This research presents some facts and discussions in relation to social networks and social capital and their effect on firm performance based on the following literature review. This report focuses on the performance of a firm through managerial decisions from the perspective of social networks…
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The paper tells that in the field of product development the inter organization networks can be very effective for the joint discussion about the product. Many new and small firms have lack of resources for the development, mainly due to inexperience and a lack of goodwill. Thus as a way of competing and grabbing a foothold in such a scenario involves bootstrapping, which involves activities for securing funds and resources. By using social networks such companies can gather finances, by building up strong ties in the initial stages and later on weak ties as they grow big. CEO’s of different firms have been known to have taken advice from outside through social networking. In this way they seek to get an outside opinion and an altogether different perspective regarding certain strategic issues. These enhance the performance of the firms. Another important aspect which is emerging slowly is the concept of a local social capital where an individual who values more of his local contacts, even though he has global contacts. This is relevant mainly in case of local entrepreneurs. Thus according to scientists, people with more and better social capital will be able to realize their goals. Ranging from contracts to building goodwill and securing finances, social capital is the priority in all types of endeavors around the globe. Social ties have been found to regulate exchanges through an informal and interpersonal way and they help to push back the limitations of a weak infrastructure, especially in the case of a financial crisis. (Sheng et al, 2011, p. 1). The study is to provide several facts and discussions in relation to social networks and social capital and their effect on firm performance based on the following
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“The Effects of Social Networks on Firm Performance Research Paper”, n.d. https://studentshare.org/management/1392114-the-effects-of-social-networks-on-firm-performance.
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The results of the study indicate that when firms decide to allocate resources to product innovation, they expect to gain leverage in terms of competitiveness and performance. It reveals that continuous product innovation increases the capacity of a firm to serve wide ranging consumer needs thereby upholding their loyalty.
The report has highlighted the benefits and opportunities along with obstacles which are to be faced in this transformation. The final result of the complete discussion indicates that social networks and social media are not helpful and contribute in gaining larger market share in comparison to traditional network.
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Another reason could be that the information is of sensitive nature so that the user is required to identify them before they can be allowed to access it.
The issues to do with slowness, unreliability and
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