Final Flashcards
What does WOM stand for?
Word of Mouth
In social media marketing, we can call something viral if it:
Spreads widely and rapidly from one consumer to another.
If you are trying to market a mobile app, what or who would represent the viral coefficient?
The number of people that your friends can convince to adopt the app.
T/F - The shorter the viral cycle time and the larger the viral coefficient, the more viral the process.
True
What does the term “seeding” represent when it comes to a viral marketing campaign?
When you send product samples to a selected group of consumers and ask them to generate buzz about that product and share it with other.
According to a recent industry study by the American Marketing Association and Word of Mouth Marketing Association, how many marketers have used or plan to use consumers to start spreading WOM?
Three-quarters
T/F - You only need to seed customers with the largest numbers of connections on social networks.
False
Typically marketing interventions are needed to “nudge” seeds to spread product-related information. Such interventions usually involve a combination of two types of incentives. They are called:
Extrinsic and intrinsic.
What happens if all incentives happen to occur within a short time period?
Seeds will likely stop creating and disseminating product-related information after that period ends.
T/F - An important property of social media communications is that conversations do not necessarily stay on topic of the focal point.
True.
Social media marketers can collect valuable consumer information simply by:
Observing what consumers do and say on social media sites.
It is necessary to measure whether campaign goals are being achieved every time you run an advertising campaign?
Yes
T/F - Knowing what drives negative opinions about your brand can be harmful to your company culture.
False
What is recommended when selecting social media monitoring tools?
Experiment with free ones first.
Which is NOT one of the three key problems in market research?
Conducting market research is inexpensive.
How can social media marketers collect valuable consumer information?
Openness
T/F -Not all social media sites allow easy collection of the content users generate.
True
An example of an engagement metric could be:
Retweets
T/F - It’s easier for small brands (rather than big brands) to get users to generate lots of brand-related content pieces.
False
An approach that brands can take when identifying key advantages and weaknesses is to look for correlations between certain keywords and volumes and:
The sentiment of consumer-generated content.
Consumers are more likely to talk or share information about brands or products that are:
Inherently social
When a product is inherently social, you are extrinsically motivated to recruit / acquire new users / customers on behalf of the company.
False
When your enjoyment of a product has nothing to do with whether your friends are using it, the product does not have a(n):
Network externality
What scenario best describes a positive network externality?
The more friends who use a particular chat app, the more friends you have to chat with, and the more you will enjoy this app.
Which scenario best describes a negative network externality?
If you find your friend wearing the same shoes as you, you might enjoy those shoes less because they are no longer unique to you.
In this equation: U=I+a*E you would want “a” to be:
As large as possible.
T/F - As a marketer, you want to think of ways to make customer’s utility or value a positive function of other customers.
True
Increasing positive network externalities is the product and/or decreasing any negative network externalitiies that might be present are both ways you can help consumers:
Spread WOM about your new product and help acquire new customers.
Why is it important to create an established customer base.
You can leverage it.
T/F - When stimulating demand for a new product or service, start with identifying a large set of target customers who will act as the “seeds” in what will, in effect, be a viral marketing campaign.
False
With the wide acceptance of social media as a way for people to communicate, companies now have to deal with what?
Customer feedback on social media.
What should a company consider before deciding whether to respond to customer feedback on social media?
Understanding the consequences of the action or inaction & Comparison of the benefits versus costs of the action or inaction. (Both A and C)
T/F - It is unnecessary to respond to every form of customer feedback on social media.
True
Responding to customer feedback on social media should be seen as an opportunity to contribute toward the company’s:
Marketing objectives and generate value.
Which company from the book encourages customers to tweet to a specified Twitter account for real-time customer support?
Delta
What really sets social media apart as a customer service / support channel?
A consumer interaction occurs in a publicly accessible and highly visible manner.
Customer feedback on social media can come in many forms. Which one is not mentioned in the book?
None of the above.
T/F - With the advances in today’s social media technology, human effort isn’t required anymore when responding to customers.
False
T/F - As a general rule, it is recommended that companies at least monitor the feedback they are receiving on various social media platforms.
True
When choosing to respond to customer feedback, social media managers need to consider all of the following EXCEPT:
The social media impact score of responding.
