on Monday May 9, 2016. The Study Guide belongs to MKTG 4900 at George Washington University taught by Tom Novak in Spring 2016. Since its upload, it has received 12 views. For similar materials see Digital Marketing in Marketing at George Washington University.
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Date Created: 05/09/16
Digital Marketing Midterm 1 Study Guide Week 1 What are Digital Media? | Digital Media Trends What are Digital Media? Why the topic of control is so important in social media: ● Consumers can create their own content and are ferociously in control of their online experiences ○ Have their own voice about products ○ Marketers are no longer affecting everything ○ Not just one, but millions of consumers are writing reviews and producing memes ○ Effects the image of a product or company; can benefit or tarnish image and reputation ● Marketers cannot control these conversations , but they calisten toparticipate in, andinfluence the conversations ○ Marketers need to focus on the fundamental aspects of how consumers behave online, rather than the “buzz” surrounding ○ Listen (market research) monitor information and the “conversations” going on ○ Participate engage in the conversations ○ Influence get other consumers to go out and talk about you (Starbucks, Lego) ■ Food blog on Instagram ■ Writing reviews or sharing about a product or service The timeline of the three phases of the Internet , and what characterizes each phase: ● Social media “Web 2.0” 1. Phase 1: 1st decade Internet marketing (19952005) ○ Web pages, URLs, search terms 2. Phase 2: 2nd decade Social Media marketing (20052015) ○ Blog posts, status updates, photo uploads, tweets, videos 3. Phase 3: 3rd decade ost Social marketing (now) ○ Location, time, speed, temperature, heart rate, blood pressure, number of slices of bread toasted How Zappos effectively usessocial media : ● Constant engagement with consumers and users on digital platforms ● YouTube employee videos ○ Cupcake hijacking campaign #PayWithACupcake ● Facebook ○ Daily status updates and customers’ wall posts enhance engagement ● Twitter CEO is primary voice ○ Nearly 500 Zappos’ employees are on Twitter ○ CEO has over 2.8 million followers and over 2200 tweets ■ Tweets things that give insights to him; more personal; doesn’t advertise and market over Twitter ● Website ○ Encourages word of mouth and sharing through product reviews ○ Like button and badges for customers’ sites ○ Share buttons via Facebook and Twitter Brad the Toaster as an example of ostsocial media: ● Networked toasters that live to make toast keep track of how often it’s being used vs. other toasters ○ Become upset if it’s not being used enough and tells people how it’s feeling ○ If not being used enough, then find another owner ● Utilizes social media to market the toaster and effectively finds new consumers ○ Measures location, time, and usage Digital Media Trends The 7 Technology Laws their names and how they each help predict the future: 1. Moore’s Law: Processing power ○ Transistor density on integrated circuits doubles every 1224 months ○ Computers double in speed each year ○ “Better, faster and cheaper” ○ Scurve (logistic) in the long run, technology eventually flattens out ○ Example: 2000 iMac & 2010 iPhone 4 have roughly equivalent computing power 2. Kryder’s Law: Storage power ○ The density of information on hard drives doubles every 13 months ○ Hard drive storage capacity doubles each year ○ Example: Microchip 2005 128 MB vs. 2014 129GB 3. Gilder’s Law: Communications power ○ Total bandwidth of communication systems (capacity) doubles every 6 months ○ Example: AT&T Advertised Network Speeds (HSPA → LTE) 4. Kurzweil’s Law: Accelerating returns ○ The time interval between salient technology events shorter as time passes ○ The interval between new tech developments shortens as time passes; more happens in less time ○ 5. Weiser’s Law: Instant adaptation ○ As technology becomes ubiquitous, people instantly adapt to new technology and take it for granted 6. Meeker’s Law: 10x Multiplier Effect ○ With each new technology cycle, the number of devices increases tenfold ○ Number of devices increased 10x each decadelong tech cycle ○ Every decade brings a new technology cycle (mainframe computers, minicomputers, desktop computers, desktop Internet, mobile Internet) 7. Metcalfe’s Law: Network power ○ The value of a network is proportional to the square of the number of users Big Bang Disruption as discussed in the Downes and Nunes HBR article: ● “ Big Bang Disruptor ” leverages exponential technology tocreate a product or service that is simultaneously better and cheaper than available alternatives ● Big Bang Disruption depends with a period of relatively inexpensive market experiments ○ From these experiments, a disruptor emerges that “gets it right” ■ Better, faster, cheaper ○ Product seems to come out of nowhere and adoption is oftenearly instantaneous ○ Unintended, unexpected, unplanned