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The Use of Social Media in Multinational Corporations: Methods, Advantages and Disadvantages - Essay Example

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The use of Social Media in Multinational Corporations: Methods, Advantages and Disadvantages Word Count: 2,003 Introduction A multinational corporation is any business that spans multiple countries. In today’s modern age, businesses of this type are becoming increasingly important…
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The Use of Social Media in Multinational Corporations: Methods, Advantages and Disadvantages
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Extract of sample "The Use of Social Media in Multinational Corporations: Methods, Advantages and Disadvantages"

Download file to see previous pages Because of the competition between businesses, there is a need for corporations to take advantage of every opportunity that is available to them. One such opportunity is the use of the internet. The internet has been rising in popularity in the recent years as well as the range of uses that it provides. Electronic business and online stores are common, but one form of internet facility that has not been fully taken advantage of is social media. This constitutes websites such as Facebook, Twitter and Linked In, which are based on the interaction between the users and content generated by them. Social media can be used for a wide amount of uses within a company, including the sharing of knowledge, building social capital, the support of innovation as well as aiding problem solving. However, like any resource, there are both risks and benefits to its use. Social Media The internet has become an increasingly prevalent part of everyday processes for both businesses and individuals alike. It has provided the unique ability to share information instantaneously with people almost anywhere in the world, ways for people that are distant to remain in contact with one another, as well as having a large role in business and in entertainment. Many multinational businesses use the advantages of the internet to reach their consumers, whether it is to advertise products, to sell products directly or to communicate directly with consumers and potential consumers1. Social media is also known as consumer-generated media, and is a form in internet-based media and communication that focuses on networking and interactions between individuals. In a recent survey Facebook, had more than 175 million active users and 75% of internet users accessed social media in the second quarter of 20082. There are a wide range of different types of social media, such as blogs where individuals share their opinions of any topic that they desire3, message boards by companies, profile based social networking sites such as Facebook and MySpace which involve images4, applications and Twitter, which is a form of blogging but instead of large chunks of text, short messages are posted, designed to be posted ‘on the fly’, as events are occurring. Another type of social media is Linked In, which has a more serious approach than most other social media, and takes a more professional perspective, offering a way of exchanging ideas, opportunities and information between users. Knowledge Sharing Knowledge management is an important part of the way that businesses run, and can provide an advantage in the competitive market5. One aspect of this is how knowledge is shared, whether it is from business to business, business to consumer or even consumer to consumer, such as consumers talking to each other about the products of the corporation. The most general method of sharing knowledge online is through email or through websites. Social media offers a slightly different approach to this. Not only does it provide the ability for businesses to provide information, but it provides the ability for consumers to discuss the benefits and disadvantages of the products, share information with other people quickly through a variety of media6. For example, an individual may purchase a product and write strongly positive reviews, sharing ...Download file to see next pagesRead More
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