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What is social media as a channel for the promotional mix? How would a company determine the most effective social media venues for converting a viewer into a buyer? As a consumer, what social media sites are most popular for your use and why?

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What is social media as a channel for the promotional mix? How would a company determine the most effective social media venues for converting a viewer into a buyer? As a consumer, what social media sites are most popular for your use and why?