Friday, May 11, 2012
Reward systems Marketing
Entrepreneurial orientation has positive influence on customer orientation and competitor orientation, market-based reward system has positive influence on customer orientation and competitor orientation, customer orientation positively to marketing performance, while competitors do not have a positive orientation towards marketing performance. (Soederiman 2011)
The following is an example of reward systems marketing used by Schmidt and Ralph; “Slater's 50/50 is a burger restaurant located in Anaheim, CA is currently running a promotion in Facebook. They want to increase their "like" count in Facebook. Facebook users often refer to the "like" count as a recommendation for or against a company. As a restaurant, a high "like" count would indicate a great option for an individual that is looking for a new place to eat or a place to eat in a town they are visiting. To increase their like count they have started a promotion stating that the Friend that gives them their 1000th like will receive a "SURPRISE". The promotion sends out a message updating the count in an attempt to get more people to "like".” (Schmidt and Ralph 2011) The surprise would be the market-based reward system.
Networking is not new to the business world. Networking has been able to create a new medium within social media. Social networks, blogs, micro blogs such as Twitter and really simple syndication (RSS feeds) all have had a deep impact on how promotion of the organization can be utilized. These tools require different approaches in order to be effective, efficient and successful.(Schmidt and Ralph 2011)
Schmidt, S. M. P. and D. L. Ralph (2011). "Social Media: More Available Marketing Tools." The Business Review, Cambridge 18(2): 37-43.
Soederiman, J. (2011). "Effect of entrepreneurship orientation and marketing-based reward system towards marketing performance." International Journal of Business and Social Science 2(6): 7.