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Assessing the Online Social Network Industry

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Funder Mifflin Inc. is in the construction industry and they are a global company that offers many different services such as plumbing contractors, electrical, roofing, new housing and highway, street and bridge construction. They decided in 2011 that they wanted to enter into the world of social networking. They recently created a new social networking site and they have IT staff that has the capabilities to manipulate and build almost any feature that may be needed. They would like me to help them implement a strategic plan for getting the website out there on the World Wide Web. Please discuss the social network industry and how I would develop our strategic plan around it.

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Funder Mifflin Inc.

Assessing the Online Social Network Industry

Table of Contents

1.0 Analysis of the Social Network Industry

2.0 Porter's 5 Forces of Competition

3.0 Social Network Industry
3.1 Attractiveness
3.2 Examples
3.3 Five Key Success Factors
3.4 Competition

4.0 Funder Mifflin Inc.
4.1 Long-term Goals
4.2 Overall Objectives

Abstract

Funder Mifflin Inc. is in the construction industry and they are a global company that offers many different services such as plumbing contractors, electrical, roofing, new housing and highway, street and bridge construction. They decided in 2011 that they wanted to enter into the world of social networking. They recently created a new social networking site and they have IT staff that has the capabilities to manipulate and build almost any feature that may be needed. They would like me to help them implement a strategic plan for getting the website out there on the World Wide Web. Below I will be discussing the social network industry and how I will be developing our strategic plan around it.

Assessing the Online Social Network Industry

1.0 Analysis of the Social Network Industry

It is important to first understand what social networking is and how it works. Social networking actually goes way back before we even had our own personal computers. Social networking means that you have a community where users can connect to each other by working relationships, ideas, common interests, industry, friendships, etc. Think of it this way: it's like taking your old address book and turning it into an online Rolodex (Powell, 2010).

The reason we love social networks is because they give us a new and easy way to communicate with each other and a new way to build relationships. If you think about it, people used to make phone calls and send letters, then new technology came around and enabled us to send e-mails and text message, and now we connect to people on social networks. Social networks have opened up new venues for large and small businesses because they allow you to communicate and distribute information for free.

2.0 Porter's 5 Forces of Competition

We use Porter's five forces as a tool so we can understand where we will stand as a business in the social networking industry. It will ...

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External analysis

Through an e-mail, you inform the vice president of your company, Mr. Myers, that it is informative to obtain a good understanding of the industry environment when developing a strategic plan. You also explain to Mr. Myers that you will be submitting a report for his review that will conduct an analysis of the online social networking industry. You inform him that the analysis is a critical component of the business plan and eventually the topic will arise when presenting the final conclusion to the board of directors.

discuss and assess the online social networking industry in terms of each of Porter's 5 forces of competition. In the report, you must also assess the industry's overall attractiveness and identify several of the key success factors.

Be sure to address the following:
?Analyze the online social networking industry.
?Discuss and assess the online social networking industry in terms of each of Porter's 5 forces of competition.
?Assess the industry's overall attractiveness.
?Give examples of other social networking Web sites, and address how they have faired in the global marketplace.
?Identify 5 key success factors for a social networking Web site.
?Address the long-term goals for your company's social networking Web site.
?Discuss the competitive environment of the social networking industry.
?Identify the overall objective of the social networking Web site (be creative, and address what type of social networking Web site your company is trying to design).

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