Social media and e-business

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Table of Contents

INTRODUCTION1

DISCUSSION2

Harmel business framework2

Social Media and e-business2

Overcoming the weaknesses3

Role of social media in e-business4

ANALYSIS6

Being relevant6

Management of comprehension6

Boom of social software and collaboration solutions7

Difficulties to consolidate the monitoring indicators7

CONCLUSION7

REFERENCES9

Introduction

E business is defined as electronic business or internet business which is used as application for communication and information technologies for supporting the business activities. E business has helped in changing the landscape of business in a positive way and the technologies supporting business have become more complex and organizational specific. The understanding and differentiating of social media technologies like Social Web, social networking, blogging and other large scale web applications are important to understand the organizational needs of business in future. E-business is derived from the term such as email and e-commerce which is to conduct business on the internet. It includes buying and selling and collaborating with other business partners.

In the current era, social media has turned into an omnipresent and significant phenomenon for social networking and apportioning of content. Still, the content that is brought forth through these websites continues to be undeveloped for the most part. Social media brings forth colossal riches of real-time capacity at an unremitting value (Croteau and Hoynes 2003, p. 303). The consequent enhancement that businesses have faced because of this new media of communication, especially pertaining to small businesses are attempted to be discovered. These days, the new media i.e. internet-relied media of communication has altered the entire face of marketing which was previously carried out through traditional channels. The World Wide Web splits up many forcible roadblocks. Even small-scale corporations no more campaign in distant territorial dominions. As the name of the brand and cognizance exceed boundaries, both nationally and internationally, business enterprises have the chance to heighten the profits returned from applications on e-commerce. Social media websites can assist businesses achieve exactly that (Croteau and Hoynes 2003, p. 303).

Discussion

Harmel business framework

Gary Harmel described business model as a concept which is based on 4 components which include: Core Strategy, Strategic Resources, Value network and Customer Interface. These components are linked with other three components described as Company boundaries, Customer benefits and configuration. In less than two decades Internet has been used as a shopping medium, attitudes, assumptions, and perceptions concerning the viability of online-only storefronts and mixed-channel operations that offer a combination of offline and online capabilities have evolved (Kaplan, Haenlein, 2010, 53). Central to the changing landscape of retailing via the Internet is a growing understanding of consumer motivations and concerns, especially online shoppers (Godes, Mayzlin, 2004, p. 23). Research into the psyche, motivations, and concerns of people who use the Internet for commerce and other purposes is a popular topic of studies by academics and 2 practitioners (Bharadwaj 2000, p.169). How online shoppers select which E-businesses to patronize and why has resulted in the development of multiple theories, concepts, and models (Greenberg, 2007, 7).

Social Media and e-business

Numerous studies report consumers are concerned with how they can determine the trustworthiness of online stores that may not have an ...