Expert answer:Business Administration Homework
Answer & Explanation:Business Administration HomeworkPart 1
Watch the video below, and then answer the discussion question
that follows at the end.
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Part
2
First, watch the video lecture below to learn why conflict at
work isn’t always a bad thing.
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Now, please respond to the following discussion “Power,
Politics, and Conflict: Can’t We All Just Get Along?”:
Consider a conflict that you or someone that you know is
currently experiencing at work. Using the conflict process and ethical
consideration discussed in the text, recommend an approach for resolving the
conflict. Propose the conflict management techniques that you believe would be
most effective to achieve the desired outcome(s) of your recommendation.
Part 3
•
EACTIVITY
◦
Research the Internet or the Strayer
Library for information about latest activities by the Food and Drug
Administration (FDA), Consumer Product Safety Commission (CPSC), and National
Highway Traffic Safety Administration (NHTSA). Be prepared to discuss.
•
•
From the first e-Activity, analyze
the current state of the government regulation of product safety to determine
whether the referenced agencies are generally proactive or reactive. Provide
one (1) specific example of each agency to support your response.
Compare and contrast the regulatory alternatives discussed in
Chapter 8 of the text in terms of the efficiency and efficacy these
alternatives might provide to businesses and consumers. Next, determine which
solution is the most viable, considering the likelihood of support from
business and government interests. Explain your rationale.
Part 4
The Importance of Social Media and Web Analytics” Please
respond to the following:
•
Question 1 * From the scenario,
prioritize the most significant components of a social media campaign according
to the level of influence each could have on the new product launch. Examine
both the social media tools that will provide the highest return on investment
(ROI), and two (2) key performance indicators (KPIs) that one could use to
measure success. Provide a rationale for your response.
Question 2 Imagine that you are a manager of a retail store in a
major mall with decreasing sales. Suggest two (2) ways that you can use social
media in order to increase sales and promote your business. Provide two (2)
examples of businesses that have used these methods and succeeded.Scenario : MKT500 Scenario Script_Week 8_12-19-13_Final.dochttps://blackboard.strayer.edu/bbcswebdav/institution/MKT/500/1142/Week8/Scenario/story.html
mkt500_scenario_script_week_8_12_19_13_final.doc
Unformatted Attachment Preview
MKT 500 Week 8 Scenario: Developing Social Media Campaigns for the New Product
Launch
Slide #
Slide 1
Scene #
Scene 1
Narration
MKT500_8_1_Samantha-1: Good morning, Ed.
How are you doing today?
[Ed, Samantha – Ed’s Office]
Ed and Samantha meet in the
morning to discuss the next steps
in the tablet PC launch.
MKT500_8_1_Ed-1: Good morning, I’m doing
quite well. What about yourself?
MKT500_8_1_Samantha-2: Good, thanks. I’m
really proud of the progress we’ve been making
with our tablet launch, and I’m excited for the
next steps.
MKT500_8_1_Ed-2: I love your enthusiasm,
Samantha! I spoke with Carl earlier. He said now
that we have selected our advertising media and
budget, we need to take a deeper look into social
media.
MKT500_8_1_Samantha-3: Yes, the enormity
of today’s media choices—the Internet alone—
makes it a wonderful time to be alive. Social
media is at the cutting edge of this trend.
MKT500_8_1_Ed-3: As we discussed, we can
use social media as one of our main media outlets
for advertising the new tablets. However, mobile
marketing is growing because our cell phones
are particularly convenient; they contain our
identities and those of the people we talk to
frequently. They are our portals to email, social
media and networking sites, which are many
people’s primary means of sharing information
and entertainment.
Interestingly enough, at the same time that
electronic and information technologies are
becoming more accessible and pervasive,
traditional media are experiencing their own
changes.
Slide 2
Interaction
Hover your mouse over each
media to discover more
information about the changes
they are undergoing.
Newspaper
Newspaper circulations are
declining, and while optimists
continue to launch new
magazines every year, their
overall sales and circulations are
down as well.
