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Social Media and the Price of Perception - Literature review Example

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This paper "Social Media and the Price of Perception" focuses on the fact that according to the 2009 Nielsen Global Consumer Behaviour Research, 90 percent of all buying decisions begin online. That means if a business doesn’t have a visible online presence. …
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Download file to see previous pages Once there is a shortlist, the consumer will make a more detailed investigation by checking the company website, looking for reviews, and, more importantly, asking friends about the products or services (Filoux, 2010).
In every step of this process, social networking is front and centre regardless of the product or service is retail or Business-to-Business (B2B). Contrary to popular belief, social networking is not synonymous with sites like Facebook, Twitter and Google+. Social networking involves all channels, venues, platforms, applications, and websites that allow consumers or users to directly interact with other users either actively or passively.
Social networking is a relatively new but powerful economy. In the UK alone, the International Telecommunications Union or UTI (2010) estimates that there is a total of 51,442,100 internet users as of June 2010, 10 million more than the estimate of the Office for National Statistics Office. That accounts for 82.5 percent of the population. Of this, Nielsen (2008) states that 97 percent has shopped online. The Office for National Statistics Office (2011) estimates that there are 66 percent of all users bought products and paid for services online.
Comscore (2011) also states that UK internet users are the most involved as they spend the most time online and 73 percent rely on social media for everything they do include shopping according to InSites Consulting, a research firm, in their 2011 study.
The message is clear. Consumers are online and highly reliant on social media. It presents itself as a tool and a venue for small businesses to establish and expand their business. However, it is natural for a glamourized medium as social media to be pictured as the be-all and end-all of sales and marketing. This paper will examine how exactly SMEs can utilize social networking to grow their business.
Row Perfect is a cardio exercise machine that simulates rowing. They used to do trade shows and retail selling. They are now selling purely online and are more successful doing so.  ...Download file to see next pagesRead More
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