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MKTG 177 > exam 1 > Flashcards

exam 1 Flashcards

1
Q

definition: SMM

A

the process of gaining website traffic/attention through SM sites

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2
Q

4 reasons why we use SM

A
  1. buzz
  2. fans
  3. online conversations
  4. leverage media ecosystem (general consumers, customers, superfans)
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3
Q

why is SM different than traditional research

A
  1. facilitates two way relationship/conversation
  2. SM gives real time research
  3. idea generation
  4. contribution > control (relying heavily on UGC)
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4
Q

SMM planning cycle

A
  1. listening
  2. setting goals and objectives
  3. defining strategies
  4. identify target market
  5. select tools
  6. select platforms and channels
  7. implement plan
  8. tuning
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5
Q

SM does the best for gaining info based on which type of graphic?

A

psychographic

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6
Q

who posts?

A

almost no one, power of vocal minority

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7
Q

why do consumers post?

A
  1. altruistic based utility
  2. consumption based utility
  3. self image utility
  4. homeostasis utility
  5. social utility
  6. economic utility
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8
Q

what is altruistic based utility

A

you feel better by helping others out

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9
Q

what is consumption based utility

A

receiving utility through direct consumption of contributions of others (questions, advice seeking)

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10
Q

what is self image utility

A

receive utility when others approve/consume your post (recognition, liking)

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11
Q

what is homeostasis utility

A

receive utility when restoring equilibrium. venting makes you feel better

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12
Q

what is social utility

A

consumers receive utility when enjoying social experiences (connect, discuss)

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13
Q

what is economic utility

A

receive utility when responding to a direct economic incentive (free drink if you check in on yelp, like us on facebook)

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14
Q

2 types of consumer behavior when posting

A
  1. bandwagon effect
  2. differentiation effect
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15
Q

bandwagon effect

A

consumers follow the trend and post similar content

conform with the crowd

adjust ratings

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16
Q

differentiation effect

A

perceived as experts and post more negatively

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17
Q

what produces biases on SM data?

A
  1. selection effects
  2. extreme opinions
  3. self image
  4. incentivized opinions
  5. fake reviews
  6. bandwagon effects
  7. differentiation effect
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18
Q

types of UGC

A
  1. ratings and reviews
  2. textual information
  3. social network posts
  4. photo content
  5. video content
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19
Q

impact of UGC

A

P - prior preferences, beliefs, and experiences
M - marketers
O - Word of mouth

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20
Q

5 steps in consumer purchase decision process

A
  1. problem
  2. information search
  3. alternative evaluations
  4. purchase decisions
  5. post purchase decisions
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21
Q

UGC impacts consumer behavior in two ways

A
  1. WOM
  2. customer behavior to sales
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22
Q

sentiment analysis - text mining

A

negative vs positive sentiment (“love” vs “bad) :( :)

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23
Q

phrase scoring (sentiment analysis)

A

using ML to identify phrases associated with positive / negative ratings

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24
Q

text mining and brand association

A

map out how our company is doing compared to other brands / overall associations

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25
Q

Latent Dirichlet Association

A

input: text based messages
output: words highly associated with more extensive topics

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26
Q

drawback with SM evaluating

A

situation based, not sure if sales relate directly to ad expenditure

27
Q

experimental group

A

people who did recieve treatment

28
Q

control group

A

people who did recieve the treatment

29
Q

how many things to we vary in SM experiments

A

one (price, color, new ads)

30
Q

what is regression equation

A

y=Bo+XB1+E

31
Q

what does y stand for in regression

A

rating/engagement (dependent)

32
Q

what does x stand for in regression

A

content (independent)

33
Q

what is the goal of regression analysis

A

assess the impact of x on y

34
Q

what does Bo tell us

A

if x is 0, or if we exclude x, what is y (intercept)

35
Q

what does B1 tell us

A

magnitude of impact of x on y (slope)

relationship between x and y is a function of B1

36
Q

what does it mean when B1 is positive

A

x has a positive relationship with y

37
Q

what does E tell us

A

error (x will never 100% predict y, theres always outliers)

38
Q

when x increases by 1 unit…

A

y will increase by B1 unit

39
Q

what does R mean in regression output statistics

A

the measure of fit, whether or not our line fits our data well

40
Q

what does an R value of 1 mean?

A

perfect prediction, means that every data point is on the line

41
Q

what is the scale of the R value on

A

0-1

42
Q

what does the p value tell us?

A

if there is noise in our data

43
Q

what does a p value of less than 0.05 mean in relation to Bo

A

coefficient (Bo, intercept) is less than 0

44
Q

what does a p value of greater than 0.05 tell us?

A

there is no relationship between y (sales) and x (content), NO MATTER how big the R value is

45
Q

if there is a p value of 0.000 and an R coeff value of 0.018, if x increases by 1 review…

A

then y increases by 0.018

46
Q

content that will increase transmission rate revolves around

A
  1. relevance to current world
  2. self image
  3. emotion filled content (valence, arousal, dominance)
47
Q

what is the role of content in SMM

A

UGC posted by influencers are more impactful due to reach and influence

reach

influence

48
Q

the greater the reach…

A

the greater the ability to impact early stages of consumer decision process

49
Q

what is reach

A

of friends, views, and followers

50
Q

you are more likley to go viral if the post is…

A
  1. emotional (negative/positive)
  2. more dominance / control
  3. relevance to todays world
  4. promoting self image
51
Q

what is seeding

A

starting the conversation and seeing where it grows

52
Q

who are the best seeders

A

influencers

53
Q

3 things we should maximize when seeding

A
  1. probability of WOM transmission
  2. probability of influence
  3. network structure
54
Q

some correlation of WOM transmission includes

A
  1. interest in product/brand
  2. prior WOM transmission
  3. posting frequently
55
Q

some correlations of influence to transmission include

A
  1. expertise in the product/brand
  2. your social hub
  3. prior influence on friends
56
Q

definition of network structure

A

ties/connections between users in a social network

57
Q

what does degree centrality tell us?

A

the measure of an individuals reach, the number of ties for an individual

57
Q

what does closeness centrality tell us?

A

the average length between the shortest paths that connect node and everyone else

58
Q

what is the majority illusion in closeness centrality

A

placement of adopters shape how people see popularity

59
Q

what does betweenness centrality tell us ?

A

the number of times a node acts as a bridge along the shortest path between two other nodes

60
Q

what is degree centrality formula

A

of ties / (n-1)

61
Q

what is closeness centrality formula

A

(n-1) / closest distance between x and all other users

62
Q

what is betweenness centrality formula

A

of times node is passed through / # of paths two individuals can take to get to each other

MKTG 177 (1 decks)

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