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mktg 177 > final exam > Flashcards

final exam Flashcards

1
Q

3 components of engagement

A
  1. involvement
  2. interaction
  3. influence
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2
Q

what is involvement with engagement and give an example

A

passive engagement with a brand on SM (ex: visits, time spent consuming content, views)

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3
Q

what is interaction with engagement and give an example

A

active engagement such as likes comments, posts, mentions

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4
Q

what is influence with engagement and give an example

A

active engagement with a brand, what consumers do with other consumers in relation to your brand in SM (Ex: sharing content, recommending brands, referrals, sentiment of mentions)

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5
Q

give examples of passive SM strategies

A
  1. search, seek, consider responding
  2. seek out mentions of your business, competitors, and industry
  3. listen to what people say
  4. get feedback
  5. post things
  6. make own website or brand page
  7. not really being involved

observing, monitoring, listening

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6
Q

give examples of active SM strategies

A
  1. engaging in conversation
  2. create content
  3. build sm profiles
  4. connect with influencers
  5. create targeted, appropriate content
  6. facilitate conversations
  7. respond to comments
  8. create content that can be shared
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7
Q

4 engagement success strategies

A
  1. be participatory
  2. be authentic
  3. be resourceful
  4. be credible
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8
Q

explain be participatory and give an example

A

interact with the community, answer questions, earn trust by participating in existing communities (Ex: respond to blog comments, tweets, or facebook posts that mention the brand)

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9
Q

explain be authentic and give an example

A

having conversations without forced attitudes (Ex: give honest responses, communicate professionally and personably)

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10
Q

explain be resourceful and give an example

A

become a “go to”p place (ex: answer questions and deal with complaints, share customer feedback, solicit customer opinions, enact thought leadership)

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11
Q

explain be credible and give an example

A

build a reputation for knowledge and expertise, build trustworthiness, therefore people may go to you first before they rant on the internet
(ex: be ready to share info, explain the rationale behind decisions, admit mistakes, ask for understanding and support)

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12
Q

homophily

A

tendency for people to seek out or be attracted to those who are similar to themselves (birds of a feather flock together)

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13
Q

why might homophily make it difficult for content to go viral?

A

the more homophily we have, the less we are connected to other people (ex: older generations, people in other continents, people with different interests)

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14
Q

if we want to prevent homophily, what type of person should we seed to?

A

someone who has a high betweenness centrality (more likely to act as a bridge across networks)

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15
Q

explain a SM echo chamber. how does it relate to homophily

A

any statement of opinion within your flock is likley to get approval because it will only be read or heard by people who hold similar views

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16
Q

3 things that may be affected by homophily

A
  1. WOM
  2. virality
  3. seeding/influence
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17
Q

how can WOM be affected by homophily

A
  • helpful if targeting specific groups
  • not helpful if we want to bounce info out of a specific community
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18
Q

how can virality be affected by homophily? how can a firm steer away from homophily when trying to make something go viral?

A

to get info away from a local network, be broad instead of specific. everyone can relate to emotions and big experiences

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19
Q

how can seeding / influence by affected by homophily?

A

if our goal is to expand our audience, we may want to seed people who are interested in the general category instead of the specific person

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20
Q

small world network. give an example.

A

most users can reach every other user by a small number of steps
ex: Facebook users tend to form clusters of friends, yet they are connected to others outside these clusters through a few intermediate connections

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21
Q

how can homophily be an issue when it comes to small world networks

A

homophily groups people together with similar interests, if everyone has a high propensity to buy makeup or hear from others about makeup we cant target a focal individual because everyone is more likely to buy the same thing

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22
Q

explain causality with SM ads

A

marketers need to determine whether a change in one variable likely caused an observed change in another. hopefully the change in the independent variable will cause a change in the dependent variable. important to know whether the levers pulled and moved in advertising actually make an impact

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23
Q

examples of independent vs dependent SM ad types

A

independent = ad type or content
dependent = sales

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24
Q

extraneous variables (give example)

A

any other variables that have an impact on the dependent variable. we can either control or not control them. ex: competitors prices or user characteristics

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25
Q

ATE (avg treatment effects)

A

difference in mean outcomes between those in the treatment group vs those in the control group (compare A and B)

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26
Q

treatment compliance

A

users in the treated group were not exposed to the treatment

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27
Q

what would be a reason for treatment compliance?

