MGT 6311 gatech Midterm Exam Graded A 2024

Cluetrain Manifesto - A set of 95 theses organised as a call to action (CTA) for businesses operating within a newly connected marketplace, published in 1999. While some of the book's claims have failed to materialise, it was an early source of guidelines for social media and obtained a cult- like following Market share - In strategic management and marketing, market share is the percentage or proportion of the total available market or market segment that is being serviced by a company. Pay per click (PPC) - Advertising where the advertiser pays only for each click on their advert, not for the opportunity for it to be seen or displayed. Return on investment (ROI) - The ratio of cost to profit. Search engine optimisation (SEO) - The practice that aims to improve a website's ranking for specific keywords in the search engines. Strategy - A set of ideas that outline how a product or brand will be positioned and achieve its objectives. This guides decisions on how to create, distribute, promote and price the product or service. Looks at 4 pillars: environment, business, customers, competitors Tactic - A specific action or method that contributes to achieving a goal Porter's 5 Forces - Power of suppliers, power of customers, threat of new entrants, threat of substitute products -- competitive rivalry within industry 5 P's of marketing mix - Product, price, place, promotion, people SWOT - Strength, weakness, opportunities, threats What do objectives need to be? - SMART: specific, measurable, attainable, realistic, time-bound Attention economy - The idea that human attention is a scarce commodity i.e. seeing attention as a limited resource. Customer experience map - A visual representation of the customers' flow from beginning to end of the purchase experience, including their needs, wants, expectations and overall experience. Customer persona - A detailed description of a fictional person to help a brand visualise a segment of its target market. Global citizen - A person who identifies as part of a world community and works toward building the values and practices of that community Tribe - A social group linked by a shared belief or interest. Product - An item sold by a brand Story - A narrative that incorporates the feelings and facts created by your brand, intended to inspire an emotional reaction Understanding motivation - positive, intrinsic: I want to do this to feel good negative, intrinsic: I need to do this or I'll feel bad positive, extrinsic: If I do this, I'll get a reward negative, extrinsic: If I don't do this, I'll face a penalty Extrinsic motivators - Limited time specials and discounts, scarcity, loyalty programmes, ancillary benefits, free content or downloads Intrinsic motivators - Love, enjoyment and fun, self expression, personal values, achievement or competence, negative intrinsic motivators (fear, embarrassment, inertia) Cognitive biases - personal prejudices and preferences, as well as common ways of thinking that are inherently flawed Pricing bias - More expensive better,will derive more psychological pleasure from more expensive, even if cheaper is just as good