BUS 1750 EXAM 3 STUDY GUIDE

EXAM #3 STUDY GUIDE ( CH. 13, 16,17,18) Module 7 - Chapter 13 Lecture [reading]:- LO1 - Define marketing, and apply the marketing concept to both for-profit and nonprofit organizations. Word-of-mouth promotion is  one of the most effective ways to increase the positive perception of a company’s goods.  This occurs when an existing customer share her experience with a potential customer.  This experience can also be simulated in advertising. When you see a commercial where the consumer states how well a company’s product worked for her, the ad is using word-of-mouth techniques (in the form of the testimonial) to sell more product. Viral marketing, or buzz marketing, is the next generation of advertising.  This type of sales technique is value added, and can include anything from product placement in a TV show to a YouTube video designed to promote brand awareness to a cell phone text message that advertises a sale on accessories or new phone styles. The goal of this brand of marketing is to  create conversation and compel the user to spread awareness of the product with friends and family. Blogs and social networking sites such as Facebook and LinkedIn are important components of viral marketing. Blog marketing is the