The Value of Social Media for Business: An Overview on the success of companies using social media platforms - Dissertation Example

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The Value of Social Media for Business: An Overview on the success of companies using social media platforms Student ID: Course: Professor: Word Count: 4,784 Outline Outline 2 References 25 Introduction The proposed methodology is to analyze the various contribution of social media network in the growth of a company…
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Download file to see previous pages It is a rage now, for companies to constantly share information related to their products to the potential customers through these channels and it has been seen quite effective too. Some of the corporate gurus encourage this and often claim that this is an excellent platform for the visibility of any business. The aim in this paper is to highlight these facts through a rigorous study and the work is supported by some prominent books and websites. This paper is divided in to ten section where it is initiated by the chore objective of a business, and that is to get customers, followed by an introduction about the concept behind ecommerce and its evolvement over decades from ecommerce to social commerce and social media networks, reasons to support the participation on such platforms, pros and cons of this system of communication, eventually it moves on to the motive of this paper and that is to highlight the value of social media network in the growth of a company. The paper also presents some facts and figures pertaining to the study. Further an observation and conclusion is also added in the paper along with the references. Company needs ‘People’/ Customers E Commerce to Social Commerce Every business needs customers and every successful company wants to reach out to the potential customers by promoting their products using a medium and providing good service to their customers. Electronic Commerce is a term which is referred to a process of purchasing and selling of products using an electronic device or system. It began in the early 1970’s while E Commerce in its initial stage was referred to as a process which executed the transaction commercially and it was carried out by technologies like EDI (Electronic Data Interchange) and EFT (Electronic funds Transfer). This technology existed in the 1970’s and was widely used by Banks and other money exchange companies (“History of Commerce”). Figure 1.1 will project the evaluation of E Commerce. Fig1.1(“New Media”) - Year Events 1984 EDI, or electronic data interchange, was standardized through ASC X12. This guaranteed that companies would be able to complete transactions with one another reliably. 1992 CompuServe offers online retail products to its customers. This gives people the first chance to buy things off their computer. 1994 Netscape arrived. Providing users a simple browser to surf the Internet and a safe online transaction technology called Secure Sockets Layer. 1995 Two of the biggest names in e-commerce are launched: and 1998 DSL, or Digital Subscriber Line, provides fast, always-on Internet service to subscribers across California. This prompts people to spend more time, and money, online. 1999 Retail spending over the Internet reaches $20 billion, according to 2000 The U.S government extended the moratorium on Internet taxes until at least 2005. When the popularity of internet grew by the year 1993 and it was made commercial and available to general public, it actually took 4 years in developing the protocols of security like DSL and HTTP that eventually made it possible for the users to access the internet with rapid speed as well as an internet connection to be persistent. By the end of the 20th century; the technological advancement took a rapid turn and millions of companies’ ...Download file to see next pagesRead More
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