Managers play a major role within any company. Not only must they understand the business of the company, but they must also possess legal astuteness. According to Bagley, Legal astuteness is the ability of a manager to communicate effectively with counsel and to work together to solve complex problems. For example, legally astute managers can (1) negotiate contracts as complements to trust building and other relational governance techniques to define and strengthen relationships and reduce transactions costs, (2) protect and enhance the realizable value of the firm’s resources, (3) create options through contracts and other legal tools, and (4) convert regulatory constraints into opportunities. Legal astuteness has four components: a set of value-laden attitudes about the importance of law to the firm’s success, a proactive approach to legal issues and regulation, the ability to exercise informed judgment when managing the legal aspects of business, and context-specific knowledge of the law and appropriate use of legal tools (Bagley, 2013, p.11). With each component, social media marketing manager who utilizes social media outlets, such as Facebook, for consumer transactions, mitigate the risk doing business through cyberspace. Having a set of value-laden attitude is essential when doing business in the cyberspace. Managers must consider the success of the business. The laws and regulations are guidelines to help managers determine the risks and opportunity while doing business through cyberspace by ensuring that the business is legal. Managers act proactively seeking out legal advice about the business that is in compliance with laws and regulations. Using managerial judgment is also key when managing the legal aspect of a soc... ... middle of paper ... ...An Overview.” (n.d.) Agency Relationships: An Overview. Retrieved from http://www.shsu.edu/~klett/agency%20et%20al.htm Bagley, Constance. (2013). “Law, Value Creation, and Risk Management”. (7 ed.), Managers and the Legal Environment (p.11). Mason, Ohio: Cengage Learning, 2013. “Dodd-Frank Wall Street Reform 327 in the last year.” (23 Jan. 2013). Federal Reserve. Retrieved from http://www.federalregister.gov/articles/2013/01/23/2013-01255/social- media-consumer-compliance -risk-management-guidance. “Federal Register Tutorial.” (n.d.). National Archives and Records Administration. National Archives and Records Administration, Retrieved from http://www.archives.gov/federal- register/tutorial/online-html.html “U.S. Federal Government.” (5 Feb. 2014). USA.gov: The U.S. Government’s Official Web Portal, Retrieved from http://usa.gov/Agencies/federal.shtml.
Chesseman, Henry R. Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues. 8th ed. N.p.: Pearson Education, Inc. , 2016. Print.
Businesses have quickly learned that the use of social media as a valuable selling tool. Many of these marketing departments have set up these social media networks to exchange ideas in areas of marketing to appeal to the internet audience. This use of social media serves two purposes; to engage in conversation with the consumer and to get their message out. The fundamental goal is to reach a wide audience to generate more business. The popularity of these social network sites such as Facebook is due largely to their viral nature; self-promoting. The users of these social networking sites, the consumer, spread the word for the merchant (Burdge, 2011).
Miller, Roger LeRoy., and Gaylord A. Jentz. "Chapter 2." Business Law Today: The Essentials : Text & Summarized Cases : E-commerce, Legal, Ethical, and International Environment. 9th ed. Mason, OH: South-Western Cengage Learning, 2011. 43-55. Print.
A business has to be social in the virtual world. Facebook, Twitter or YouTube are just some of the social media where a business can post information and be a part of conversation with customers. Social media builds connections, trust and credibility. It’s a place where businesses can engage their clients, share its knowledge, make customers feel appreciated and help solving their problems. Social media not only promotes a business and its reputation, but
Social media wields ubiquitous influence over the marketplace, driving and defining how businesses engage with customers in unprecedented proximity.
Cheeseman, H. (2006). Contemporary business and online commerce law. 5th ed. Upper Saddle River, NJ: Pearson Prentice Hall.
Social media is “Websites and applications that enable users to create and share content or to participate in social networking”[1]. Social media marketing is the use of internet based platforms (social media) to advertise and broadcast companies to the world. The use of social media for marketing has many benefits and this has been proven numerous times. It can be risky for some companies but the opportunity for benefit outweighs the small risk and therefore I believe companies should develop social media marketing strategies.
Social media has helped businesses grow in tremendous ways especially in brand awareness. Lets face it, when we are signing on to our social networks, checking our email, and even looking something up we are constantly bombarded with advertisements. But how else are we going to be aware of a new business or of a different brand that might match up your interest if we aren’t being told it exists. The message needs to be put out there and show the customer that they exist. One big way of the business connecting with the customer or future customer is social networks. Facebook, twitter, YouTube, and LinkedIn have influenced brand awareness dramatically. According to the business2community website there are nearly seventy percent of account ownerships on Facebook globally, nearly fifty percent account ownerships for YouTube,...
Among the billions of social media users, there is a percentage dedicated to businesses who use social media as part of their marketing strategy. The sheer number of people who use services like Facebook and Instagram on a daily
Cheeseman, H., (2013). Business law: legal environment, online commerce, business ethics, and international issues. (8th ed.), (pp. 168-205). New Jersey: Pearson Education.
Social media marketing is a new trend of marketing where different Businesses have taken to social media sites to market and promote old and existing products and brands or create more awareness of their new products. Facebook and Twitter are the two most well known sites where firms market and promote themselves. Over one billion users worldwide use both sites everyday; from averages Joe’s to famous celebrities. Such is the power of each social media site that one post can make or break you.
Law is an essential part of business and society. The definition of law is, “Any system of regulations to govern the conduct of the people of a community, society or nation, in response to the need for regularity, consistency and justice based upon collective human experience” (ALM, 2013, P. 1). There are four common types of law constitutional law, statutory law, common law, and administrative law. Each of these four types plays a different role in the regulation of business and society. In addition to the types there are also three common categories of law criminal and civil, substantive and procedural, and public and private laws. Law is an integral part of the present-day workplace and affects the decisions management and leaders make.
If you observe successful marketers these days, you’ll realize that they have taken Facebook strategies very seriously. The reason? Facebook marketing is a powerful strategy that is working well in favor of a business. Around 40% of the world population has access to the internet. Almost every internet user logs into Facebook daily and goes through their news feed. With online shopping being the craze these days, many people are bringing their business onto the world of internet. Online platforms have become successful media for products in order to get potential customers every day. Indeed, Facebook marketing strategy is the hip thing nowadays. Know more of the following
The major role of social media in marketing is for communication which makes the more companies accessible to those attracted in their products, give awareness to those who do not know the product and make it available to them. Social media in marketing is used as an apparatus that builds an identity for a brand and give awareness that they thought they could have. It does not only respect buyers, but also customer allegiance. Social media is widely-ranged so it can be used in whatever way that best conform to the strategy and wants of the business.
Since social media users grow larger and larger, many companies take the opportunities of using social media marketing to reach more customers. Companies use social media marketing in order to achieve marketing communication and branding goals. Social media allows companies to see what prospects are saying about their brands and competitors. It also allows companies to build deeper relationships with existing customers that drives them to purchase again and again. Not only it can help them generate new leads, but it allows them to build deeper relationships with existing clients that drives them to purchase again and again. It has become common for businesses to branch out and experiment with multiple networks with the aim of reaching the maximum amount of costumers.