A
  1. too much content
  2. they dont use that app that day
  3. algorithm doesnt target them
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28
Q

ITT (intent to treat)

A

A+A1 = B, Group A has half exposed and half not exposed
Group B is not exposed,

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29
Q

drawbacks to ITT

A
  1. If only 10% were exposed, there could be a weak correlation (we still look at all A + A1 compared to all B)
  2. Results depend on the percentage in the exposed group
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30
Q

ATT (average treatment effects on treated)

A

Treatment (exposed, A) = control
A vs B (A1 is not in this), this is casual if users in the exposed group are the same as users in the control group

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31
Q

drawbacks to ATT

A
  1. Difficult to measure but more helpful
  2. Treatment (exposed, A) are very different than B control
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32
Q

social ads, basic experiment design

A
  • Randomly divide 10,000 users into two groups
  • Group A → assign to ad group, measure sales
  • Group B → assign no ads, measure sales
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33
Q

content strategy, basic experiment design

A
  • Randomly divide 10,000 users into two groups
  • Group A → assign to content 1, measure sales
  • Group B → assign to content 2, measure sales
34
Q

facebook ads - how does this work

A
  1. firm sets a target audience and bid amount
  2. no guarantee that any one individual sees your ad
35
Q

why might a user not see your ad on facebook ?

A

they arent consistent with your interests / previous posts

36
Q

solutions to ensure that someone in treatment group sees your ad?

A

PSAs - fill the spot of another ad because you do not want similar ads shown here

37
Q

PSA, basic experiment design

A
  • Randomly divide 10,000 users into two groups
  • Group A → assign to ad group, measure sales
  • Group B → assign to PSA measure sales
38
Q

drawbacks of PSA ads?

A
  1. If you dont pay enough $ B might still see competitors ad
  2. If B isnt relevant to PSA ad, they might not even see the ad
  3. Costs a lot of money → we have to pay for both our ads and PSA ads
39
Q

drawbacks of content sharing AB testing strategy?

A
  • People can share their content to the other group
  • Eliminates time-sensitive content (content becomes less novel if certain users are already exposed)
  • Spending money for poor-performing ads which could reduce sales
  • Experimentation results may only apply for this particular time period
40
Q

what are solutions to drawbacks of content sharing AB testing strategy?

A
  1. multi armed bandit approach
  2. gathering data
41
Q

mulit armed bandit approach

A

balance exploration (try different content) and exploitation (use content with the highest payoff)

42
Q

data analytics in regard to content sharing AB testing solution

A

identify content that are more likely to affect important metrics (sales / sharing)

43
Q

3 strategies firms can enact when generating SM

A
  1. Disseminate the appropriate content
  2. Foster and manage WOM communications
  3. Use appropriate media channels
44
Q

CPM formula

A

( cost / # impressions ) x 1000

45
Q

explain disseminating the appropriate content

A
  1. Assessing what type of content works best for us
  2. Not necessarily about virality
  3. May not match our brand associations
  4. Do these associations play will with the content you create?
    5.
46
Q

when looking at Disseminating the appropriate content for a firm, what types of content works best for the firm?

A
  1. Fits with firms brand
  2. Generates WOM activity (effective on SM
47
Q

Brand associations

A

anything that comes to mind when the consumer thinks or heard about the brand

48
Q

Content disseminated by the firm is generally not as effective than that ____

A

disseminated by individuals

(May be seen as advertising
Not as finely targeted)

49
Q

when disseminating content to influencers, what type of results do we need to ensure come from appropriate content for influencers

A
  • Probability that they give us WOM transmission
  • Probability that they give us influence
  • Probability that they give us a good network structure
  • But not all influencers are appropriate even if they meet this criteria
50
Q

when targeting the correct influencers a firm needs to consider…

A
  • Their past messages (fit for our brand)
  • That their followers are in our target market
  • Network location in relation to our a. Other seed influencers b. Our target market
51
Q

Seeding

A

pay influencers to get the conversation going

52
Q

Organic seeding

A

develop content that matches with an influencers persona to organically generate sharing activity

53
Q

how can we ensure organic seeding when fostering and managing WOM communications

A
  • Must be unique with influencer image
  • Must activate an influencers image related utility
  • Method can increase the probability of sharing among all users, not for a specific user
54
Q

how do we foster and manage WOM communications

A
  1. develop organic seeding
  2. Target the right motivations
  3. Target the right location/time
  4. Target the right people
  5. Receive feedback
55
Q

how does a firm target the right motivations for consumers to enact WOM marketing? give examples.

