What advantages does the use of social networking tools bring to the business wo

Question

What advantages does the use of social networking tools bring to the business world? Give a couple of examples where you see the use of this technology influencing existing business models. The Grateful Dead article brings up the concept of "business tribes". How can the use of social media facilitate that concept and why is it of value to companies? Where do companies see the opportunity for the greatest return by becoming a "social business"? What does "Customer Service is the New Marketing" mean? How does this relate to the "be kind to your customers" statement in the article? Why is a business plan and strategy so important to any business or to anyone thinking of starting a business? Why is it important to understand your business processes and functions and keep them "in house"? What are the 4 types of plans that every organization must have? Traditional roles are changing in businesses. Why is it critical that the CIO and the CMO work closely together today in order to facilitate the business transformation that most companies must accomplish to stay competitive?

Explanation / Answer

Social media is a very easy way to know the need and expectations of the customers. The social media helps the company to reach the bulk number of consumers easily. Social media provide a platform to the company to convert bulk number of customers. The marketing through social media gives a very high conversion rate. The marketing through social media is very cost effective. The cost of marketing through social media is very less in comparison to other marketing channel. Social also helps the company to get the instant feedback from the customers.

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