Scenario: 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. The essay should cover the following with apa style applied:(5 references) The vice president of your company, Mr. Myers, has read over your last report, and he has decided that for you to fully understand the social networking industry, you must research a prosperous social networking Web site or company. He explains that you should use the researched social networking Web site as a benchmark and compare it to the needs of your company’s developing social networking Web site. the assignment, you must submit a report in which you research a prosperous social networking Web site and discuss how its core strength could help your social networking Web site jump into the global marketplace, you must address the following in your report: •Research a prosperous social networking Web site or company, and use it as a benchmark. •Discuss in detail the main objective of the researched social networking Web site or company. •Discuss the benchmark Web site or company’s core strengths. •Discuss at what extent the benchmark Web site or company strategy has been built upon a common set of resources and capabilities rather than specific customer needs. •Explain the principal resources and capabilities of the benchmark Web site or company. •Identify the benchmark Web site or company’s basis for formulating its strategy. •Explain what core strengths of the benchmark Web site or company would help your company jump into the global marketplace.
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