Maturation of the social networking industry
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After you gave the final presentation for the proposed strategic plan of the social networking Web site, a member of the board of directors asks if you can clarify some standard questions 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. Business strategy is Cost Leadership Strategy.
For this assignment, you must submit a report consisting of 850-1,000 words in which you discuss the maturation of the social networking industry worldwide and explain how it could affect your business strategy in the future.
Speak on the following in your report:
-Research and discuss the maturation of the social networking industry.
-Explain how Web sites or companies are adjusting to the maturation of the social networking industry.
-Discuss the current trends of strategic management in the social networking industry.
-Explain how the maturation of the social networking industry worldwide could impact your business strategy in the future.
-Discuss a new strategic plan/approach to help your company in the future in regards to the maturation of the industry.
-Discuss how the new strategy will help the company with competitive advantage, cost advantage, and differentiation advantage.
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Solution Summary
Maturation of the social networking industry is determined.
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Not long back, social networking was the buzz of internet landscape. However, it has entered a new stage. It happens when growth in demand for a medium begins to surpass growth in users of that medium. Facebook witnessed a dip in North America. Reasons could be multiple, from privacy issues to increasing span and phishing attempts, or inevitable user boredom. As people get over the high tide of social networking, its usability gaps become more visible.
Companies which earlier used to use Facebook and Twitter for marketing as sure shot means of boosting sales are looking for measurement techniques that show whether social media actually impacts brand and sales. One such tool is ROI which is return on investment. When ROI is no longer easy to achieve, companies look for other channels or face higher costs. The cost of social media advertising in particular has been on an increase as a result of growing demand and a slowdown in supply. As costs increase, there is not equivalent growth in number of users which has made the social networking industry enter the maturation phase.
There are some businesses which have not yet embraced social media while some are deeply into it. For businesses that are not into it, entering social media at this stage would mean lot more strategizing and lot more efforts to effectively use the social media. For businesses that are already into it, it would mean that they need to work more on engagement than gaining more users. They should ...
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