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Marketers currently use social media to catch up with the digital customers, letting go the traditional advertising models, and adopting the new ones that involve marketing online via the social media. It is evident that the digital migration, specifically the current use of social media does have a growing role in marketing that changes the advertising models, this in turn has implications on how channels, consumers, and companies perform. Unlike in the past, customers can now give their feedbacks about a certain product, feedback visible to other agents, these agents include the channel partners, the competitors, and even other companies.
The main impacts on the advertising models include the fact that social media allows reviews about certain products (online reviews and ratings) impact different metrics. These metrics include the brand evaluations, consumer ratings, the company performance, consumer purchase conversion rates, and the organizations value. Many of the new advertising models adopted by many organizations include "customer feedbacks," in the past the customers did not have much freedom to give feedbacks about a certain product (Evans). Currently, social media for advertising the customers the freedom to rate a certain product that to some extent defines the major characteristics of a firm. The past advertising models focused on the four Ps, social media to some extent brings in another P, which stands for the "people," which is deeper, broader, and more profound than the consumer targeting is.
Social media changes the way people interact among themselves, they play a major role as creators, advocated, critics, transmitters, and transformers of messages. Not long ago, the introduction of TVs in the industry changed the advertising models used in the past, but the introduction of the internet, social media, and the use of mobile phones made them even better. The online social environments, including the social
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The objectives of this research are:
• To generate basic understanding of the social entrepreneurship
• To recognise various aspects of social entrepreneurship
• To recognise how the business model of social enterprises are different for other profit making organisations
• To recognise the innovativeness and ethics of social enterprises
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12 Pages(3000 words)Essay
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