Radio
The number of radio stations has
grown, boosted by satellite
servers, but listeners are tuned in
for less time each day than just a
few years ago.
MKT500_8_1_Ed-4: Hover your mouse over
each type of media to discover more information
about the changes they are undergoing.
MKT500_8_1_Ed-4_Tab A: Newspaper
circulations are declining, and while optimists
continue to launch new magazines every year,
their overall sales and circulations are down as
well.
MKT500_8_1_Ed-4_Tab B: The number of
radio stations has grown, boosted by satellite
servers, but listeners are tuned in for less time
each day than just a few years ago.
MKT500_8_1_Ed-4_Tab C: Television
channels also continue to grow. The bad news
about this fragmentation is that with more TV
channels, the audience for any given show is
typically smaller. The good news is that targeting
is facilitated when the segments of viewers are
somewhat more homogeneous.
TV
Television channels also continue
to grow. The bad news about this
fragmentation is that with more
TV channels, the audience for
any given show is typically
smaller. The good news is that
targeting is a facilitated when the
segments of viewers are
somewhat more homogeneous.
Slide 3
Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_8_1_Samantha-3: Very interesting,
Ed. I hadn’t realized the effects of social media on
more traditional media types.
MKT500_8_1_Ed-5: The other part of the
“social media” story is its social, or human,
element. Belonging to different communities and
interacting with different people in our social
roles is part of our identity.
The most fundamental means of interaction is
dialogue. In social media, customers have
become participants in a dialogue with marketers
or brands.
(Display social media graphic)
Traditionally, customers had been mere recipients
of one-way messages that had been shot out by
marketers, but now customers have a means of
talking back. For example, customers post
positive endorsements about brands, and they also
use the web to vent. I often vent on Facebook
about restaurants where I have had a bad
experience.
MKT500_8_1_Samantha-4: (pointing to graphic
of different types of social media) This is very
true. Are there certain types of social media that
you had in mind for our tablet launch? I have a
Facebook account and use Twitter and Pinterest
frequently, but I feel that using all of these might
be overkill for our new tablet launch.
MKT500_8_1_Ed-6: Well, there are a few sites
that I believe will provide Golds Reling with very
strong exposure during our initial launch. Let me
show you this short video that discusses the
advantages of using social media in our marketing
campaign.
Slide 4
Social Media Marketing in 3
Minutes
http://www.youtube.com/watch?
v=gza8dvN8Hkc
Slide 5
Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_8_1_Samantha-5: Thanks for sharing
that video, Ed. I understand better how social
media helps connect companies to customers, and
helps customers get to know, like, and trust
companies better.
MKT500_8_1_Ed-7: Yes. The key to a
successful social media campaign is selecting a
social media that creates good W.O.M.
MKT500_8_1_Samantha-6: What is W.O.M.?
MKT500_8_1_Ed-8: W.O.M. is Word-ofmouth. Word-of-mouth works on inherently
exciting products like Golds Reling’s new tablet,
and it also works where the notion of buzz
marketing makes sense. Yet creative brand
managers have launched clever ad campaigns that
get talked about even for pretty mundane
products, too; the key being that the product and
the message are meaningful to the customer.
MKT500_8_1_Samantha-7: Okay. You know, I
learned in my classes at Strayer University that
different social media combined create social
networks. In social networks, there are some
members that are more connected and influential
than others. We need to leverage these
interpersonal group dynamics, ideally locating the
highly connected influential members, to induce
their trial of our tablet, in turn initiating and
propelling the diffusion process.
MKT500_8_1_Ed-9: You’re right. To locate
these influential members and get the word out
about our tablet, we need to study how these
potential consumers, or actors, are embedded in
these networks to locate those that are relatively
central. Centrality indices are computed for each
actor in the network to describe the position of
that actor relative to others in the network.
The easiest and most common way to compute
centrality is to count the number of connections
each actor has with the others in the network. An
index of degree centrality is derived for each
actor—those with many links are said to be
relatively central, and those with fewer links are
more peripheral.