A
  1. Target Self-Image Based Utility
    - ex: “Show your friends how good you are at finding good products.
  2. Match the Offer with the Target
    - ex: Motivation: The individual prides themselves on finding and recognizing good deals.
    Offer: Provide an exclusive coupon or deal that they can share with their friends. This not only allows them to showcase their deal-finding skills but also gives them a sense of exclusivity and privilege.
55
Q

how does a firm target the right location/time to enact WOM marketing? give examples.

A
  • Contextual targeting
  • ex: Share content about a new burger at the neighborhood BBQ
  • ex: Tell a personal story about using a product
56
Q

how does a firm target the right people to enact WOM marketing? give examples.

A
  • Heavy users might not be motivated to share or might share with those who would already buy → they may already share without a boost because they are so loyal to the brand / influencer
  • Target non loyal users may be more impactful because conversations by them are heard by someone who is uninformed about product
57
Q

explain paid media with advertising

A
  • Traditional marketing relies on interruption marketing
  • Purchase the right to interrupt people → tv ads, billboards, radio ads, are created to interrupt the viewer on what they are doing
  • Viewers realize that ads are part of the cost of consuming media content
  • Can achieve lots of impressions but with low earned media
58
Q

explain paid media with seeding influential

A

We focus on purchasing social media slots from influencers, whose followers are more likely to share firm-generated content, making these impressions more impactful and authentic than traditional ads, even from low-profile users

59
Q

what is the Best way to generate earned media from paid media

A

seeding influential

60
Q

what is Owned media and give an example

A

digital assets and channels that a company directly controls, allows the company to directly manage and publish content, engage with its audience, and build a consistent brand image

ex: company’s official website, blogs, email newsletters, and social media profiles on platforms like Facebook, Twitter, Instagram, LinkedIn

61
Q

“Permission marketing”

A

consumers opt into receiving communication like newsletters or emails

62
Q

what types of people do you want to hire when looking at spreading through appropriate media channels

A

You want to hire everyday people to post and reach look users so they are more trustworthy and reach more people than simply posting on facebook

63
Q

how might homophily impact owned media

A

Your content might only circulate within a group of like-minded individuals, leading to an echo chamber effect where the same ideas are repeatedly reinforced without reaching new or different perspectives

64
Q

what is earned media. give examples

A

Definition: Earned media refers to the organic publicity and exposure gained through word-of-mouth, mentions, shares, reviews, and media coverage.
Examples: Customer reviews, social media shares, mentions in blog posts or news articles, and viral content

65
Q

1 unit increase in x leads to a ___

A

B increase in y

66
Q

As long as p value > 0.05 than your ____ is significant

A

coefficient

67
Q

why is sm marketing different from traditional marketing

A
  • facilitates two way relationship/conversation
  • SM gives real time research
  • idea generation
  • contribution > control (relying heavily on UGC)
68
Q

altruistic based utility

A

you feel better by helping others out

69
Q

consumption based utility

A

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

70
Q

self image utility

A

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

71
Q

homeostasis utility

A

receive utility when restoring equilibrium. venting makes you feel better

72
Q

social utility

A

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

73
Q

economic utility

A

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

74
Q

differentiation effect

A

perceived as experts and post more negatively

75
Q

Customer’s purchase decision process

A

problem
information search
alternative evaluations
purchase decisions
post purchase decisions

76
Q

how to promote virality

A

emotional (negative/positive)
more dominance / control
relevance to todays world
promoting self image

77
Q

what is degree centrality formula

A

of ties / (n-1)

78
Q

what is closeness centrality formula

A

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

79
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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