Business Report Essay Example | Topics and Well Written Essays - 1500 words

Business Report - Essay ExampleIndustry compendium background data Lucraspace.com is an online mixer range created out of the possibility of designing an online community for that could In substance pull a great online following that forms a massive pool for business publicize. Online well-disposed market in essence grew out of the urgency by business organizations to reduce operational costs associated with caterpillar track any business while ensuring that maximum returns accrue to the business. While agreeing with Whiting, it is generally agree qualified that online social merchandising is no longer age restricted and therefore associated with all age sets in the 21st century. Daily, both social networking organization tries to make a huge following with different interests. Within these varied system of social networking sites, different people relate social sites with different meanings and implications. From a business perspective, social networking site refers to a huge potential consumer group with homogenous product or service needs that gives the telephoner a good avenue for advertising their products, within this definition, online marketers sees online social networking as a new consumer market. Equally, social networking site is composed of individuals or organizations that are connected through various social contacts ranging from casual acquaintances to family members. (Dickerson, 2006) Dickerson, 2006 shape up attest that online social sites created to encourage connections and communication to occur on a wide variety levels. familiar online social sites include MySpace, Facebook, Hi5, Xanga, and Friendster, which allows users an opportunity to create a user profile, connect with other online friends. User information and behaviors gathered used by marketing companies to determine the market niche and therefore be able to advertise their products on these sites. Revenue from online social site advertising often follows Uniform Res ource locator (URL) strategy that arbitrarily locates any file available in the internet. The figure below depicts the aggregated social network segment that lucraspace.com exploited as an alternative investment strategy for new venture creation. marketing niche Lucraspace.com driven by the many opportunities that exist around social networking sites and a new need to develop revenues around social websites, as such advertising remained the main source of revenue for these sites in 2007. Within this new reality, online sites aimed at generating revenue from sites given their potentiality to reach millions of audiences and potential customers. Marketing estimates in 2006 indicated that markets and business companies paid $350million on advertising on social sites and further estimated that the figure could be higher(prenominal) with technological advances and internet access across many populations globally. The reported business success for these online social sites in their adver tising strategy and their low operational costs associated with website design influenced many organizations to prefer these sites as advertising medium. (Cashmore, 2006 Venture Capital, 2007) Service/product information Lucraspace.com is an