In order to determine the degree of centrality for
these consumers, we need to create several
different accounts on various social media forums
for Golds Reling. Strong centrality will be useful
in creating buzz for our new tablets.
MKT500_8_1_Samantha-8: Okay. We can start
working on this right away.
MKT500_8_1_Ed-10: First, though, let’s begin
with answering the return of investments, or
ROI, issues. As you know, Carl is always focused
on the bottom line.
MKT500_8_1_Samantha-9: What should we
focus on in terms of ROI?
MKT500_8_1_Ed-11: As with traditional media,
we can begin to answer return on investment
questions only if we know the goal that the
marketing action was initially intended to
achieve. Based on our goals, selecting the media
and ROI measures are rather straightforward.
When estimating ROI, which is really the
efficiency of investments, the primary
expenditures might not be media buys or explicit
budgetary contributions so much as salary
equivalents of people’s time allocations.
We also need to consider KPIs.
MKT500_8_1_Samantha-10: I know that KPIs
are key performance indicators, but how do we
identify KPIs for social media?
MKT500_8_1_Ed-12: KPI’s for social media
are analogous to traditional measures for
advertising effectiveness. Specifically, marketers
are always interested in quantifying reach,
frequency, monetary value of customers,
customers’ behaviors, attitudes, and memory,
including recall and recognition.
MKT500_8_1_Samantha-11: So, how can we
determine the ROI and KPIs for our tablet?
MKT500_8_1_Ed-13: I’m glad you asked this
question, Samantha. A common way to determine
ROI for social media is through conversation
rate. This term refers to the true engagement for
conversations in your social media communities.
Conversations will be different depending on the
network.
For example, Facebook, YouTube, and blogs are
focused on comments; however, Twitter is
measured with mentions and hashtags. We,
therefore, calculate the figures for each network,
and calculate how many conversations took place
about our company and products per post, tweet,
or video submission.
Another method we can use is viewability rate.
This metric is a little harder to find on Twitter.
However, for other networks and mediums such
as Facebook, YouTube, and our blog, it is the
total number of views or impressions per post.
This is not as important as the conversation rate,
but it is always satisfying to see how often your
content is being looked at, and if no one is seeing
it, then you better find a way to get users to view
it!
MKT500_8_1_Samantha-12: I see. Thank you
for that explanation. Before we move on, let me
check to make sure I understand what you are
saying about KPIs.
Slide 6
Check Your Understanding
KPIs for social media are
_________ traditional measures
for advertising effectiveness.
A) very different from
B) analogous to
C) opposite of
D) inconsistent with
Feedback:
Incorrect A – very different
from: KPI’s are very similar to
traditional media.
Correct B – analogous: KPI’s
are very similar to traditional
media.
Incorrect C – opposite of:
KPI’s are very similar to
traditional media.
Incorrect D – inconsistent with:
KPI’s are very consistent with
traditional media measurements.
Slide 7
Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_8_1_Samantha-13: Great information,
Ed, but can we go back to the word-of-mouth
concept? How do we know consumers are talking
about our new tablets on social media? How can
we capture this and make it work for Golds
Reling?
MKT500_8_1_Ed-14: Word-of-mouth
conversations and other customer-to-customer
information flows have become a rich new source
of consumer insights.
There are two main categories for the ways in
which consumers receive information about
companies and their products: passive listening
and active intervention.
Slide 8
Interaction
MKT500_8_1_Ed-15: Click the tabs to learn
more about passive listening in marketing.
Click the tabs to learn more about
passive listening in marketing.
MKT500_8_1_Ed-16: Passive Listening
Passive Listening
Research shows that a lot is
learned from lurking, or web
crawling, and scraping, all of
which are examples of passive
listening:
Tab A – Tweets, blogs, and
discussion forums are monitored
to make predictions about new
product launches more accurate.
Tab B – Companies use text
analyses on Facebook to get a
read on customer opinions about
their brands.
Tab C – Beyond the brand itself,
content analysis has been useful
in detecting developing consumer
trends.
