Marketing 495 Test 1
three key characteristics that define social media
-It's social -It builds on network effect -It allows user contribution
What are the factors that can drive the success of a viral marketing campaign?
-Proper Seeding -High Viral Coefficient > 1 -Short Viral Cycle Time
Network Clustering Coefficient =
# of Actual Connections Present/# of All Possible Connections
What is inbound marketing?
Marketing tactics that help a company get found online, as opposed to interrupting customers to get their attention focuses on earning a customer's attention
Social Media tool Twitter
Strengths-Large segments of the population use it (now 3rd largest social network) Weaknesses-Distraction, information overload.
Social media tool Facebook
Strengths-Widely adopted by large segments of the population. Weaknesses-Will the younger generation stay on Facebook after Grandma has "friended" them?
strong ties vs. weak ties
Strong Ties are relatively small in number but are qualitatively powerful (peers and kinship) Weak Ties are superficial, but they are large in number, providing connections to a wide array of people
What is the strength of the weak tie?
That weak ties often represent important bridges of information.
What three things should companies do to adapt to the Web 2.0 environment?
-.Lose the Illusion of Control -Constant Monitoring/Feedback Loop -Engage Consumer Tribes
If the actual number of connections in Mary's network above is 9, what is the clustering coefficient for her network?
0.2
What are the five steps involved in amplifying a brand's fan base?
1.Outside Perspective-listening to customers 2.Respond-Participate in conversation 3.Enable-Encourage sharing 4.Amplify- Connect C2C 5.Change- Revise your marketing
Mary's close social network consists of 10 individuals (including Mary herself). How many total possible non-directional connections can exist in that network?
45
Which of the following campaigns is most likely to go viral?
50 average invites sent and 10% conversion rate
Which of the following is the best example of the social utility that a viral content can provide?
A controversial video that creates an interesting conversation topic among you and your friends.
What is the viral cycle time?
Awareness->Trial-> Decide to Invite-> Send invite->Receive Invite
From a network perspective, why was it a smart idea for Facebook to first expand among college students?
Because college students are more highly connected and represent a relatively high-clustering network.
How is a company's blog different from the company's press releases?
Blogs tend to take on a more casual tone than press releases and they target a wider audience than just journalists.
Influencers can be based on which of the following criteria?
D.All of the above-Correct A.Having lots of connections to people B.Having strong connections to people C.Occupying important bridging positions in social networks
Companies used to have real control over their marketing prior to the Web 2.0 environment. But they don't any more.
False
The Google website provides a jumping board for many other websites. It also receives a lot of incoming links from other websites. Google can be considered which part of the bowtie shaped Web?
Core sites
Which one of the following is NOT considered a social media tool?
Corporate website
A company who dabbles in social media here and there without an clear overall strategy and metrics is using what type of social media strategy?
Creative experimenter
The use of a viral video to spread brand awareness represents which step of the fan amplification process?
Enable
Which of the following actions best represents the way companies should market in the Web 2.0 environment?
Engage with consumers through questions and replies on Twitter
According to the Metcalfe's Law, the value of a network increases at about the same speed as the total number of nodes in the network.
False
On Facebook, the amount of social interaction generated by a company's Facebook page is measured by how many total people "like" the page.
False
The Internet increased the power disparity between small and large businesses.
False
To create a successful viral marketing campaign, the content of what you share is more important than everything else.
False
What connects the information available on the Internet to each other?
Hyperlinks
Which of the following statements about inbound marketing is correct?
Inbound marketing helps companies get found online.
Which of the following situations is the most suitable for using people with strong ties rather than people with a lot of weak ties as seeds in a viral marketing campaign?
Introducing a new hybrid banking and investment product
What is one key difference between social media and traditional marketing media?
It allows user contribution rather than simply talking to consumers.
Which of the following is a weakness of a high-clustering network?
It does not reach very far.
What is the key weakness of Twitter?
It is updated so frequently that it may become a distraction to users.
For a company who wants to let as many people know about its products as possible, it should choose a network with a _______ clustering coefficient.
Low
What is Network effect?
More usage of the product by any user increases the product's value for other users (and sometimes all users). A product becomes more valuable the more people use it
Which of the following statements about amplifying fans in the social media space is INCORRECT?
Providing customer service through social media represents the "Change" step of the amplification process.
Which of the following marketing tools is an example of inbound marketing?
Search engine advertising
Social media tool LinkedIn
Strengths-Everybody's on LinkedIn Weaknesses-Most people have trouble knowing what to do with LinkedInafter they upload their business information.
According to network effect, the value of a product increases as ________ increases?
The number of people who use the product
The seeding factor contributing to viral marketing success refers to:
The proper choice of the initial consumers to use in a viral campaign
1. Everything else being equal, how does viral cycle time affect the success of a viral marketing campaign?
The shorter the cycle the better the outcome
strong ties
Ties that often indicate emotional support, not just informational support between people.
When we say Internet marketing is superior to offline marketing in terms of availability, we are referring to availability in terms of ______ and ________?
Time and space
Companies should leverage the social connections among consumers in the Web 2.0 environment.
True
One way for an online social network to survive competition is to offer something different from the leading network.
True
The Internet allows businesses to reach more customers at a lower cost.
True
Among the social media tools listed below, which one tends to be the most personal and casual (as opposed to professional and commercial)?
Which of the following social media tools probably needs the most frequent updates?
What key characteristic differentiates Web 2.0 from Web 1.0?
Web 2.0 focuses on people-to-people interaction instead of people-to-computer interaction.
low clustering network
Wide reach •Not very reliable •Suitable when wide reach is of essence
Which of the following is a tool or concept representing the Web 2.0 environment?
Wikipedia
How is the viral coefficient derived?
number of invites X conversion rate
weak ties
social connections that are personally superficial but are large in number and provide connections to a wide range of other individuals (ex. social media) acquaintances or people we know through association with a third party
strength of weak ties
the notion that relatively weak ties often turn out to be quite valuable because they yield new information
What is outbound marketing?
tries to find customers and grab their attention in a specific moment
What factors contribute to successful viral marketing?
•Content (personal and social) •Network (seeding, viral coefficient & viral cycle time)
High-Clustering Network
•Fast and reliable •Does not reach far •Suitable when time is of essence
How to choose the right seed customers?
•Mass connectors •Strong ties •Bridging positions