Social Media Marketing Quiz 1

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the 4 C’s of social Media
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online means of: communication, conveyance, collaboration, cultivation
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What is Social Media
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Interconnected and interdependent networks of people, communities, and organization
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How is social media enhanced
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technological capabilities and mobility
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Social Media stats as July 2015
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World: 7.3 billion internet: 3.17 Billion social media users: 2.3 Billion YOY growth: 176 Million New users: 12/sec
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Time to reach 50 million users
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Radio = 38 years TV= 13 years Internet= 4 years Facebook = 100 million users in under 9 months
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how is social media ranked among online activity worldwide
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#1
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94% of companies use what as their primary recruiting tool
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LinkedIn
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1 out of every 6 couples married in 2013 met how?
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on a social media site
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Facebook
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4 billion pieces of content shared daily
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Social Media Marketing
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utilization of social media technologies, channels, and software to create, communicate, deliver, and exchange offerings that have value for an organization
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Objectives of Social Media Marketing
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-Increase awareness -influence desire “power of consumer” -encourage trial -facilitate purchase -cement brand loyalty -recovery from service failures
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What is the quickest way to access the market
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SOCIAL MEDIA
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Zones of social media
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Community Commerce Publishing Entertainment
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Community
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sharing, socializing, conversing Ex: facebook, twitter, linkedIn
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Commerce
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CRM/service, retailing/sales, HR Ex:groupon, yelp, pinterest, Amazon
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Publishing
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Editorial, commercial, user-generate Ex: reddit, tumblr, odyssey
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Entertainment
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Games, Music, Art Ex: myspace, tinder, netflix
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E-commerce
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practice of buying and selling products and services via the internet
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Social Commerce
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subset of e-commerce ability to make a product purchase from a third party company within the native social media experience
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benefits of social commerce to shoppers
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ability to compare, shop easily and efficiently, convenience, enhanced selection, and cost savings.
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Social Shopping
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refers to refers to situations where consumers interact with others during a shopping event online
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sales are managed through social media and the seller’s website
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social commerce
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allows customers to share experiences before, during and after purchase, which could lead another customer to enter that store or visit the website
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social commerce
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allows the company to identify who is visiting, which can lead to a narrowed target audience that will generate additional sale
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social commerce
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allows current customers to reach potential consumers and better track the types of consumers responding to social media marketing
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social commerce
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Purchases are managed directly from the company website
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e-commerce
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customer generates the interaction; customer chooses to visit that website to make a purchase
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e-commerce
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makes it difficult for marketers to know who the customers are that visit either a storefront or website
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e-commerce
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online chat options and email campaigns
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e-commerce
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Marketing values of Social Commerce
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ratings and reviews, recommendations and referrals
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ratings
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10/10 – always numerical – 5 stars
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reviews
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statements about experience
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Characteristics of social commerce approach
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authenticity transparency advocacy participation reciprocity infectiousness sustainability
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Authenticity
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accept organic word of mouth
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transperancy
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acknowledge opinions that were invited, incentivized, or facilitated
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Advocacy
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enable consumer to rate the value of opinions
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Participation
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encourages consumers to contribute reviews and ratings
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Reciprocity
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acknowledge the value of consumer opinions
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Infectiousness
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Make it easy to share
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Sustainability
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remember opinions online live on
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Social Marketing Guidlines
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-educate people about products -identify people most likely to share opinions -provide tools to make it easier to share opinions -study how, when, and where opinions are shared -listen and respond to supporters, detractors, and neutrals
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Psychological factors
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Why we do what we do
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Psychological factors
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social proof authority affinity scarcity reciprocity consistency
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social proof
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look up to people and want to do the same
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authority
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doctor sponsored, medicine, people of authority in that field.
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affinity
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wearing Jordan’s/ nike because of Michael Jordan’s.. fan girl… following someone
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scarcity
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Limited edition, want what you don’t have, niche market.