Research shows that a lot is learned from lurking,
web crawling, and scraping, all of which are
examples of passive listening:
MKT500_8_1_Ed-16_Tab A: Tweets, blogs,
and discussion forums are monitored to make
predictions about new product launches more
accurate.
MKT500_8_1_Ed-16_Tab B: Companies use
text analyses on Facebook to get a read on
customer opinions about their brands.
MKT500_8_1_Ed-16_Tab C: Beyond the brand
itself, content analysis has been useful in
detecting developing consumer trends.
MKT500_8_1_Ed-16_Tab D: Brand managers
check websites for misinformation to try to nip
bad, grassroots PR in the bud.
Tab D – Brand managers check
websites for misinformation to
try to nip bad, grassroots PR in
the bud.
Slide 9
Scene 1, cont.
[Ed, Samantha – Ed’s Office]
Slide 10
Interaction
MKT500_8_1_Samantha-14: Great information,
Ed. What can you tell me about active
interventions?
MKT500_8_1_Ed-17: Click the tabs to learn
more about active interventions.
Click the tabs to learn more about
active interventions.
Active Interventions
Active Interventions
Tab A – Marketers enter online
communities and ask for paid
volunteers to be user groups to
test beta products and offer
feedback.
Tab B – Marketers conduct
experiments. In the so-called A /
B split tests, one group is
exposed to one ad, new product
description, or whatever element
of the marketing mix the
marketer is testing. The other
group is either a control group, or
they see a different version of an
ad, new product description, etc.
The marketer then compares
brand attitudes or subsequent
sales in test markets to detect
some lift due to the marketing
intervention.
Tab C – A company may wish to
measure comparative clickthrough rates, member sign-up
rates, or purchase valuation, as a
function of whether the ad appeal
is more rational or emotional,
whether video or script
MKT500_8_1_Ed-17_Tab A: Marketers enter
online communities and ask for paid volunteers to
be user groups to test beta products and offer
feedback.
MKT500_8_1_Ed-17_Tab B: Marketers conduct
experiments. In the so-called A / B split tests, one
group is exposed to one ad, new product
description, or whatever element of the marketing
mix the marketer is testing. The other group is
either a control group, or they see a different
version of an ad, featuring a new product
description. The marketer then compares brand
attitudes or subsequent sales in test markets to
detect some lift due to the marketing intervention.
MKT500_8_1_Ed-17_Tab C: A company may
wish to measure comparative click-through rates,
member sign-up rates, or purchase valuation as a
function of whether the ad appeal is more rational
or emotional, whether video or script
endorsements are featured, which price is posted
and whether a discount is available.
MKT500_8_1_Ed-17_Tab D: GPS data function
much like live cookies, storing information for
your convenience upon return while still
protecting your privacy. The purpose of GPS
units in phones was originally consumer service
for mapping. GPS units are becoming georetailing units, and they will soon offer extremely
endorsements are featured, which
price is posted and whether a
discount is available.
Tab D – GPS data function much
like live cookies, storing
information for your convenience
upon return while still protecting
your privacy. The purpose of
GPS units in phones was
originally consumer service for
mapping. GPS units are
becoming geo-retailing units, and
they will soon offer extremely
timely opportunities for
marketers, though some may
consider this more intrusive than
timely. A motivated company
will know where its customers
are at all times.
timely opportunities for marketers, though some
may consider this more intrusive than timely. A
motivated company will know where its
customers are at all times.
Slide 11
Scene 1, cont.
[Ed, Samantha – Ed’s Office]
MKT500_8_1_Ed-18: In general, social media
pundits advise that any corporate postings or
representations have to start by being interesting –
otherwise, consumers won’t even read them! The
content needs to be honest, not defensive, and not
too “corporate”. There needs to be transparency to
customers, employees, and stakeholders. Being
transparent usually means being honest, building
trust, and creating the opportunity for two-way
dialog.
Social media have sufficient variety and
prevalence that they can be a tremendous
marketing tool—if we can offer something that
provides value to those customers, and reaches
them in a way that matters to them.
