Social Savvy

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Student’s Name Professor’s Name Course Date Social Savvy Social networking sites are fast becoming corporate resources. Consider how an organization may use Facebook. Can you think of different ways in which organizations such as Coca-Cola, KFC, or Bank of America can use social networking? What are network effects?    According to Wallace (264), such companies can employ the use of “knowledge management” which involves the use of management strategies by use of technology and other available resources. The companies need to identify the needs of their customers. With the information, the companies can use targeted marketing on social media sites to create consumer awareness. Not only will focused marketing reach current customers but also provide new consumers with the sharing capabilities of Facebook. The network has an effect where it enables many people to share one element many times. Such are lucrative for marketing and consumer acquisition. If you were the chief executive officer of a Fortune 500 company, would you be comfortable using social media sites like Facebook or LinkedIn as part of your CRM strategy? Why or why not? As a chief executive officer of a Fortune 500 company, I would be very comfortable using LinkedIn and Facebook as part of customer relationship management (CRM). The main reason is that most of the consumers spend a lot of time on Facebook and other social sites. Thus, as a CEO, I will quickly connect with them online at any moment when they are actively using their preferred social site. The use of social sites will enable the company to create better relationships with the consumers. Additionally, it is a cost and time

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