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The Risks and Rewards of Social Media

Identify the risk and rewards associated with corporations using social media.

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What is Social Media?

Social media can be defined as a channel in which information is circulated and feedback is requested on a real-time basis (www.schneiderdowns.com). Social media networks are considered very interactive and corporations can request feedback on new products, drive sales and encourage brand recognition (www.schneiderdowns.com). With the openness of the internet, the use of social media networks has become easy. (www.schneiderdowns.com). Social media networks are mostly borderless when it comes to laws, regulations and culture and these laws and regulations differ from country to country (www.insurnacejournal.com). One of the main reasons that corporations are noticing social media networks in these days because the consumers are using them (www.insurancejournal.com). On the average in March 2010, the global consumer spent about six hours a month on social networks (www.insurancejournal.com). According to the Nielsen Company, as more and more people are joining social networks, corporations are becoming aware that they need to have a presence on these social media sites (www.insurancejournal.com). The Nielsen Company estimates that about $108 million was spent on ads on the social media networks and blogs in August 2009 (www.insurancejournal.com). More than 79 percent of the Fortune Global 100 corporations use at least one social media network, according to Burson-Marsteller and corporations are signing up for accounts with these ...

Solution Summary

The following problem discusses the risks and rewards associated with corporations using social media.