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Scenario 14-3 With Social Media Websites Such as Facebook and Twitter Garnering

question 61

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Scenario 14-3
With social media websites such as Facebook and Twitter garnering so much attention from consumers and businesses alike, it is hard to believe that only 20 percent of small businesses are utilizing the sites to help promote their products and services. But this figure is precisely what was reported in a 2009 study conducted by MerchantCircle, a social network for small businesses. When the survey results were released in 2010, experts were not surprised to see the percentage of social media users increase to nearly 50 percent. According to Darren Waddell, vice president of marketing at MerchantCircle, companies are turning to social media for advertising because it is relevant and an inexpensive way to reach target consumers. Rather than pouring large sums of money into traditional marketing, business owners are finding more creative ways to promote their brand. One of the more common practices for small business owners utilizing social media is including URLs on business cards-of all sites, Facebook (no surprise) was the most common site to make it onto business cards. (Jon Swartz, "More Small Businesses Use Facebook, Twitter to Promote." USA Today, July 21, 2010.)
-(Scenario 14-3) Two young women decided to open a comedy club,and they chose YouTube as their main outlet for advertising.They put together a five minute clip of an improvisation routine and posted it on the site.Soon they noticed that the total number of views for the video had skyrocketed to 25,000.They found that the video was being sent all over the country via email and Facebook messages.This short video is now a form of ___________.

Definitions:

Degrees of Freedom

A concept in statistics that refers to the number of values in a calculation that are free to vary without violating the constraints of the calculation.

Levels Minus One

In analysis of variance (ANOVA), it refers to the number of levels in a factor minus one, which dictates the number of comparisons that can be made.

Interaction Effect

Occurs in an analysis when the effect of one independent variable on a dependent variable differs across levels of another independent variable.

Mean Square

The average of the squares of the deviations or differences from the mean, often used in variance and regression analysis.