MGT 6311 gatech Midterm (Questions and correct answers)

Cluetrain Manifesto correct answers 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 correct answers 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) correct answers 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) correct answers The ratio of cost to profit. Search engine optimisation (SEO) correct answers The practice that aims to improve a website's ranking for specific keywords in the search engines. Strategy correct answers 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 correct answers A specific action or method that contributes to achieving a goal Porter's 5 Forces correct answers Power of suppliers, power of customers, threat of new entrants, threat of substitute products -- competitive rivalry within industry 5 P's of marketing mix correct answers Product, price, place, promotion, people SWOT correct answers Strength, weakness, opportunities, threats What do objectives need to be? correct answers SMART: specific, measurable, attainable, realistic, time-bound Attention economy correct answers The idea that human attention is a scarce commodity i.e. seeing attention as a limited resource. Customer experience map correct answers A visual representation of the customers' flow from beginning to end of the purchase experience, including their needs, wants, expectations and overall experience.