Asked by jessica portnoy on Jul 18, 2024
Verified
The concept of opportunity cost is best explained by which of the following questions?
A) What else could employees or volunteers have done if they weren't spending time contributing to the brand's social media activity?
B) How fast should companies respond to crisis situations in social media?
C) How risky is it for a company to allow the sharing of a brand message beyond the company's discretion?
D) Should a company allow manipulation of their message beyond the company's discretion?
E) Should a company allow negative tweets about them on their Twitter company account?
Opportunity Cost
The cost of missing out on the next best alternative when making a decision; a crucial concept in economics and decision-making.
Brand's Social Media Activity
All actions and engagements a brand undertakes on social media platforms, including posting content, interacting with users, and promoting products.
- Understand the principle of opportunity cost within the framework of social media strategy and its influence on the distribution of resources.
Verified Answer
MW
Monica WatersJul 18, 2024
Final Answer :
A
Explanation :
Opportunity cost refers to the potential benefit that is forfeited when choosing one option over another. In this case, the question "What else could employees or volunteers have done if they weren't spending time contributing to the brand's social media activity?" best explains the concept of opportunity cost as it highlights the potential benefits that could have been gained from alternative uses of time and resources.
Learning Objectives
- Understand the principle of opportunity cost within the framework of social media strategy and its influence on the distribution of resources.