MGT 6311 GATECH MIDTERM EXAM 2025

Clue train Manifesto - -A set of 95 theses organized 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 materialize, 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. MGT 6311 MGT 6311 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 Heuristics - -Decision making shortcut or mental model that helps us make sense of difficult decision making process or estimate answer to complex problem (availability, representativeness, price-quality, anchoring and adjustment Choice - -Word of mouth/peer suggestions, personal preferences and history, habits, decision load Defaults - -Removes the need to make an active decision - offer path of least resistance, serve as social signal, offer assurance, take advantage of loss aversion Choice architecture - -Small number of choices, ideally 3, less than 5 MGT 6311 MGT 6311 A recommend or default Visual design hierarchy Business intelligence/ insights - -Data that can help businesses understand the factors influencing their success and how these can be used to benefit them. Connected customer - -Consumers are increasingly connected, using ever-growing numbers of Internet-enabled devices. These offer opportunities for data collection. Current indicators - -Information from the present time that can help businesses to understand their customer and themselves. Customer intelligence - -The process of gathering and analysing information about customers to improve customer relationships and allow for more strategic business decisions. Data intelligence - -The process of gathering and analysing data from all available sources to improve customer relationships and make more strategic business decisions. Disruption - -When a disruptive innovation changes the market and displaces established players. Dynamic data - -Data that is constantly updated and evaluated to provide a dynamic, changing view of the customer. Future/leading indicators - -Information that can help a brand to make decisions about the future. Goals - -Specific actions taken by a user, or specific user behaviour. Internet of things - -The interconnection of everyday objects to the Internet via embedded computing devices, giving them the ability to send and receive data. Key performance indicators (KPI - -The metrics that are examined to determine the success of a campaign. Lagging indicators - -Older data that gives information on how a brand performed in the past. Net promoter score (NPS) - -The KPI used to measure customer loyalty. MGT 6311 MGT 6311 Segmentation - -The process of breaking an overall audience or target market into smaller groups based on specific commonalities for more accurate targeting. Single view of customer - -Single view of customer is achieved when all customer information is available in a single central location. SMART objectives - -A marketing objective that is specific, measurable, attainable, relevant and time bound. Target - -The specific value that a marketer wants a metric to achieve. Data relevant to brands - -Algorithmic intelligence, business intelligence, customer intelligence, software intelligence Sources of data - -Online data, databases, software data, app store data, offline data Bounce rate - -The number of people who view one page and then leave a website without viewing any other pages. Data statistics and facts collected for analysis Data sentiment analysis - -The systematic analysis of subjective materials, such as survey responses or social media posts, in order to determine the attitude and intended emotional communication of the customer. Focus group - -A form of qualitative research where people are asked questions in an interactive group setting. From a marketing perspective, it is an important tool for acquiring feedback on new products and various topics Hypothesis - -A supposition that is tested in relation to known facts; a proposition based on reason but not necessarily assumed to be true.