MKT 4440 Lecture Notes - Lecture 8: Ikea, 5Star, Loss Aversion
Document Summary
Thursday 3/2, social media methods: videos (youtube reasons): Business: visual impact, allows longer videos for explanations. Improves customer service (ikea with how to build items: 3 billion videos viewed everyday, 800 million people worldwide visit youtube every month, owned by google, channels based on categories. Important: if viewers skip your ad (~7 seconds), you don"t get charged: how then to strategize, hook them at the beginning. If shorter ad, sell name first not hook: reviews: Customers rate a product (& possibly attributes) on a scale. Customers can provide comments about products (& possibly attributes) 5 major factors: volume, more volume is good indicator of sales, more volume leads to more hotel bookings, average ratings, better review ratings, more bookings. However, fearing and thus limiting reviews is worse strategy. Large amount of chatter so less impact per review; perhaps only notice than negative reviews in conjunction with loss aversion.
