exam 1

Question 1

definition: SMM

Answer 1

the process of gaining website traffic/attention through SM sites

Question 2

4 reasons why we use SM

Answer 2

1. buzz
2. fans
3. online conversations
4. leverage media ecosystem (general consumers, customers, superfans)

Question 3

why is SM different than traditional research

Answer 3

1. facilitates two way relationship/conversation
2. SM gives real time research
3. idea generation
4. contribution > control (relying heavily on UGC)

Question 4

SMM planning cycle

Answer 4

1. listening
2. setting goals and objectives
3. defining strategies
4. identify target market
5. select tools
6. select platforms and channels
7. implement plan
8. tuning

Question 5

SM does the best for gaining info based on which type of graphic?

Answer 5

psychographic

Question 6

who posts?

Answer 6

almost no one, power of vocal minority

Question 7

why do consumers post?

Answer 7

1. altruistic based utility
2. consumption based utility
3. self image utility
4. homeostasis utility
5. social utility
6. economic utility

Question 8

what is altruistic based utility

Answer 8

you feel better by helping others out

Question 9

what is consumption based utility

Answer 9

receiving utility through direct consumption of contributions of others (questions, advice seeking)

Question 10

what is self image utility

Answer 10

receive utility when others approve/consume your post (recognition, liking)

Question 11

what is homeostasis utility

Answer 11

receive utility when restoring equilibrium. venting makes you feel better

Question 12

what is social utility

Answer 12

consumers receive utility when enjoying social experiences (connect, discuss)

Question 13

what is economic utility

Answer 13

receive utility when responding to a direct economic incentive (free drink if you check in on yelp, like us on facebook)

Question 14

2 types of consumer behavior when posting

Answer 14

1. bandwagon effect
2. differentiation effect

Question 15

bandwagon effect

Answer 15

consumers follow the trend and post similar content

conform with the crowd

adjust ratings

Question 16

differentiation effect

Answer 16

perceived as experts and post more negatively

Question 17

what produces biases on SM data?

Answer 17

1. selection effects
2. extreme opinions
3. self image
4. incentivized opinions
5. fake reviews
6. bandwagon effects
7. differentiation effect

Question 18

types of UGC

Answer 18

1. ratings and reviews
2. textual information
3. social network posts
4. photo content
5. video content

Question 19

impact of UGC

Answer 19

P - prior preferences, beliefs, and experiences
M - marketers
O - Word of mouth

Question 20

5 steps in consumer purchase decision process

Answer 20

1. problem
2. information search
3. alternative evaluations
4. purchase decisions
5. post purchase decisions

Question 21

UGC impacts consumer behavior in two ways

Answer 21

1. WOM
2. customer behavior to sales

Question 22

sentiment analysis - text mining

Answer 22

negative vs positive sentiment (“love” vs “bad) :( :)

Question 23

phrase scoring (sentiment analysis)

Answer 23

using ML to identify phrases associated with positive / negative ratings

Question 24

text mining and brand association

Answer 24

map out how our company is doing compared to other brands / overall associations

Question 25

Latent Dirichlet Association

Answer 25

input: text based messages output: words highly associated with more extensive topics

Question 26

drawback with SM evaluating

Answer 26

situation based, not sure if sales relate directly to ad expenditure

Question 27

experimental group

Answer 27

people who did recieve treatment

Question 28

control group

Answer 28

people who did recieve the treatment

Question 29

how many things to we vary in SM experiments

Answer 29

one (price, color, new ads)

Question 30

what is regression equation

Answer 30

y=Bo+XB1+E

Question 31

what does y stand for in regression

Answer 31

rating/engagement (dependent)

Question 32

what does x stand for in regression

Answer 32

content (independent)

Question 33

what is the goal of regression analysis

Answer 33

assess the impact of x on y

Question 34

what does Bo tell us

Answer 34

if x is 0, or if we exclude x, what is y (intercept)

Question 35

what does B1 tell us

Answer 35

magnitude of impact of x on y (slope) relationship between x and y is a function of B1

Question 36

what does it mean when B1 is positive

Answer 36

x has a positive relationship with y

Question 37

what does E tell us

Answer 37

error (x will never 100% predict y, theres always outliers)

Question 38

when x increases by 1 unit...

Answer 38

y will increase by B1 unit

Question 39

what does R mean in regression output statistics

Answer 39

the measure of fit, whether or not our line fits our data well

Question 40

what does an R value of 1 mean?

Answer 40

perfect prediction, means that every data point is on the line

Question 41

what is the scale of the R value on

Answer 41

0-1

Question 42

what does the p value tell us?

Answer 42

if there is noise in our data

Question 43

what does a p value of less than 0.05 mean in relation to Bo

Answer 43

coefficient (Bo, intercept) is less than 0

Question 44

what does a p value of greater than 0.05 tell us?

Answer 44

there is no relationship between y (sales) and x (content), NO MATTER how big the R value is

Question 45

if there is a p value of 0.000 and an R coeff value of 0.018, if x increases by 1 review...

Answer 45

then y increases by 0.018

Question 46

content that will increase transmission rate revolves around

Answer 46

1. relevance to current world 2. self image 3. emotion filled content (valence, arousal, dominance)

Question 47

what is the role of content in SMM

Answer 47

UGC posted by influencers are more impactful due to reach and influence reach influence

Question 48

the greater the reach...

Answer 48

the greater the ability to impact early stages of consumer decision process

Question 49

what is reach

Answer 49

of friends, views, and followers

Question 50

you are more likley to go viral if the post is...

Answer 50

1. emotional (negative/positive) 2. more dominance / control 3. relevance to todays world 4. promoting self image

Question 51

what is seeding

Answer 51

starting the conversation and seeing where it grows

Question 52

who are the best seeders

Answer 52

influencers

Question 53

3 things we should maximize when seeding

Answer 53

1. probability of WOM transmission 2. probability of influence 3. network structure

Question 54

some correlation of WOM transmission includes

Answer 54

1. interest in product/brand 2. prior WOM transmission 3. posting frequently

Question 55

some correlations of influence to transmission include

Answer 55

1. expertise in the product/brand 2. your social hub 3. prior influence on friends

Question 56

definition of network structure

Answer 56

ties/connections between users in a social network

Question 57

what does degree centrality tell us?

Answer 57

the measure of an individuals reach, the number of ties for an individual

Question 57

what does closeness centrality tell us?

Answer 57

the average length between the shortest paths that connect node and everyone else

Question 58

what is the majority illusion in closeness centrality

Answer 58

placement of adopters shape how people see popularity

Question 59

what does betweenness centrality tell us ?

Answer 59

the number of times a node acts as a bridge along the shortest path between two other nodes

Question 60

what is degree centrality formula

Answer 60

of ties / (n-1)

Question 61

what is closeness centrality formula

Answer 61

(n-1) / closest distance between x and all other users

Question 62

what is betweenness centrality formula

Answer 62

of times node is passed through / # of paths two individuals can take to get to each other