Social Media
Assignment 1: Social Media
LEG100
July 28, 2013
Facebook is a very popular social media site where users can share their ideas and feelings about events in an open atmosphere. These ideas are known as “statuses”. Additionally, the site is used to share pictures, videos, and other points of individual interest with the rest of the world or just a selected few. This is totally up to your personnel preferences. A growing trend is using Facebook as a social media marketing arena. There are several home-based and populated sites that are dedicated to the sale of items or services. It is through this newly established media power, that many entrepreneurial individuals have been able to establish themselves a social media marketing giants, and have gained much attention and income from being able to do so. This new ability is just a start of the technological marketing revolutions. Last year, 73 percent of Fortune 500 companies were active on Twitter, while more than 80 percent of executives believed social media engagement led to increased sales (Savitz, 2012). Social media has gained so much notoriety that “the average return on social (media) engagement was calculated to be between 3-5% (Walker, 2012). The most engaged businesses are reporting a calculated 7.7% business impact specifically from social (media) engagement, which is four times the performance of the lowest performers who only achieved a 1.9% estimated return” (Walker, 2012). This is why the social media market is a haven for future marketing success, and Facebook is a prime marketing component in that success.
For Facebook to achieve and maintain the business dominance it has achieved in the virtual arena, it has adopted the core legal knowledge that is a necessity for the business to be managed properly. The four components of legal astuteness are: a set of value laden attitudes about the importance of the law to the firm’s success, a proactive approach to legal issues and regulation, the ability
LEG100
July 28, 2013
Facebook is a very popular social media site where users can share their ideas and feelings about events in an open atmosphere. These ideas are known as “statuses”. Additionally, the site is used to share pictures, videos, and other points of individual interest with the rest of the world or just a selected few. This is totally up to your personnel preferences. A growing trend is using Facebook as a social media marketing arena. There are several home-based and populated sites that are dedicated to the sale of items or services. It is through this newly established media power, that many entrepreneurial individuals have been able to establish themselves a social media marketing giants, and have gained much attention and income from being able to do so. This new ability is just a start of the technological marketing revolutions. Last year, 73 percent of Fortune 500 companies were active on Twitter, while more than 80 percent of executives believed social media engagement led to increased sales (Savitz, 2012). Social media has gained so much notoriety that “the average return on social (media) engagement was calculated to be between 3-5% (Walker, 2012). The most engaged businesses are reporting a calculated 7.7% business impact specifically from social (media) engagement, which is four times the performance of the lowest performers who only achieved a 1.9% estimated return” (Walker, 2012). This is why the social media market is a haven for future marketing success, and Facebook is a prime marketing component in that success.
For Facebook to achieve and maintain the business dominance it has achieved in the virtual arena, it has adopted the core legal knowledge that is a necessity for the business to be managed properly. The four components of legal astuteness are: a set of value laden attitudes about the importance of the law to the firm’s success, a proactive approach to legal issues and regulation, the ability
References: About the Federal Trade Commission. (2012, January 5). Retrieved from Federal Trade Commission: http://www.ftc.gov/ftc/about.shtm Bagley, C. (2013). Managers and the Legal Environment. Mason: Cengage Learning. Savitz, E. (2012, December 11). 5 Ways Social Media Will Change The Way You Work in 2013. Retrieved from Forbes: http://www.forbes.com/sites/ciocentral/2012/12/11/5-ways-social-media-will-change-the-way-you-work-in-2013/ Walker, P. (2012, March 28). Socially Engaged Companies see 4X Greater Business Imoact. Retrieved from POV: http://www.pulsepointgroup.com/2012/03/socially-engaged-companies-see-4x-greater-business-impact/