Podcast
Questions and Answers
What percentage of consumers are influenced by positive reviews?
What percentage of consumers are influenced by positive reviews?
- 95 percent
- 80 percent
- 70 percent
- 90 percent (correct)
Fake reviews are a long-term solution for businesses to maintain customer satisfaction.
Fake reviews are a long-term solution for businesses to maintain customer satisfaction.
False (B)
What is 'greenwashing'?
What is 'greenwashing'?
A practice where companies falsely claim that their products are environmentally friendly.
Almost ___ percent of reviews on a popular travel website may be fake.
Almost ___ percent of reviews on a popular travel website may be fake.
Match the following terms with their definitions:
Match the following terms with their definitions:
What drives companies to cut prices?
What drives companies to cut prices?
90 percent of consumers are more likely to buy from companies that do not protect customer data.
90 percent of consumers are more likely to buy from companies that do not protect customer data.
How do some companies manage to offer lower prices than competitors?
How do some companies manage to offer lower prices than competitors?
A significant number of consumers trust companies that support the _______.
A significant number of consumers trust companies that support the _______.
What is a potential consequence of greenwashing?
What is a potential consequence of greenwashing?
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Study Notes
Online Reviews
- Customers read online reviews before purchases, with 90% influenced by positive reviews
- Companies face pressure for positive reviews, but fake reviews can hurt long-term reputation
- Almost 15% of reviews on a popular travel website may be fake
- Fake reviews can initially benefit a company, but ultimately lead to customer dissatisfaction
Pricing and Data Sales
- Consumers want low prices, creating pressure for companies to reduce costs
- Some companies sell customer data to advertisers to offer lower prices
- Consumers are hesitant to buy from companies that don't protect customer data, with 90% unlikely to buy from them
Greenwashing
- Consumers are choosing products that are environmentally friendly
- 9 out of 10 consumers trust companies that support the environment
- Greenwashing involves exaggerating a product's environmental benefits
- Greenwashing can boost short-term sales but harm the company's reputation if exposed
Company Responsibilities
- Most businesses act responsibly and ethically
- Companies face pressure to make profits, which can lead to unethical practices like fake reviews, data sales, or greenwashing
- Consumers are increasingly demanding ethical practices from companies
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