The growing popularity of the social media is easily visible in peoples everyday lives

The growing popularity of the social media is easily visible in peoples everyday lives. But along with it businesses also have not remained behind from exploiting it as an opportunity to reach their customers. It is now increasingly being seen that the social media are being used by businesses for marketing and selling their products. So, apart from being hubs of social interaction, the social media are also acting as channels to grow your business online. If one is able to keep some factors in mind and act the right way, then, in social media he can find a great opportunity for his business. Today, business is all about marketing and selling your product the right way. Interestingly, online marketing has added a new dimension to it and where will one get a better meeting point for his customers than social media. The ever increasing popularity of social media sites like facebook is a proof of the same. However, still the best thing to do while marketing online especially through social media like facebook is to remain legally wise, since there are legal hurdles also involved in it. It will not be an exaggeration to say that in a decade social media has taken over the world. A very important benefit that the social media can provide to a business is the ability to monitor the public perception of its brand. But, there are also some risks which will have to be kept in mind. Legally astute managers can identify and pursue opportunities to use the law for maximizing the value created and also the share of the firm in it. They can often forestall an onerous regulation and converts such pressures or threats into opportunities for value creation by being proactive. On the opposite side the managers who lack legal astuteness will not be able to use law for strategy and planning and thus will not be able to derive a competitive advantage for their firm.

The four components of legally astute social media marketing manager are as follows:

1. a set of value laden attitudes

2. a proactive approach

3. the ability to exercise informed judgment

4. Context specific knowledge of the relevant law and the appropriate application of legal tools.1. A set of value laden attitudes: Legally astute managers understand the importance of law well for the firms success. They also understand the importance of its integration into strategy and planning. They formulate strategies while keeping the importance of law in mind such that competitive advantage can be gained from it. They also provide ongoing information so that their lawyers can actively be a part of the strategy formulation and planning.2. Proactive approach: Legal issues or considerations should not be considered as an afterthought or just as an add-on to the firms strategy. Instead what legally astute managers do is to include the legal opportunities in their strategy at every stage in both its formulation and implementation. They remain proactive and introduce legal counsel at the early stage of decision making.

3. Ability to exercise informed judgment: Legally astute managers understand that it is the general managers task to decide which allocation of resources is most sensible for the business and not the lawyers. They have the ability to exercise informed judgment while managing the legal issues and constraints related to the business. After all, until the counsel has advised that a particular course of action can be illegal, it is the managements job to decide that which risk is worth taking and which opportunity should be exploited.4. Context specific knowledge: A legally astute manager has the appropriate degree of understanding as to how important a role law plays in the business. It is generally not obvious to the managers that to which extent the risks or rewards related to the business are affected by the law. In such instances it is essential to understand how a context specific knowledge of the law can be helpful at managing and shaping the legal structure of their business. When it comes to disputes in case of consumers who make purchase from businesses that provide links through social media, the On-line alternative dispute resolution methods are most affective. Mainly following dispute resolution methods are used in these cases:a. Mediation: In mediation a third party called the mediator helps business and the consumer find a resolution to the problem by facilitating dialogue. Other similar approaches are assisted negotiation and conciliation.

b. Arbitration: In arbitration, a third party called the arbitrator collects the necessary information from both the consumer and the business and makes a decision on its basis. Mostly, the decision of the arbitrator is considered to be binding.

c. Automated negotiation: It is a computerized process, which is generally used for settling disputes over monetary amounts. Consumer transactions on social media can occur across state boundaries. Here federal government has a very important role to play. It can best regulate these transactions and effectively minimize chances of dispute through taking some steps. It should work with both business and consumer representatives in this direction towards the promotion of transparent policies and procedures. It is especially important in the case of cross border transactions. The government should collaborate with both businesses and consumers to include the development and promotion of transparent cross border consumer protection programs. Another important step in this direction is to review consumer protection laws in collaboration with business and consumer representatives for making them applicable to E-commerce.

A very important factor to consider is including the other governments and working in collaboration with them for combating cross-border fraudulent commercial conduct. International cooperation is very important in this regard for developing agreements related to Alternative Dispute Resolution regarding consumer complaints and disputes.

Of the three branches of the government the executive can be most effective at regulating the consumer transactions via social media outlets. These transactions form a part of E- commerce which can be regulated by the Department of Commerce under the executive branch.Reference:Bagley, C. E. (n.d.). Winning Legally: The Value of Legal Astuteness. InAcademy of Management Review. Retrieved May 5, 2013, from http://mba.yale.edu/faculty/pdf/bagley_winningLegally_12_17_07.pdfAlternative Dispute Resolution for Consumer Transactions in the Borderless Online Market Place (n.d.). InWeb Dispute Resolutions. Retrieved May 5, 2013, from http://www.ftc.gov/bcp/altdisresolution/comments/downey.pdfAlternative Dispute Resolution (n.d.). Ineconsumer.gov. Retrieved May 5, 2013, from http://www.econsumer.gov/english/resolve/adr.shtm