(one minute paper on video lecture ‘Social Media’ by Dr. David Kreps)
There are a couple of important developments going on that ‘forces’ business to use social media to survive. Demographically the world population is expanding massively combined with increasing number of people living alone, in cities with high quality of internet access, customers behaviour is changing. They trust each other instead of business leaders. Web 2.0 combined with the massive worldwide increased use of smartphones in day-to-day live, challenges companies to start blogging and using social media for their business. Business blogs will support creating a digital profile, supporting increased online business.
Relevant further questions
When social media business will become the main way of doing business, what will be the impact on the organizations’ processes? The marketing and sales process will change dramatically, the question is what organizational changes are needed to anticipate and what changes are needed in the value chain where production and service processes will be connected to social media business communication. Important to understand and examine is the risks, mainly in stakeholders perceptions and analysis, combined with a needed emphasis on ethical behaviour and communication by the company through social media.