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Social Media: Coke and Pepsi

What role should social media play in a firm's promotional mix?

Question 1: Coca-Cola and Pepsi are working hard to build a dedicated social-media following, with both of them focusing on winning the trust and even admiration of their customers. That's a sound strategy, writes John Sviokla, since it's only by banking trust in good times that firms can protect themselves against a social-media backlash when things go sour. Relate this to target market.
( Reference: http://blogs.hbr.org/cs/2010/05/how_coke_and_pepsi_are_using_s.html)

Question 2: Six months ago, Oprah and Proctor & Gamble established a partnership that reminds me of the partnership between Apple's Iphone and AT&T. The below article discusses this relationship. From a marketing standpoint, what is the risk for each? What is your opinion on these type of partnerships as far as their effectiveness?
( Reference: http://abcnews.go.com/Business/oprah-winfrey-deal-pg-rock-advertising-model/story?id=10500290&page=1)

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Question 1:
For a firm to successfully promote itself effectively in the 21st century, it is imperative that they market through aggressive social media campaigns. As demonstrated in the article by Sviokla, Coke and Pepsi have realized the power of social media and are both working to reconfigure their marketing campaigns and financing to incorporate the use of sites such as facebook as tools to reach the public.

As the article points out, the more a company utilizes social media the more they gain trust from their consumers and this gives them a competitive advantage when something goes wrong. Typically in today's society, as soon as a problem occurs or somebody gets agitated with a business, it is posted on social media for all to read. If a company has failed in utilizing social media to help ...