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reciprocity
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rewards program, you give me and i give you
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consistency
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chick-fil-a.. you know what to expect
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The decision Making Process
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problem recognition -> information search -> alternative evaluation -> purchase -> post-purchase evaluation
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Problem recognition
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-social ads on social networking sites -shared endorsements from friends posting in activity streams -curated images and lists on sites like pinterest -location-based promotions
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Information search
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-comments (influence impressions) on social channels (tweets about experience) -Queries and responses within social networks (LinkedIn, Facebook) -ratings and reviews posted on sites (yelp) -product and pricing information available -deal directories -wish lists, gift registries
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Evaluation of alternatives
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-barcode scanning / price comparisons -recommendations, testimonials, recommendation agents, popularity filters (top lists from retailers such as amazon) -referrals
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Purchase
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Shop within network options (Facebook buy) -social stores and social shopping malls (wanelo) -group buys (groupon)
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Post-purchase
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-share opinions in activity streams -ratings and reviews on review sites and retailer website -reviews and product experiences posted on blogs
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4 P’s of marketing
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product, price, place, promotion
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the 5th P of marketing
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Participation
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The marketing Mix
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marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing Planning
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written/ formalized plan that details the product, pricing, distribution, and promotional strategies that will enable the brand in question to accomplish specific marketing objectives
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What are plans
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they are blueprints for marketing strategy formulation and implementation they serve as a roadmap to guide the firm, allocate resources, and make decisions
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Stages of Social Media Marketing maturity
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trial phase -> transition phase -> strategic phase
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A plan _______
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-tells a story -identifies the characters, place and time – tells how current situations came to be -defines what must happen for a good outcome -establish challenges and what must be done to overcome them -clarifies the desire outcome -specifies measures of success (metrics!)
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Good Plan Characteristics
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-understand the marketplace -establish clear measurable objectives -define performance targets -Identify a customer group -explain what customers want -develope strategies tied to objectives (4 P’s) -Include measurement plan
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Steps in Social Media Marketing Planing
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1. conduct a situation analysis 2. state objectives 3. gather target audience insight 4. select social zones and vehicles 5. create an experience strategy 6. establish an activation plan 7. execute and measure campaign
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Situation analysis
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-review the firms environmental and SWOT analysis -review the existing marketing plan and any other information that can be obtained about the company and its brands -review the firms objectives, strategies, and performance metrics
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Situation analysis: questions to ask
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-are there linkages between direct strategy and social? -what activities can be tied to social media? -what resources can be directed to social? -is the organization prepared for social? -who are our customers? are they social users? -who are out competitors? what social media activities are they using? -what key trends may affect our decisions?
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Objectives and budgeting
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task – what? measurable quantity – How? time frame – when?
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sample objectives
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-increase market share -increase the number of comments on a blog -increase sales revenue -reduce costs -achieve branding goals -increase database size -achieve customer relationship management goals -improve supply chain managment
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Gather Target audience insight
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-which segments should we select to target? -in which zones and communities do they participate? -how do they use social media? -What is important to them?
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Select social zones
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considering our objectives, budget, overall direct strategy, and segment insight, which zones should be used and how?
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developing an experience strategy
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-what are the campaign goals and/or communication tasks? -what is unique and special about the brands position in the marketplace? -who is the target audience? what do you want the audience to do? do you want them to talk to the brand? create and share content? -is there another group of people who can persuade the target audience to follow them? (this group is your influencers. Why would these people want to share your message with others? what’s in it for them?
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Influencer marketing
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Meghan Rienks = old navy “regular women” = glossier influential social media personalities = Gap(shop this look) DJ khaled = Stride Gum Kendall Jenner = esteemed Lauder
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Activation Plan
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-How do we make the plan happen? -who is responsible? -what is the timing? -what budget is needed to accomplish each objective? -how do we ensure the plan is consistent with out target objectives?
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Manage and measure
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-what metrics will allow us to assess effectiveness? -How will we collect the data to assess? -Standards of conduct -Disclosure requirements -standards for posting corporate information
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LARA framework
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-listen to customer conversations -analyze conversation -relate information within enterprise systems -act on customer conversations conversation is a data point
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old marketing philosophy
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were doing customer a service because they don’t know what they want, so were telling them what they want
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new marketing philosophy
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We (marketers) never know what is right for the customer, but we want to find out so we can tailor something to them.
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psychology of social media
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What is we could understand the psychology of social media and use that knowledge to bring customers closer, give them more of what they want and create better relationships
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social footprint
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marketers can bring you more of what you want based on your likes… usually they can rule out what are obligation likes.
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Braggadocian
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we brag on SM to feel good about ourselves – this builds out social footprint and helps marketers
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KPI
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key performance indicator you have to give yourself a measurement. for chick-fil-a this is service.
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Branding
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peoples perception of the company- can be slogan, image or anything Have objective advertising marketing identify product
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value proposition
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what value the customer gets from buying your product providing something people can’t get anywhere else what makes them a returning customer
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SMART
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Specific Measurable Attainable Reachable Time line
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Heuristic
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a mental shortcut when you have a question in your head and have an automatic response Should i drive or take the bus: bus because there is construction

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