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Midterm 1 Study Guide

by: Minjee Kong

Midterm 1 Study Guide MKTG 4900

Minjee Kong

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About this Document

This study guide provides extensive notes and concepts following the outline provided by the professor.
Digital Marketing
Tom Novak
Study Guide
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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 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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