This last discussion culminates the value of social media with respect to the entrepreneur’s investment in it. Numerous studies have pointed out that almost ALL Fortune 500 companies invest in social media.
The value of social media with respect to the entrepreneur’s investment in it
This last discussion culminates the value of social media with respect to the entrepreneur’s investment in it. Numerous studies have pointed out that almost ALL Fortune 500 companies invest in social media. While it is still a struggle to make sense of the data, the overall value has not gone unnoticed. Currently, the standard is the 10/90 rule. 10% of the budget for social media should be spent on tools and 90% on people (smart people that can run all the numbers).
For this discussion , consider the following scenario and given a budget, determine how you would spend your available capital on social media. You may present this in a bulleted list.
You own a chain restaurant. While the national chain restaurant, (we will use Applebee’s for this final discussion project) has disposable income, the casual dining experience is losing excitement on the market place. Waiter services have gone out the window, and the Chipotle’s of the world are taking over. The consumer wants control of their meal in every way.
Although Applebee’s is not failing, they need to modify their menu, quality, and experience to meet the current eaters of today. Their market is the ’30 something’ parents with children on a budget yet eats out 1-2x per week. Assuming they have done all of the above (modified their menu, improved quality, and experience), how will we let the world know to come back to Applebee’s?
You have $450k to “re-brand” Applebee’s to appeal to these consumers (’30 something parents with children with some disposable income).
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