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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.
For this assignment, you must submit a report consisting of 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.
For full credit, you must address the following in your report:
o Research and discuss the maturation of the social networking industry.
o Explain how Web sites or companies are adjusting to the maturation of the social networking industry.
o Discuss the current trends of strategic management in the social networking industry.
o Explain how the maturation of the social networking industry worldwide could impact your business strategy in the future.
o Discuss a new strategic plan/approach to help your company in the future in regards to the maturation of the industry.
o Discuss how the new strategy will help the company with competitive advantage, cost advantage, and differentiation advantage.
Background:
The online social networking industry is growing rapidly with a variety of both personal and business oriented applications emerging tapping into the global marketplace. There are also many niche applications popping up, such as those targeting a specific geographic region, industry, or customer group.
The Vice President for your company, Funder Mifflin Inc., recently approached you with a new social networking website that Research and Development designed. He explains that the company is extremely excited about the possibility of entering the industry and taking advantage of the growing demand for social networking. Your company has extensive technical experience and the ability to build most any feature into the website but they are unsure of what strategic direction to take when marketing the new website. For instance, should your company focus on a specific niche or keep the website more mainstream. Additionally, they would like to know the features, pricing, and marking strategy that would best support the new website.
Given your background and management expertise, your company, Funder Mifflin Inc. would like to offer you a bonus for helping the company implement a strategic plan to get the new website off the ground. The Vice President explains that in order to receive the bonus, you will have to present a plan of action to the Board of Directors in order to obtain funding to launch the new product.
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