Definitions and Terminology

Definitions

Web 1.0 was the first version of the Internet – a one way communication, from the sender to the receiver

Web 2.0 is what we know the Internet to be now – a two way communication between the sender and the receiver

A ‘prosumer’ is a combination of the words:

-          Producer

-          Consumer

Technological Convergence:
Convergence of technology occurs when multiple products come together to form one product with the advantages of all of them.

Magazine Example: NME website; you cannot only read articles from the physical magazine (which have converged onto the internet) but you can also listen to NME Radio station (this is a multiplatform approach).

Media Convergence:

When old and new media interact in such a way that the way in which media producers and media consumers interact changes.

Magazine Example: ‘Communities’ have been created on websites to share tips, stories, reviews and experiences of music and upload photographs. Consumers can become prosumers and actually be part of the construction of the magazine.

Synergy:

The interaction of two or more forces so that their combined effect is greater than the sum of their individual effects.

In the context of the media it can be the promotion and sale of a product (and all its versions) throughout the various subsidiaries of a media conglomerate. For example, films, soundtracks or video games. To give a detailed example the Spider-Man films had toys of web shooters and figures of the characters made, as well as posters and videogames, this resulted in the creation of more revenue for the creators of the Spider-Man franchise than if they had just released the one film.

Magazine example: NME Radio Station/sponsorship of festivals and events = synergised marketing

The advancement of technologies has also allowed for greater synergy.  For NME, the tweets and Facebook updates and RSS feeds encourage listeners of the podcast. The podcast drives subscribers to the website. The website drives fans to the free information. The links among all these activities become the synergy where activity in one area improves the entire experience.  

Viral Marketing
Definition: A marketing technique aiming at reproducing "word of mouth", usually on the internet and through existing social networks.

Guerrilla Marketing
Definition: The use of unconventional and low cost marketing strategies to raise awareness of a product.
E.g. putting up ‘wanted’ posters/commissioning works of graffiti.

UGC – USER GENERATED CONTENT

Content that has been generated be the user/consumer.

Magazine example: music reviews; forums; blogging; podcasting.

Unique Selling Point

Making a product different from a competitor/another product in the same market; making it unique

Point of Difference

Differentiating a product from another; making it unique; the actual way in which a product is different from another in the same market

Example sentence; the USP and perhaps the POD of NME compared to Metal Hammer is that they offer a multi-platform website that allows consumers to surf their site; whilst listening to their radio station and watching their TV channel.

Unique Perceived Benefit

What the consumer believe they will get from that product; what do the consumers believe they will gain/benefit from using the product?

This could be linked to mainstream/niche magazines; the community created through forums etc; therefore resulting in loyal consumers.

Terminology

Loyal Consumers/Brand loyalty:

Consumer commitment to re-purchase the same brand/the same magazine; NME consumers are extremely loyal and trust the brand to be truthful and to meet their needs.

Proliferation

Definition: A rapid increase in the number of a certain type of product.

Multi-platform

A multi-platform series is a form of entertainment where the story is told over a range of media platforms; such as magazines, radio station, videos, and podcasts.

Vertical Integration

Absorption of several firms into a single firm involved in all aspects of a product's manufacture, from raw materials to distribution. For example; Rockstar Games have become a vertically integrated company by buying developers they have previously worked with, such as DMA Design who became Rockstar North and Angel Studios who became Rockstar San Diego. By doing this Rockstar have control over development, funding and marketing of their products.