Social networking sites are fast becoming corporate resources.

Social networking sites are fast becoming corporate resources. Consider how Facebook may be used by an organization. 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?

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?

SAMPLE SOLUTION

Social Networking Sites
In the modern world of business, technology has become part of business operations. There are many ways through which Facebook can be used by organizations such as Coca Cola, KFC and Bank of Africa. One way is advertisement where Facebook can be used as a platform to market the products to the target market. Approaches such as blogs or the use of influencers who have a big social network on their Facebook accounts can be used to do targeted marketing. Another way Facebook can be used is…