Literature Review on Current growth and potential of social media and networking

Subject: Product and Brand Management

Paper Model: APA

Paper Type: Assignment

Total Words: 1986

Document Outline

·    Emergence of social media
·    Dimensions of social media
Economic reason
Technological reason: 
Social reason
·    Social media and corporate
·    Social media and health 
·    Social media and organized society
·    Social media and digital government
·    Social media and entrepreneurship growth
·    Social media and collaborative economy
·    Social media potential 
References

 


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Literature Review

  • Emergence of social media

Human civilization, during its course of evolution, witnessed many watersheds, which determined the dimension and pace of its progress. The most obvious and vivid watershed, which has strong imprints on the evolution of human civilization, is Industrial revolution. The ramification of Industrial revolution was improved tools of implementation, new production methods, emergence of new markets and alteration or development of notions and percepts, pertaining to economics, politics and society.

The emergence of social media is being considered another watershed, which is radically influencing the social-political and economic systems. Since its manifestation, it has played a significant role to shape corporate, health, communication, education, society, economy and polity. It has also yielded new percepts and economies; collaborative economy is such example (Bostman, 2010).

As per Fox (2011), social media appeared with the advancement in the telecommunications. To communicate and transfer data/evidence, from computer to computer, scientists indulged in developing sophisticated and secure networks. The primitive network designs, facilitated one another to form a universal network, to establish communication amid computers, which was sophisticated and secure. This internet design evolved with the development in technology and gave existence to social media. It is also to be comprehended that personal computers played a significant part in the emergence and evolution of social media (Jagongo, 2013).

 

  • Dimensions of social media

Social media is the ramification of modern technology. It is an instrument, which is being used, extensively and frequently, by different segments of corporate, health, education, communication, society, economy and politics to realize specific objectives. The extensive and frequent use of social media or the alternative media has its economic-technological and social reasons (Foundation, 2012).

Economic reason: The conventional or the orthodox media is not only expensive, but it is also limited. It can be exploited by large corporations and organizations, as only they can afford such expensive exposure. Maturing or developing corporate do not have huge financial revenues to promote their corporate, by exploiting conventional media (Magro, 2012). Therefore, alternative media is being used by the small/medium firms and organizations to capture market. The influence and the reach of social media have even compelled corporate giants to use alternative media. Another economic benefit, of social media, is this that it has established direct contact amid costumer/client and organization (Treem & Leonardi, 2012).

Technological reason: The contemporary technology is sophisticated yet simple. It can simply be used for range of purposes. Technological advancements in software and hardware industry are benefitting people from different sectors, of social-political-economic order, and they are using it for personal and other purposes. Social media campaigns, which could be economic and others, can even be initiated and maintained by the use of high-end mobile phones. In addition, social media applications are being developed for specific purposes, which are further simplifying its use and augmenting its potential (Fox, 2011).

 

Social reason: The reach of social media is its true potential. As per stats, around 45% of the total population has an access to internet, around three billion people use internet daily. It has connected people and communities, dwelling in different parts of globe.

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