MGT 6311 Gatech Midterm Exam Questions Complete With 100% Verified Answers

MGT 6311 Gatech Midterm Exam Questions Complete With 100% Verified Answers Q.Cluetrain Manifesto - ANSWER-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 Q.Market share - ANSWER-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. Q.Pay per click (PPC) - ANSWER-Advertising where the advertiser pays only for each click on their advert, not for the opportunity for it to be seen or displayed. Q.Return on investment (ROI) - ANSWER-The ratio of cost to profit. Q.Search engine optimisation (SEO) - ANSWER-The practice that aims to improve a website's ranking for specific keywords in the search engines. Q.Strategy - ANSWER-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 Q.Tactic - ANSWER-A specific action or method that contributes to achieving a goal Q.Porter's 5 Forces - ANSWER-Power of suppliers, power of customers, threat of new entrants, threat of substitute products --> competitive rivalry within industry Q.5 P's of marketing mix - ANSWER-Product, price, place, promotion, people Q.SWOT - ANSWER-Strength, weakness, opportunities, threats Q.What do objectives need to be? - ANSWER-SMART: specific, measurable, attainable, realistic, time-bound Q.Attention economy - ANSWER-The idea that human attention is a scarce commodity i.e. seeing attention as a limited resource. Q.Customer experience map - ANSWER-A visual representation of the customers' flow from beginning to end of the purchase experience, including their needs, wants, expectations and overall experience. Q.Customer persona - ANSWER-A detailed description of a fictional person to help a brand visualise a segment of its target market. Q.Global citizen - ANSWER-A person who identifies as part of a world community and works toward building the values and practices of that community Q.Tribe - ANSWER-A social group linked by a shared belief or interest. Q.Product - ANSWER-An item sold by a brand Q.Story - ANSWER-A narrative that incorporates the feelings and facts created by your brand, intended to inspire an emotional reaction Q.Understanding motivation - ANSWER-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 Q.Extrinsic motivators - ANSWER-Limited time specials and discounts, scarcity, loyalty programmes, ancillary benefits, free content or downloads Q.Intrinsic motivators - ANSWER-Love, enjoyment and fun, self expression, personal values, achievement or competence, negative intrinsic motivators (fear, embarrassment, inertia) Q.Cognitive biases - ANSWER-personal prejudices and preferences, as well as common ways of thinking that are inherently flawed Q.Pricing bias - ANSWER-More expensive better,will derive more psychological pleasure from more expensive, even if cheaper is just as good