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Influence of Corporate Social Media in Strategic Decision Processes
Abstract
This chapter discusses conceptually with some anecdotal evidence how social media engagement by business firms can influence their strategic decision making. It suggests a model of influence and proposes a knowledge integration mechanism through which such influence materializes. Social media engagement by business firms has been steadily on the rise, with its application extending to a range of corporate functions beyond marketing and customer engagement, many of which can be construed as strategic. However, the potential influence of social media on strategy process or strategic decision making has not been fully explored. In addressing this gap, this chapter conceptually explores the likely influence of social media on the issue of strategic decision making and the mechanism of such influence. Embellished by some illustrative anecdotes from practice, this chapter suggests a plausible model whereby corporate social media engagement influences the strategy process in firms through the three key dimensions – environmental factors, strategic characteristics, and decision issue characteristics. In particular, social media engagement is conceived as ingraining knowledge creation and integration through socialization within an extended value network.
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