COMM 313 Pearson exam with correct answers 2024

McKinsey study: Word-of-mouth - correct answer The study shows that word-of-mouth drives up to 50% of purchase decisions. Consumers listen to and are more trusting of the opinions of their friends and family There are tools for Word of Mouth to be more powerful (Glassdoor, twitter, instagram, yelp, etc..) Doorley: "In this new world, collaboration trumps control; engagement tops trumpeting; and communities outlast audiences.." (Inbound to Outbound marketing) - correct answer Search and social are driving the shift from outbound to inbound marketing Outbound marketing refers to any kind of marketing where a company initiates the conversation and sends its message out to an audience. Inbound marketing is the process of attracting the attention of customers, via content creation, before they are even ready to buy; Mechanisms and tools to get information about customers' reviews and opinions about products and services the challenge now is to get customers to find companies and engage with companies through search *Inversion of influence is also related to this Significance of Doorley: "It's easy to reverse engineer a product innovation..." - correct answer "....it is much more difficult to knock-off a well-adapted culture." it all starts on the inside of a company Doorley on definition of integrated marketing and convergence of brand & reputation - correct answer Integrated Marketing Communication = customer-centric, data-driven method of communicating with customers. Building positive relationships with customers and stakeholders, stressing marketing to individuals by understanding their needs, motivations, attitudes and behaviors. Integrated communication is a practice that advances the marketing plan but also the overall business by aligning the brand with its reputation. ...Two way, systematic communication ...that aligns brand with reputation inside and outside the organization. Doorley (and others) on importance of integrated marketing storytelling - correct answer - Great brands have to be great and authentic storytellers - Stories must be compelling and have motives, and because brands are "non-fiction and building a lifelong relationship with people." -Every type of stakeholders wants to trust that you will deliver the message/feeling/product/etc. that you said you were going to - get to understand customers, and have customers better understand the brand - Burberry wanted one story that everyone could see and also feel. But needed to keep it authentic and pure, but also working to target new audience and new mediums (FB, Insta, etc). But at the end the story had to be the same as the original story. - Everything they would do was target millennial consumer so they had to start speaking in their language. -So they studied this customer and realized that they had to become digital. So they adjusted their strategies in order to be RELEVANT and AUTHENTIC to this new audience. Doorley on Buffett: "Lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless." - correct answer reputation management is important and difficult to fix. Meaning and significance of the marketing & sales funnel - correct answer 1. Awareness (leads, prospective customers now know about the brand) 2. Interest 3. Desire 4. Action (conversion rate are how many people (percentage) who come into our funnel from awareness, and then guide through these stages to finally buy the product) Before, Marketing used to be at the top of the funnel (in Awareness and Interest) Now, Role of marketing as moved down the funnel .. Marketing and PR people are involved in awareness, interest, consideration, intent, and evaluation. Sales is now only in the action phase Recurring theme of Loyalty Advocacy. Today's Holy Grail - correct answer Awareness Consideration Conversation Loyalty