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After the final presentation for the proposed strategic plan of the social networking Web site, board of directors member asked for clarification regarding the implementation of the new social networking Web site. She explains that the board needs you to prepare a report addressing how the maturation of the industry worldwide could impact your business strategy in the future.

Discuss the maturation of the social networking industry worldwide and explain how it could affect your business strategy in the future. Attached is the plan that I am working off of (Census Section).

The following must be addressed:
1. Discuss the maturation of the social networking industry.
2. Explain how Web sites or companies are adjusting to the maturation of the social networking industry.
3. Discuss the current trends of strategic management in the social networking industry.
4. Explain how the maturation of the social networking industry worldwide could impact your business strategy in the future.
5. Discuss a new strategic plan/approach to help your company in the future in regards to the maturation of the industry.
6. Discuss how the new strategy will help the company with competitive advantage, cost advantage, and differentiation advantage.

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Solution Summary

This solution provides an explanation of the maturatino of the social networking industry and how it can affect business strategies.

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1. Discuss the maturation of the social networking industry.

The social networking industry is expanding quite a bit. 10 to 15 years ago these sites almost did not exist at all. Many young consumers are using these sites to purchase products or learn about the products that they want. Therefore, companies would benefit from keeping up with the maturation of this industry.

Furthermore, companies must understand that the usage of these social sites is constantly changing and needs to take this information into constant consideration.

"The median age of Twitter users remained firm at 31 between May 2008 and May 2009, while both MySpace and LinkedIn saw a one-year age drop year-over-year from 27 to 26 and 40 to 39, respectively. The most dramatic change however, comes via Facebook users. In May of 2008, the majority of Facebook users were aged 26. One year later, that demographic has shot up to 33 years old in May 2009"

Source: http://www.fatfoogoo.com/2009/11/new-report-indicates-maturation-of-social-networks/

2. Explain how Web sites or companies are adjusting to the maturation of the social networking industry.

Companies realize that the social networking industry is a big business. Many young consumers only utilize the internet for their news, shopping, and online research. Therefore, companies are using social networking sites to reach these individuals.

Companies would do well to pay attention to statistics such as the following when adjusting to the social networking industry.

"Twitter Usage in America: 2010" survey suggests that marketers targeting multicultural audiences would do well ...

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