How does the emergence of social media change the way companies go about researching the marketplace?...

How does the emergence of social media change the way companies go about researching the marketplace? What examples of using social media to assess potential markets can you cite. Potential applications of social media?

Expert Solution

Pulse testing in real-time. Social networking facilitates fast exchange of views and viewpoint offerings. For easier mapping of social media , customer patterns and behaviours are primed. With limited lead time, you will have the capacity to see the fluctuations of customer perceptions. You will know within minutes, thanks to Facebook and Twitter, whether your Dancing With The Stars ad was a success or a flop. No longer an erroneous one-way way down.

Traditional methods of marketing position buyers in the role of the listener. It was a one-way conversation reminiscent of parental lessons on completing homework and chores. The channels of contact are opened up by social media. Marketers are now engaged in a dialogue with their target group. Instead of asking them what we think they want, it is all about knowing what they want.

A penny saved is a won penny. Social networking provides possibilities for some resources to be saved. It can be time-consuming and costly for focus groups, extensive interviews, ethnographies, and intercepts. Social networking is a feasible choice for performing market analysis at a reduced cost, using a concentrated strategy with the necessary measurement instruments. That is something that during budget time will save your CMO one less aspirin.

Data cleaning is the method by which obsolete, misleading, or missing sections of your data collection are identified and the parameters are updated to represent more detailed data. This can be one of the most time-consuming facets of consumer analysis on social media, since it takes a lot of effort and persistence to discover major patterns that carry undesirable data into the consumer. For example, when their brand names have been nouns or verbs, businesses such as Kleenex, Sharpie, or Google can have an incredibly difficult time data cleaning for mention of their brand.

Rahul Sunny answered 2 years ago

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