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UTILIZATION
OF SOCIAL MEDIA AS A MARKETING STRATEGY IN ENTREPRENEURIAL BUSINESS
ABSTRACT
New
phenomena come and go on a frequent basis. But every now and then something
with potential to change the business environment comes to the forefront. The
business world is not immune to any impact that may arise. Social media is one
such phenomenon. Social media which is sometimes referred to as social
networking and Web 2.0 refers to collaboratively produced and shared media
content (Tapscott and Williams, 2008). Social media came into existence in the
1990s. (Boyd and Ellison, 2007) documented that the first recognizable social
network site was launched in 1997 called Six degrees on sixdegrees.com. It
allowed users to create profiles, list their friends and, beginning in 1998,
surf friends lists. While Six Degrees attracted millions of users, it failed to
become a sustainable business and, in 2000, the service closed. In 2002, social
media received a great boost with the launch of Friendster. Within a year of
its launch, Friendster boasted more than three million registered users and a
ton of investment interest. In 2003, my space, LinkedIn, Last FM, Tribe net,
Hi5 etc. sprang up. In 2004, popular names like Facebook Harvard, Dogster and
Mixi evolved. From 2006 till now a lot of social media sites have been launched
like twitter, 2go, whatsapp, google plus, badoo etc. The tools and strategies
for communicating with customers have changed significantly with the emergence
of the phenomenon known as social media, also referred to as consumer generated
media. This form of media describes a variety of new sources of online
information that are created, initiated, spread and used by consumers’ intent
on educating each other about products, brands, services, personalities and issues.
Social media have become a major factor in influencing various aspects of
consumer behaviour including awareness, information acquisition, opinions,
attitudes, purchase behaviour, and post-purchase communication and evaluation
(Mangold & Faulds, 2009).
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