¶ … social media is a hype these days which has enabled businesses to actually change the way they operate. Social media networks especially Facebook, Linked in, Twitter and now Google Plus have enabled businesses to reach out to those people with whom they want to build long-term customer relationships. A lot of research has been carried out to devise the impact that social media has on businesses. This has enabled business schools to develop a new form of customer oriented relationship building, a further addition to the B2P (Business to Person) communications.
In this regard, traditional business environment has changed drastically with the impact of social media. A newer economic and business environment now exists over the business world and has deeply affected traditional marketing tactics, public relation, selling and communication activities. This has not only lead to companies having lesser control over their reputation but has also given the dictation of reputation to masses and crowds that exist over the internet.
In fact, it's not only the marketing departments that have changed their functioning over the time, but rather, the key decision makers of the companies have also revised their strategies on their decision making. The tools and mediums that were used by decision makers years ago have changed drastically with the advent of social media so much so that the social nature of their decisions have strengthened immensely (Kaplan et.al, 2006). This has not only lead to stronger and concrete decisions but also has connected generations of professionals with one another, causing them to get accustomed to this dynamic world of social media.
If we look at some general facts, it is quite evident that over a billion people are now connected with the internet, more than 4 billion people have access to smart mobile phones and devices and what's more is that more than 400 million people are connected with each other via the internet, exchanging information, experiences and products all over the world.
Social media has not only led to dynamics in the business world but also has caused business information to travel at a speed that was never seen before. Professional networking, emails, SMS services and social networks have enabled business owners to now participate in a multi-channel communication that has enabled not only individuals to be a part of a huge collaborative network but has also ensured a work environment where professionals learn from a variety of influences. Business relations are now changing drastically and newer business ecosystems have developed with in various communities, leading to such complexity that is now becoming unmanageable (Benkler, 2006).
The vast connections and networks of people have enabled them to be at more than one place at the same time while being virtually anywhere in the world. Moreover, social media has not only affected business world but has curtailed to developed stronger human relationships. Connectivity is now an asset for businesses that enables distances to be reduced and gives rise to infinite opportunities. Formation of networks and communities online has led people to manage their public profile and image even more stringently. The content and networks that your social networking accounts show determine who you actually are. This idea sharing and collaboration of people in the virtual world has not only led to increased collaboration with the partners, suppliers and consumers but also has led one to create an important public profile of oneself.
A research was conducted by an agency to find out why the CEOs of companies tend to rely so heavily on the social media networks. It was found that amongst many reasons given, the CEOs tend to reply on the professional networks to be an important decision making tool. The online networking enables them to gather more opinions through their networks and also to read the public responses via forming online blogs. Almost all of them thought that the traditional decision making tactics used by them are being highly disrupted due to the emergence of...
First blogs were the dominant channel for consumers to share their product and service experiences with companies and as Facebook and Twitter have become more dominant, the speed, velocity and volume of feedback has escalated nearly exponentially. All of this now puts consumers in a highly influential position relative to brands (Bernoff, Li, 2008) and the rapid assessment of their social media marketing strategies as well (Hennig-Thurau, Gwinner, Walsh,
Introduction Nowadays, almost everyone who has regular access to the internet has a social media account. Social media sites like Instagram, Snapchat, Facebook, and Instagram are very popular around the world. The sites allow people to sign up for accounts that they can use to socialize with friends and acquaintances online. When the social media sites first emerged, many people hailed them for connecting long lost friends and for enabling individuals
Social Media Marketing Importance of Social Media Marketing Social Media Marketing is now considered as one of the most important function of any business. Large companies and programs focus on improving their function of marketing on social sites and blogs like Face book, Twitter, Pinterest and so on. Since, there are examples of many big and small businesses that made huge benefits via social media marketing. Coca-Cola has about 35,000,000 fans and
Social Media Strategy Analysis GoPro is renowned for using social media—in particular YouTube and Twitter—to draw attention to its cameras, especially its Hero brand digital video cameras. By using footage filmed by people who purchased the GoPro Hero camera, GoPro essentially obtained free advertising that was produced and driven by consumers, each wanting to join the growing list of video segments uploaded by the company to its YouTube page. This paper
Social Impact of Cold War & Terrorism The Cold War is often associated with the idea of making great and physical divides between the good and the bad of the world. It was a symbolic representation that extended for about 30 years on the expectation that the greatest powers of the world could, under the right circumstances, impose a sort of benign order on the planet by isolating the evil empires
Swarovski & Luxury Fashion Experiential Marketing Use of 360 Degree Marketing by Swarovski Merits of Experiential Marketing Three Ds of Experiential Marketing Strategic Experience Swarovski: A Transition from Traditional Marketing to Experiential Marketing Emotional Brand Attachment Brand Identity Self-concept Brand Luxury Brand Attachment Brand experience Brand Prestige Importance of Social Media for Luxury Brand Translation of Unique Brand Elements to Social Platforms Adapt Business Practices to the Online Business Model Swarovski is a leading name when it comes to global luxury brands. It has managed to rise
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