The paper "Value That Social Media Can Contribute to Markets and Their Consumer Segments" is a great example of marketing coursework. Over the years social media has grown as a powerful medium of interaction. In realization of the same, businesses have tried to domesticate it as a customer contact point and as a means of customer relationship management. The ultimate goal of the paper was to examine the value that social media can contribute to markets and their segments. The paper found out the platform of social media is critical to business by allowing them to communicate with customers, receive feedback and do value addition to products and services offered.
In the discourse, the emerging theme is best summarized through customer relationship management. One of the important aspects of CRM analysis is the customer’ s contact point inter-phases. This is a customer-centric marketing approach. The beauty of this approach is that it gives a platform where customers can interact with the business and its processes in a virtual environment. The final submission which is built from the analysis is that the medium increasingly becoming an important aspect of businesses in offering personalized communication and gaining feedback. Introduction The advancement of communication technology in addition to globalization has revolutionized how individuals and businesses operate, communicate and relate with each other.
The internet through social networking sites and media tools has presented great opportunities for businesses and other organizations to improve their operations in terms of performance, efficiency and customers. In personal and social life, social networking sites continue to play significant roles with regard to how individuals communicate and relate with each other. In business, social networking sites enable organizations to reach greater levels of economic prosperity, effectiveness and customer satisfaction.
However, the greatest challenge arises when it comes to the integration of social networking sites and social media into business processes and operations (Verret, 2011).
Articlesbase.com. Social Networking the Best Way to Successful Business Networking. Retrieved on 17 October, 2012 from: http://www.articlesbase.com/internet-marketing-articles/social networking-the-best-way-to-successful-business-networking-3622520.html.
Barrows, C.W & Powers, T. 2009. Introduction to the Hospitality Industry, 7th edition. New Jersey, John Wiley & Sons.
Bausch, S., and Han L. Nd. Social Networking sites Grow 47 Percent, Year over Year, Reaching 45 Percent of Web Users, According to Nielsedn//Netratings. Retrieved on 17 October, 2012 from: www.nielsen-online.com/pr/pr_060511.pdf.
Boyd, D.M & Ellison, N.B. 2008. Social Network Sites: Definition, History, and Scholarship, Journal of Computer-Mediated Communication, Vol. 13(1), p. 210-230.
Briggs, S. 2001. Successful Web marketing for the tourism and leisure sectors. London: Kogan Page Limited.
Law, R & Hsu, C.H. 2006. Importance of Hotel Website Dimensions and Attributes: Perceptions of Online Browsers and Online Purchasers, Journal of Hospitality and Tourism Research, 30(3), p. 295-312.
Lucas, H.C. 2008. Inside the future: surviving the technology revolution, Westport, Praeger.
Microsoft Inc. 2009. CRM and Social Networking: Engaging the Social Customer. Retrieved on 17 October, 2012 from: www.microsoft.com.tr/.../CRM_Social_Networks_Marketing.pdf
O’Connor, P. 2000. Using Computers in Hospitality, 2nd edition, London, Cassell.
OECD. 2010. The Economic and Social Role of Internet Intermediaries. Retrieved on 17 October, 2012 from: www.oecd.org/dataoecd/49/4/44949023.pdf.
Peel, J. 2002. CRM: Redefining Customer Relationship Management, Woburn, MA, Elsevier Science.
Porterfield, A; Khare, P & Vahl, A. 2011. Facebook Marketing: All-in-one for Dammies, New Jersey, Wiley Publishing, Inc.
Thraenhart, J. 2007. Tips from the T-List, North Vancouver, Rezgo.