MKT500_8_1_Samantha-15: You’ve given me
a lot of valuable information about social media,
Ed.
MKT500_8_1_Ed-19: I’m glad that you feel that
way. Next, we can start by creating Golds Reling
accounts for each of these social media
applications.
MKT500_8_1_Samantha-16: Well, since we
already have a Facebook account, I can create a
Twitter, Google Plus, and Pinterest account for
Golds Reling.
Slide 12
Scene 2
[Ed, Samantha, Carl –
Conference Room]
Ed, Samantha, and Carl meet in
the conference room to discuss
the social media aspects of the
product launch.
MKT500_8_1_Ed-20: Excellent. Let’s break for
now, and then we can organize our information
for Carl.
MKT500_8_2_Carl-1: Good afternoon, Ed and
Samantha. I saw you both looking very busy in
Ed’s office earlier. I’m looking forward to hearing
the information that you two have put together
concerning social media marketing for our new
tablets.
MKT500_8_2_ Samantha-1: Yes, Ed and I have
been very busy. We have analyzed and concluded
some basic concepts.
MKT500_8_2_Carl-2: And what would these
be?
MKT500_8_2_ Samantha-2: Social media are
an abundant opportunity for Golds Reling.
Social media provides a web-based means for
customers to interact with friends and strangers
by posting opinions, pictures, and videos.
Social networks are the structures of
interconnections among customers that propagate
word-of-mouth. Networks can be drawn and
analyzed, and the actors measured on indices of
centrality to assist Golds Reling in finding
opinion leaders and influential consumers. Our
campaign would identify these actors within two
months of launch and create great buzz for our
new tablets.
A great feature of social media is the
measurement methods; these are ROI and KPIs,
and they can be computed with the help of online
analytics, as for any marketing effort.
MKT500_8_2_Carl-3: Good points! Why do
you believe that investing in advertising through
social media would be the right decision for
Golds Reling and our new tablet?
MKT500_8_2_ Ed-1: Social media is a great
way to generate repeat business and to attract new
customers. Furthermore, the target market we
have selected are big users of social media. Golds
Reling already has a Facebook account, but we
believe that creating accounts for Twitter, Google
Plus, and Pinterest will really help boost the
conversation rate, and, thereby, the word-ofmouth, for both our company as a whole as well
as our new tablet.
MKT500_8_2_ Samantha-3: Carl, by utilizing
social media, we feel that Golds Reling is
spending our advertising money wisely.
MKT500_8_2_Carl-4: Ok, sounds like a good
investment. Explain how we are going to
measure this investment.
MKT500_8_2_ Samantha-4: The key is to
communicate the different features of our new
tablet and to have consistency in the message we
choose for social media. Measuring effectiveness
will occur through KPI’s, recall, attitudes, click
rates, and conversation and viewability rates from
social media communications.
MKT500_8_2_Carl-5: Excellent. I like what I’m
hearing. Social media sounds perfect for
generating buzz and word-of-mouth about our
new tablet. I agree that Twitter, Google Plus, and
Pinterest accounts for Golds Reling will be
excellent additions to our existing Facebook
account. Very nice work, both of you.
Slide 13
Check Your Understanding
What social media term refers to
a set of actors (or nodes) and the
relational ties that link them?
A) Team
B) Group
C) Network
D) Forum
Incorrect A – Team: This is not
the terminology used to describe
relationships in social media.
Incorrect B – Group: Although
a group includes two or more
people, this is not a part of the
relational ties.
Correct C – Social Network: A
network is defined as the set of
actors (or nodes) and the
relational ties that link them.
Actors may be customers, firms,
brands, concepts, countries, etc.
The connections between the
actors are relational ties (or
links). Ties can be symmetric or
directional, and they can be
binary or vary in strength.
Incorrect D – Forum: Although
this is a close description, it
doesn’t explain the interaction
experienced in social media.
Slide 14
Scene 3
[Ed, Samantha – Hallway]
MKT500_8_3_Samantha-1: Today was a highly
informative day. Using social media for
marketing can help us ge …
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