MIS Chapter 9

Group Shopping

Web sites such as Groupon and LivingSocial offer major discounts or special deals during a short time frame.

Viral Marketing

Word-of-mouth advertising—lends itself especially well to social networking.

Blogs

(short for weblog) A personal Web site, open to the public, in which the site creator expresses his or her feelings or opinions via a series of chronological events.

Conversational Marketing

Feedback from customers provided to companies through social computing tools (e.g., blogs, wikis, online forums, and social networking sites.

Using Facebook for Market Research

1. Obtain feedback from Facebook Fans 2. Test-market your messages 3. Use Facebook for survey invitations

Using LinkedIn for Market Research

1. Post a question 2. Solicit advice from a LinkedIn group

Using Twitter for Market Research

1. Visit Twitter Search 2. Monitor industry-specific keywords 3. Review TweetStats 4. Solicit information from customers & interact with them

Wiki

A Web site made up entirely of user generated content (Example: Wikipedia.com).

Mashups

A Web site that takes different content from a number of other Web sites and mixes them together to create a new kind of content. (Googlemaps.com)

Microblogging

A form of blogging that allows users to write short messages (or capture an image or embedded video) and publish them (Example: Twitter).

Tagging

A keyword or term that describes a piece of information—for example, a blog, a picture, an article, or a video clip.

Social Network

A social structure composed of individuals, groups, or organizations linked by values, visions, ideas, financial exchange, friendship, kinship, conflict, or trade.

Geotagging

A specific form of tagging referring to tagging information on maps (example: Google Maps allows users to add pictures and information, such as restaurant or hotel ratings, to maps).

Social Marketplaces and Direct Sales

Act as online intermediaries that harness the power of social networks for introducing, buying, and selling products and services. A social marketplace helps members market their own creations.

Social Commerce Benefits to Customers

Better and faster vendor responses to complaints (on Twitter, Facebook, and YouTube) Customers can assist other customers (e.g., in online forums) Customers' expectations can be met more fully and quickly Customers can easily search, link, chat, and buy while staying on a social network's page

Social Commerce Benefits to Businesses

Can test new products and ideas quickly and inexpensively Learn a lot about their customers Identify problems quickly and alleviate customer anger Learn about customers' experiences via rapid feedback Increase sales when customers discuss products positively on social networking site

Conducting Market Research Using Social Networking

Customer sentiment expressed on Facebook, Twitter, LinkedIn and similar sites represent an incredibly valuable source of information for companies allowing them to analyze the data, conduct better advertising campaigns, improve their product design and their service offerings.

Shopping Communities and Clubs

Host sales for their members that last just a few days and usually feature luxury brands and heavily discounted prices. These clubs tend to be exclusive and help sell luxury items without watering down the brands' images.

Social Networking

Refers to activities performed using social software tools (e.g., blogging) or social networking features (e.g., media sharing).

Social Advertising

Refers to the advertising formats that make use of the social context of the user viewing the ad. It is the first form of advertising to leverage forms of social influence such as peer pressure and friend recommendations and likes.

Social Capital

Refers to the number of connections an individual person has within and between social networks.

Social Commerce

The delivery of electronic commerce activities and transactions through social computing.

Peer-to-Peer Shopping Models

The high-tech version of old fashioned bazaars and bartering systems. Individuals use these models to sell, buy, rent, or barter online with other individuals.

Social Graph

The map of a single member of a social network comprised of all relevant links or connections among the greater social network.

Market Research

Today members of social media voluntarily provide demographics that help identify and target potential customers. Due to the open nature of social networking, merchants can easily find customers, see what they do online, and learn who their friends are.

Folksonomies

User generated classifications that use tags to categorize and retrieve Web pages, photos, videos, and other Web content.

Ratings, Reviews, and Recommendations

Usually available in social shopping and generally come from, (a) Customer ratings and reviews integrated into the vendor's Web page (b) Expert ratings and reviews from an independent authority (c) Sponsored reviews: paid-for reviews (d) Conversational marketing: individuals converse via e-mail, blog, live chat, discussion groups, and tweets.