CB Session 17 - MKT 613 Consumer Behavior Prof Carolyn Yoon...

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MKT 613- Consumer Behavior Prof. Carolyn Yoon Session 17 (Mar. 23) Notes Slides: Social Media In terms of the rise of social media, the way to think about it, if you think about us as kind of an extended version of me, so in the egocentric world that we reside, it used to be that them are out there, but the us are redefined. The clusters are much more closer, and those clusters in turn are interrelated so consumers expect to be involved, and companies expect consumers to be involved so it is a collaborative effort, very different from traditional media, clearly. I think the social media article talks about that a little bit, and even though it was written last year, it is already getting dated, and that is the nature of the beast. In the article, it categorizes social media by five categories, in there you would expect the social media discussion, forums, and microblogging, and there is something called content aggravaters. So there are all sorts of other ways to thinking about the space. So MMO stands for massive multiplying online, and there is the RPG, which is the role play game. There are MMO RPGs, and I think WoW is an MPG, how many play that? It is very normal, now we see companies embedding ads in there. They are seeing some upturns in sales, remember the 18-24 year old boys are hard to get at, especially since they avoid traditional forms of media. Lets talk about social media a bit more from the standpoint of the company. Now this is consumer behavior, so the perspective we take tends to be from a consumer standpoint, but I think the HBR article talks about three ways in which you can think about social media strategies from a companies standpoint. So that article may not be obvious to you, but it shifts roles back in forth from a consumer’s view and sometimes from a company’s point of view. Rose talked about all of these things, but her focus was squarely on brand-building, and she thinks about building brand relevance through social media. Slide: Drive Purchase: Dell on Twitter When we talk about driving purchase, to be very explicit about it, Dell on Twitter. This is the prototypical example that is given, one that has been implemented very well. The world changes so fast in this domain, I feel the way that Harvard makes money is writing a paper, use that 20-25 years later. It is art to write something that will stand the test of time. To move on, why is this showcased as an example ? It has got 1.6 million followers now, Dell on Twitter. They tweet special deals , sometimes they are refurbished, and what they find is that, I don’t know how many people actually purchase, not that many, the revenues nowadays are something like 6 billion dollars in revenues, not great but it is still being counted for as what Twitter can do for a business. Why do you think this is a good case study if nothing else, does it communicate to us the power of Twitter? Not that impressed. You can track how many page views, all the way down to sales. With social medias, that is really hard to do. We can calculate, companies love the idea.
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CB Session 17 - MKT 613 Consumer Behavior Prof Carolyn Yoon...

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