Describe the use of social technology for competitive advantage

Scenario: Magenta Multimedia has decided to incorporate social technology into its business to maintain its competitive advantage. It would like to use technologies that allow it to engage with customers, and that also allow employees to communicate with peers. The company’s current customer demographic is older, but management would like to expand the appeal of the company and its products to millennials (while not ignoring its current customer base). The company was impacted by the recent economic downturn, but is now growing again and is seeing positive financial results. Despite this, senior management is extremely budget-conscious and sensitive to incurring new expenses.

- What social technology strategy would you recommend?
- Why would you recommend this strategy?
- How would this strategy benefit the organization?
- What type of social media metrics would you recommend the organization use to ensure the social technology strategy is successful?
- Given budget considerations, how would you justify the costs of your recommended strategy?

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