Principles of Marketing: Chapter 3 Notes
Principles of Marketing: Chapter 3 Notes MKT 241N
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This 6 page Class Notes was uploaded by Lindsay Fialli on Tuesday October 4, 2016. The Class Notes belongs to MKT 241N at Salem State University taught by Timothy Goehlert in Fall 2016. Since its upload, it has received 7 views. For similar materials see Principles of Marketing in Business at Salem State University.
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Date Created: 10/04/16
Chapter 3: Social and Mobile Marketing Social Media: content distributed through online and mobile technologies to facilitate interpersonal interactions o Through these connections, marketers, and customers share information o Change how firms communicate with customers 4E Framework for Social Media Excite customers with relevant offers Educate them about the offering Help them experience products, whether directly or indirectly Give them opportunity to engage with their social network Excite o An offer must be relevant to its targeted customer Providing personalized offers Educate o Offers have to lure customers to retail stores When they arrive, the marketer has the opportunity to educate them about its value proposition and communicate the offered benefits o Remind them of what they already know o Constitutes a method to develop a sustainable competitive advantage Experience o Customers can experience part of the product or service before they buy o Provide further information and instructions online Engage o With engagement comes action, the potential for a relationship, and possibly even loyalty and commitment o Customers actively engage with firms and their own social networks o Positively engaged customers tend to be more profitable o Negative engagement has the potential to be very damaging Angry consumers The audience for marketers could be bigger on social media sites than any other Marketers rely on social media to: o Members promote themselves to gain more friends o The sites promote to get more members o Outside companies promote their products and services to appeal to the potential consumers who are active on the sites Social Media Social networking sites Media-sharing sites Thought-sharing sites Social Network Sites How marketers create excitement Are most widely used 1 Facebook 1.19 billion monthly active users Not only assures individual users a way to connect with others, but also gives marketers the ability to target their customers carefully Company can post content and information regarding products, events, news, or promotions Free exposure Display advertising 2 LinkedIn Greater then 259 million users Professional site where users can post their resumes, network with other professionals, and search for jobs Particularly beneficial to small-business owners (greater than 12 million users) Excellent resource for entrepreneurs to network with like-minded firms, identify the best vendors, or build brand reputation Great place to prospect for new business customers and keep an eye on and get key information about competitors 3 Google+ Not an efficient competitor so far Users don't engage closely with the site "Communities" feature lets people interested in similar topics form their own groups Allows brands to join as members "Hangouts" feature allow brands to host discussions or focus groups, as well as post live product demonstrations Media-Sharing Sites Enable users to share content they have generated Firms use such sites to highlight how customers can experience their goods and services and encourage consumers to engage with the firm 1 YouTube More than 1 billion visitors or users Has good demographic information Effective medium for hosting contests and posting instructional videos Companies can broadcast from their own channel 2 Instagram More than 100 million users Add fun filters to photos Modern-day immediate telegram New video-sharing capabilities Short time limit for videos appeal to customers 3 Flickr and Other Photo Sites Less popular as marketing tools Some firms engage customers by hosting picture posting competitions Provide entertainment value Thought-Sharing Sites Consists of different types of blogs Effective at educating and engaging customers Enhance the experience in some cases Blogs: a web page that contains periodic posts: corporate blogs are a new form of marketing communications Allow us to make out thoughts open the world Comment sections allows marketing managers to create a two-way dialogue directly with the users Blogs provide forms the opportunity to educate their customers about their offers and offerings and engage them by responding to the communications Corporate Blogs: created by the company themselves and has the highest level of control because they control the content Allow customers to respond to posts Customers see what they want them to see Professional Blogs: those written by people who review and give recommendations on products and services Marketers offer free products to top-rated bloggers in hopes of a good review Have less control Consumers trust reviews of professional bloggers more than corporate blogs "Mommy Blog": a particular professional