The Impact of Social Media on Small Business

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The impact of Social Media on small businesses

Contents
Introduction Chapter 2
a. History of social media
b. Problem statement 2
Research question 2
Interpretation 3
Scope 3
Methodology 4
Project type 4
Models and theories 4
Structure 4
Data collection 4
Criticisms of data 4
Literature Review 5
Social media platforms suitable for B2B 6
Benchmark 11
Key success factors that affect the social media marketing 13 Industries that can benefit from using social media marketing 15 Parts of the value chain in which SMM could be used 15
Social media in R&D 17
Social media in Marketing and sales 17
Social media customer support and service 19
Costs involved in engaging in social media marketing 20
Measuring the outcome of social media marketing 20
Social media and the future 23
Conclusion 25
Case Study
Linked IN 24
Twitter 28
FaceBook 32
Youtube 34
Blogs 37
Forums 39
Literature list 41

INTRODUCTION CHAPTER
a. History of social media
Social media are Internet sites where people interact freely, sharing and discussing information about each other and their lives, using a multimedia mix of personal words, pictures, videos and audio.

At these Web sites, individuals and groups create and exchange content and engage in person-to-person conversations.

They appear in many forms including blogs and microblogs, forums and message boards, social networks, wikis, virtual worlds, social bookmarking, tagging and news, writing communities, digital storytelling and scrapbooking, and data, content, image and video sharing, podcast portals, and collective intelligence.

There are lots of well-known sites such as Facebook, LinkedIn, MySpace, Twitter, YouTube, Flickr, WordPress, Blogger, Typepad, LiveJournal, Wikipedia, Wetpaint, Wikidot, Second Life, Del.icio.us, Digg, Reddit, Lulu and many others.

b. Problem statement
Social media has revolutionized the way we communicate with each other. People who previously just was content consumers, now has the possibility of being content producers. New social media brands keep popping up, and people are starting to interact more and more. What is interesting is to see how social media and B2B companies are using social media, why they are using it, and what they are gaining from it. With the introduction of social media, a new marketing term arose: social media marketing. This brings up an interesting discussion, saying that the control has now been taken out of the companies’ hands, and into the consumers and business partners’ hands. It will be interesting to look into, how the companies can den deal with this fact. Do they need to try to regain the control, or is it actually a positive thing, and how can they benefit from the new communication structure. Is social media marketing for everyone; and can it create a negative effect if not handled correctly. The communication possibilities are developing extremely fast, and it is important for the companies to be alert of the new and upcoming trends, and to be well informed when choosing how and which activities to engage in. c. Hypothesis:

Null Hypothesis
H0:
A social media platform can be economically valuable to a business organization only if it generates information that either improves the reliability of existing information, or is new information. Invest time and effort tosocial media platforms is a efficient way to marketing a business Alternative Hypothesis

H1:
A social media platform cannot be economically valuable to a business organization only if it generates information that either improves the reliability of existing information, or is new information. Invest time and effort tosocial media platforms is not aefficient way to marketing a business

d. Research question
How can small companies benefit from the use of social media marketing? The sub-questions giving a clear view for the answer to the research question: 1. Which...
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