Eco 372 Week 4

The use of social media marketing has become a standard way in which organizations advertise their products or services. Social media marketing allows consumers to have immediate access to other consumers reviews or to post a review about a product or service. There is engagement between the company and the consumer (Evans, Dave 2010). Social Media emerged in the late 1980’s when websites such as Prodigy, Compuserve and America Online. Prodigy was first of it’s kind and was known as a ”consumer online service”. Half of the page is devoted to advertising. Facebook, Twitter, Myspace, Hi5, Bebo and Orkut are all social media platforms that are utilized as platforms today.

Social media has become an influential ground for consumers to share their opinions about a company’s brand and products. In addition, it helps in having a strong brand that produces positive relations and distinguish the brand from competitors, is a critical component for effective marketing. According to Dahlén and Lange (2009) “the quality of the product is not the evident factor when it comes to purchasing a product, the deciding factor depends on how the brand is perceived” (Para. 1). This demonstrates the importance of incorporating social media as a tool to promote brands, allow for interactions, and customer satisfaction by engaging with customers more frequently for feedbacks or reviews. Thus create an opportunity for the company to show its devotion to their customers, and initiate good reputation, which can increase sales. In other words, social media has the ability to upsurge the awareness for businesses as well as the brand.

For a firm to shut down in the short run, the average variable cost can avoid paying by shutting down exceed the price it would get for selling the good (Colander, pg. 328). At a certain point to continue producing and selling goods would get higher than the fixed costs of not producing the goods or service. As the text mentions, automakers will continue to produce at a loss because the labor is a fixed cost due to union agreements. These agreements state that the workers will get paid if they are working or not working. In this instance the automaker cannot afford to shut down even for the short run. In recent times, several automakers have decided to shut down for the short run due to manufacturing defects to their products. Toyota has

Week 2 has been quite overwhelming. I did not have enough time to do my reading assignments over the weekend. I normally utilize Saturday and Sunday to do my research work and reading. Unfortunately, on Saturday morning, I attended a meeting that took half of the day, when I returned home my husband informed that he had invited our friends over for dinner as they will be leaving for Melbourne the following day. My house was a mess as it hadn't been cleaned the previous weekend when we were away. Thus, my whole Saturday was wasted on doing the trivial aspects of life. I missed church on Sunday so that I can catch up on my work and everything went well thereafter. I managed to complete my tasks. I found that a lot of students were divided when it came answering the forum discussion assignment on what would happen to bond prices if terrorism ended and countries adopted free trade. What's you take on this one?

This creates a budget deficit because there is more being spent than what’s being brought it.

A firm’s operation function entails getting activities and things done such as the production of goods and customer services. After considering services and products demanded by buyers, the organization’s weaknesses and strengths, and the weaknesses and strengths of the competitors, proficient corporations should formulate their vision and express it in the mission statements. Lenscrafters has a mission statement that outlines their strengths and future projections. In the mission statement, the enterprise identifies that it aims to maintain the loyalty of its customers, design quality eyewear, deliver value to the buyers’ requirements, and motivate the personnel to institute the globe’s best job environment (Lenscrafters Case Study, 2015).

Alex and Melinda met for another meeting months after their last talk about her 40% dropped sales. Alex is surprised by her pregnancy as she enters the room, and mentions that he is disappointed that she never notified him. Her excuse for keeping her pregnancy a secret was because she was concerned about her pregnancy, as a single women, would be taken by Alex and the company. Alex, again, explains to Melinda that information, such as a pregnancy, is vital to share with him so that he could make the appropriate accommodations. She missed sale calls due to morning sickness, which is very unprofessional, which can cause future issues with possible investors. Alex made it clear to inform him about any difficulties shes facing, which she failed

According to the Week 2 Case Study, my company uses Internet Explorer, Firefox, and Chrome as it primary browser. I am charged with setting a policy on how to secure these browsers as much as possible.

For my stock game I invested into seven different stocks. The seven stocks I invested in were Microsoft, Boeing, Cisco Systems, the Clorox Company, 3M, Wal-Mart, and US oil. The reason I invested into these stocks was that their value was dropping or it was low so i was trying to make big gains thinking the stock prices would go up a lot. That didn't seem to be the case because i lost almost $2000. The stock that hurt me the most was my US oil stock. I bought 500 shares of it and the stock went down 23.23% so i lost a total of $1,720 on it. When i bought it i had a feeling that the price of oil was going to go up but it did the opposite and went down. Another stock that i lost money off of was Cisco systems. The stock went down 6.53% since i bought it causing me to

The study will take the form of a cross-sectional design in which the target population will be people selected via convenience sampling. It aims to assess the view of the customers at a specific point in time. The tools of study to be used will include a random selection of feedbacks from social media. Also, an online search on databases will be conducted to provide relevant journal articles on the companies. Online sources will also be useful in finding out relevant information about the Company websites, and their online platforms in social media will also be examined for relevant

I would say that for me, running the economics is very hard. It’s so hard that even the professionals cannot always carry it out well. Even some simple situations or problems can be considerably hard. For instance, when an economist study people’s behavior, they can only assume how people would act for a certain measure but they can’t assure that things would go well as they simulated because people’s behavior doesn’t stay constant. With that being said, failure can take place. Just imagine how hard the hard problems could be, such as to what extent of investment is enough in order to have an effective economy.

Social media has become an essential channel for corporations to build a two-way relationship with their customers. However, having a social media account cannot solve everything. To make the best use of social media in keeping a positive relationship with their customers, corporations ought to seek and maintain influence among their followers in social media, and participate in communications with them.

Many people use the Internet as their primary way to socialize and connect with the world. Thus, virtual communities are an excellent way to attract visitors and retain consumers. First, forums are a traditional of connecting users with each other. However, forums are quickly being replaced by social media sites. Companies should create a user friendly social media site that offers helpful information, service features and the opportunity to voice opinions. For example, companies can regularly provide beneficial information about not only their company, but the industry as a whole. The social media site should also offer customer service support that is either live chat or a messaging function. Finally, customer created surveys are a great way offer a fun and engaging way for customers to share opinions.

Groundswell: Winning in a World Transformed by Social Technologies is a how to guide for businesses that explains what social media is, how it is changing the way companies relate to consumers, and how it can be used to their advantage. The authors, Charlene Li and Josh Bernoff, both analysts for renowned Forrester Research, one of the most influential research and advisory firms in the world, spent a year researching, analyzing, and blogging about social technologies that are changing the way companies and consumers interact. Forrester’s insights are grounded in annual surveys of more than 500,000 consumers and business leaders worldwide, rigorous and objective methodologies, proprietary research, and consulting. The foundation and the key learning of the book is the “social technographic” of internet users. Analyzing the social technographic provides companies with insight into who is likely to interact with their products online and how they are most likely to do it. Li and Bernoff offer numerous case studies of companies that have successfully engaged with online audiences. The books emphasis on data and analytics ties the social technographic profile to the strategy employed to ensure audience engagement.

This new media may be disruptive to old business models and practices but opens the door to an enhanced and real-time consumer relations (Henning-Thurau, et al., 2010). Social media popularity is growing at an exponential rate and consumers give their opinion on products and services on electronic channels. There is no need for surveys and pols, marketers need to adapt to the new forms of consumer conversations. In the past collecting consumer opinion was timely and expensive using focus groups and surveys. Today the daunting amount of data gathered on social media is inexpensive to collect but sometimes a challenge to derive insight from. The consumer data is unstructured and thus hard to classify, summarise and derive meaning from.