blog featuring advise and product recommendations between mothers Personal Blogs: written by people who receive no products or renumeration for their efforts Useful for monitoring what is going on in the marketplace Microblogs: differs from a traditional blog in size-short sentences, videos, and individual images Twitter is most popular Educates and engages customer Can help build a firm's brand image Can also tarnish it Watch out for ill-considered tweets or hacking Best if one person controls it (or the fewer the better) Need to respond to incoming tweets Appealing for small business with limited marketing budgets Of 100 million smartphone owners, half make purchases from their device 65% of Americans own a smartphone Mobile app downloads are expected to grow to 286 billion annually by 2017 Highest ownership is young adults and teens Seven Primary Motivations for Mobile App Usage 1 Need for Me-time: seeking relaxation or entertainment (46%) Videos, games, shopping, reading 2 Need to Socialize: interacting with other people (19%) 3 Need to Shop: seeking a product or service (12%) Can compare prices and create lists Showrooming: a process enabling customers to scan a product in a store and instantly compare prices online to see whether a better deal is available Buy with a single click (sometimes) 1 Need to Accomplish: managing finances, health, and productivity (11%) Help manage activities and goals 2 Need to Prepare: planning for upcoming events (7%) Need to keep organized in a busy life Calendars, trip planners File or image storage 3 Need to Discover: seeking news and information (4%) Know what's going on around us Open our minds to new ideas 4 Need to Self-Express: participating in hobbies and interests (1%) App Pricing Models Ad Supported Apps: free to download but place adds on the screen when using the program to generate revenue Freemium Apps: apps that are free to download but include in-app purchases Extra lives, in-game currency, subscription In-App Purchases: a game or app prompts or allows customers to make small "micropurchases" to enhance an app or game Paid Apps: charge the customer an up-front price to download the app, but offer full functionality once downloaded Freemium appears to be the best price 71% of apps in Apple's App Store How do firms engage their customers using social media? 1 Listen: listen to what the customers have to say Customers appear willing to provide their opinions Marketers assess favorableness vs unfavorableness Sentiment Analysis: allows marketers to analyze data form these sources to collect consumer comments about companies and their products (attitudes and preferences) Provides new insights into what consumers think Allow firms to make quick changes to things like product rollout, a new advertising campaign, and reactions to complaints Study the words people use in their posts about their product or service Reacting to attitudes uncovered in sentiment analysis allows companies to counteract negative opinions, maybe influence perceptions, and perhaps win customer loyalty 1 Analyze: analyzing the information available through various touch- points Three main categories for understanding data Amount of traffic on site or blogs and tweeting about them Hits: measures the amount of visits to a particular site or page Page Views: the number of times any page gets viewed by any visitor o Learn about who those people are and what engages or excites them Bounce Rate: the percentage of times a visitor leaves the site almost immediately, or only viewing one page o Determines which pages are more popular and which are the least popular Click Paths: shows how users proceed through information o Firms can provide easier navigation from this Conversion Rates: a measure that indicates what percentage of visitors or potential customers acts as a marketer hopes, whether by clicking, buying, or donating o Reveal what users may have wanted but couldn't find 2. measuring where people have come from to get to the company's site 1 Keyword Analysis: determines what keywords people use to search on the Internet for their products or services Can then refine their websites Can assess the return of investment made by improving the site These analyses require well-trained marketing managers, marketing analytic software, and possibly consulting specialists 1 Do: implementing social media tactics to excite customers Through a social media campaign How to do a Social Media Marketing Campaign 1 Identify strategy and goals What does the firm hope to promote or achieve with the campaign 2 Identify target audience Marketers aim to find a big enough audience to reach those who might adopt their product without being so big that they end up trying to appeal to someone way outside of their target audience 3 Develop the campaign: experiment and engage Develop the communications There should be a clear and compelling call to action Strong, eye catching images and designs Must appeal to the right customers Need to be updated constantly 4 Develop the budget Budgets demand nearly constant review 1 Monitor and change Review the success of the campaign Makes changes if necessary
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