MKTG 345 Lecture Notes - Lecture 12: Social Media Marketing, Herding, Bounded Rationality

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21 Oct 2016
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Ratings: scores that people acting in the role of critics assign to something as an indicator. Reviews: assessments with detailed comments about the object in question. Heuristic: mental shortcut consumers use to help them with decision making. Reviews provide move detailed info for those who want to evaluate the choice at a deeper level. Marketers must ensure high standards when it come to product quality a and service. Brands should embrace consumer options and not try to hide from them. Organizations should engage in word-of-mouth marketing by actively givig people reasons to talk about the brand. Why don"t all e-retailer offer reviews and ratings on their sites? fear that dissatisfied customers will use the review feature as a venue to flame a brand is the most commonly cited reason!!! Best practices to leverage social reviews and ratings. Tranparency: acknowledge opinions that were invited incentivizied facilitated by the brand. Advocacy: enable consumer to rate the value of opinions offered on site.

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