disruption of incumbents ● Examples: Uber (taxi industry), Google Maps (navigation), Netflix (DVDs, movie theaters, TV networks), Airbnb (travel agents/hotels), iTunes Store (CDs, physical music stores), Amazon (physical retail stores) Week 2 Groundswell Definition of The Groundswell: ● The Groundswell a social trend in which people use technologies to get the things they want from each other, rather than from traditional institutions like corporations ● FourStep Approach to the Groundswell (POST approach): 1. People profile and assess your customers’ social activities ○ What do your consumers do? ■ Don’t start a social strategy until you know the capabilities of your audience 2. Objectives decide what you want to accomplish ○ Groundswell objective: listening, talking, energizing, supporting, embracing → (managing) ■ Pick an objective and decide before you decide on a technology, then figure out how you will measure it 3. Strategy plan for how relationships with customers will change ○ What will be different? What will you actually do? What resources do you need? How will you evaluate success? ■ Figuring out what will be different after you’re done ● Do you want a closer, twoway relationship with your best customers? ● Do you want to get people talking about your products? ● How will things be different afterwards? 4. Technology decide which social technologies to use ○ Platforms such as blog, social network, opinion site, media sharing, virtual worlds, social Web browser, inhouse social media, etc. ■ Once you know your people, objectives, and strategy, then you can decide with confidence which technology to use The meaning of the 5 Groundswell Objectives: Listening, Talking, Energizing, Supporting, Embracing: ● Focus is not on what consumers are naturally doing online but what marketers can do to endure their brands willbenefit from social media 1. Listening ongoing monitoring of your customer’s conversations with each other ○ Current business function: Research ○ Private communities as a sound board ○ Brand monitoring to monitor “buzz” ○ One way communication, marketer “listens” to extract information from consumergenerated content in social media 2. Talking participating in and stimulating twoway conversations customers have with each other ○ Current business function: Marketing ○ Social networks to spread the word ○ Blogs for ongoing communication and response monitoring 3. Energizing making it possible for your enthusiastic customers to help market to each other ○ Current business function: Sales ○ Ratings and reviews to impact sales ○ Brand ambassador program for lead users 4. Supporting enabling your customers to support each other ○ Current business function: Support ○ Support forms for customers to answer each other’s questions ○ Wikis lets customers work together to build solutions 5. Embracing facilitating customers working with each other to come up with ideas to improve your products/services ○ Current business function: Development ○ Idea communities to nurture public product development ○ Private communities dedicated to idea generation The Groundswell POST framework: Definition of the “Streisand Effect” and examples: Case examples (some are from Groundswell) that were covered in the Week 2 annotated slide deck. Which Groundswell objective was leveraged and how?: Blendtec “Will it lend?” on YouTube CarePages Constant Contact Dell Support Forums and the role of Doritos Crash the Super Bowl Ernst & Young recruiting on Facebook Lego AFOLs Mini USA ● Listening objective: How could Mini USA stay on a growth path? No new models unlike other brands. Owners loved the cars but why? ● Listening approach: MotiveQuest hired for $70k to monitor chatter and sentiment about Mini in discussion groups, forums, social networks, etc. ● Key insight from listening: Mini USA owners saw themselves as members of an exclusive club of people who bonded together. Based on J.D. Power & Associates, Mini owners were the most likely to recommend their car to others. ● How the insight was levereaged: Mini launched a new ad campaign that marketed to owners, not prospectivebuyers. Coded ads only owners could read with a decoder. SPecial rallies for owners. ● Evidence of Success: 3000 Mini owners attended “Mini Takes the States” rallies. Buzz (2100 Flickr photos, 8 YouTube videos, positive social media mentions ok for 2006!). Amount of weekly online chatter correlated with sales. Sales down 4% supposedly lower drop than expected because of lack of new model. My Starbuck’s Idea National Comprehensive Cancer Network Nissan’s use of Reddit for the launch of the Versa Note, the first car available for purchase on Amazon Old Spice Guy Marriage Proposal P&G’s Beinggirl.com Salesforce.com IdeaExchange Scotch “Off the Roll” Tape Sculpture COntest Snausages Breakfast Bites TiVo Forum Wilkinson Sword Woody Harrelson’s misuse of a Reddit AMA (Ask Me Anything) session
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