Write the answers for the following questions in a word document ( in order of one question one answer)
1. Visit http://woodenboat.com and http://finewoodworking.com. Compare the ways that these two publications use social networking on their sites. For each, how does their use of social networking contribute to revenue? To what other goals does social networking contribute? Which publication uses social networking more effectively? Explain your answer.
2. Compare the ways that these two publications host user generated content (UGC) on their sites. For each, how does UGC contribute to revenue? To what other goals does UGC contribute? Which publication employs UGC more effectively? Explain your answer.
3. Choose one of the two publications and identify a new use for social networking. Write a one-page memo to the publisher of that magazine describing your idea and how it would contribute to the goals of the publication.
4. Choose one of the two publications and identify a new use for UGC. Write a one-page memo to the publisher of that magazine describing your idea and how it would contribute to the goals of the publication.
5. Is Fine Woodworking in danger of losing subscriptions to its paper magazine to the online magazine? Does it matter? Why or why not?
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WoodenBoat Publication (WBP) maintains a social networking presence through its Facebook fanpage which has a link at the publisher's website. This fanpage currently has 2,133 likes (Facebook, 2011). On the other hand, FineWoodWorking.com (FWW) uses social networking more extensively than WoodenBoat. The company has presence in Facebook, Twitter, YouTube and RSS feed to connect and communicate with its customers.
Based on this, it is likely possible that FineWoodWorking.com generates more revenues from its social networking presence than WoodenBoat. This is so because of the two, FWW has a stronger presence. In other words, FWW is exploiting "novel online venues" (to create additional revenue opportunities much more than WBP.
For FWW, its use of social networking is much more effective. For example, it maintains a highly interactive blog where the company talks about issues related to its products. This blog can actually influence its social networking 'friends' to make a purchase. Moreover, with this blog, it can present a much more interactive and strong ...
This solution provides a detailed discussion of social networking strategies and user generated content (UGC).