Social Media's Impact On The Global Economy
The following discussion will outline the impact social media has had on the global economy as far as business-related interaction is concerned. The research will define social media in its simplest forms as far as business related environment. For any media to be interactive, it needs to co-exist with some sorts of communication technology, for which social media is no exception. With regards to this the research report will analyse the advantages and disadvantages of using social media in a business as to determine whether is beneficial or not. To understand this the report will also note or give out examples of businesses that uses social media in the global economy to market their products and service. This research will conclude with …show more content…
Examples of social media tools which are constantly changing and that allow users to engage in conversation are Blogs, Team communication or virtual teams, Facebook and twitter(Social networking site that enable users to send and receive real-time messages) …show more content…
Consumers re able through the power of social media to join the conversations with the organisation, social media has also shifted the power from the seller to buyer which has led to consumers owing the conversations. Consumers own conversations by call out organisation that are not performing to expectation, consumers are also using their social media power to be actively involved in the development of new products and services (Smith & Wollan,2011:6)
BENEFITS OF SOCIAL MEDIA TO BUSINESSES
Organisations are using social media to listen to what consumers are saying about products and services of an organisation and adjusting thus according to consumer’s specifications. Organisation are not only using social media to better engage with consumers or encourage crowdsourcing but organisations are using social media to listen and care for potential consumers who are maltreated by competitors (Shih,2011:104).
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