1) Discuss the impact of blogs and online social networks on companies and how companies should respond?
Blogs and social networks have become a huge part of the reputation companies build, the marketing process, as well as platforms for consumers to discuss companies products. Blogs and online social networks have several pros and cons, which are associated to them with the company in mind.
Social networking includes sites that are web-based and allow consumers to construct public profiles, identify other users they share connections with, and vies their list of connections and interests shared. Basically, it is a way to maintain relationships with other individuals online by sharing and talking about common interests. Blogs and online social networks can present problems for businesses, as public bashing and other impactful slander can be publicly broadcasted to the masses. There is a huge risk to the businesses reputation.
Along with having reputation risks, there can also be legal risks. Normally a company can monitor their employees’ web use and email, however, notice is needed. Without the notice, it can lead to legal liability, which gives the potential risk due to consumer actions.
Lastly, social networking can cause productivity losses amongst the employees. Social networks can become addicting and time-consuming. If employees are using the social networks during work time, they are obviously not giving 110% effort in their work. However, on the other hand, social networks can also sometimes cause in increase in effectiveness for marketing and productivity.
Businesses can respond to blogs and social networks in a variety of different ways, however, each situation should be handled properly. The businesses should demonstrate an interest and respond to online situations and address each accordingly. The business should never respond to any sort of post with negative, angry language. All responses should be light hearted, respectful, and encourage a sense of bettering for both the consumer and the business.
2) What is experiential marketing?
Experiential marketing is a form of advertising that focuses primarily on helping consumers experience a brand. When you imagine traditional forms of advertising (radio, TV, newspaper, etc.), it benefits the product by informing individuals, however, it does not immerse the consumers in the product. Experiential marketing aims to immerse the consumers in the product to raise awareness and trigger curiosity.
In the end, the goal of experiential marketing is to form a memorable and emotional connection between the consumer and the business, so it can create interest, curiosity, and a need between the two parties. Examples of experiential marketing come in the form of several very well known companies. A lot of beer companies will use experiential marketing to engage their consumers and have them try new product.
Brands will often use experiential marketing, not in place of traditional marketing, but as a complement to it. Other companies who are well known to do experiential marketing include Adidas, Coca-Cola, Landshark, and several other companies. In my opinion it is one of the best forms of advertising.
3) What is the difference between product placement and branded entertainment? Identify key factors influencing the effectiveness of both product placement and branded entertainment.
Both product placement and branded entertainment have their roles in the promotion and marketing of a business. Product placement is a form of advertising that involves putting a product in a scene, without directly marketing the product. Branded entertainment is an entertainment based technique that branches off from a companies marketing strategy.
Product placement can be done in several ways, and there are a ton of companies who use it to effectively market their products. An