Bmgt484- Final Outline

Bmgt484- Final Outline - Lecture 21 Social Media- an...

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Lecture 21 Social Media- an umbrella term used to describe many different tools- each used for various needs and levels of interpersonal connectivity (collaboration and interaction) Social Media Channels: Current Uses of Social Media: Social Media as part of a Marketing Budget: - - Curren t marketing budget spending on social media- 3.5% - Marketing budget spending on social media in the next 12 months- 6.1% - Current marketing budget spending on social media in the next 5 years- 13.7% Main Benefits of Using Social Media Marketing (according to US Marketing Executives) Customer Engagement – 85.4% Direct Customer Communications – 65% Speed of Feedback Results – 59.9% Learning Customer Preferences – 59.1% Low Cost – 51.1% Social Media Optimization- marketing strategy by which companies distribute their content and information as widely as possible through social media universe - Allowing content to be shared and seen by other sites - Enabling videos to be embedded in people’s social networking profiles Challenges of Social Media Marketing: - Lack of experience/Hard to control - Hard to prove ROI - Lack of metrics to properly allocate the mix between traditional and digital media - Requires constant involvement Social Networks: Myspace, Friendster, tribe, myyearbook, facebook, ebo, tagged, livejournal, hi5, 43things, tagworld, yahoo360, sconex, xanga
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Types of Social Networks: Generalist social networks appeal to a wide audience & require large numbers of members to generate advertising revenue Niche social networks focus on bringing people together based on a specific topic Make Money Through: - Ad-Based Model o Impressions served o Click through o Pay per action o Sponsored search - Pay-per-contact Model o Pay to be introduced o Pay to accept invitation - Subscription Model o Service o Special Features - MySpace o Display ads o Search engine ads - Facebook o From beacon to facebook connect o Nielsen Brandlift (Sept 2009) Lecture 23 Early Days of E-Commerce - Pricing Below Marginal Costs (P<MC) o Sites were losing money on ever sale - Rational o Build large loyal customer base
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Bmgt484- Final Outline - Lecture 21 Social Media- an...

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