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Social Media for Business Model Improvement
Abstract
This chapter reviews some of the major business applications of social media and discusses how social media applications are used to support business model improvement. Social media offers business organizations an array of innovative ways to interact with their employees, customers, partners, and other stakeholders. Consumers have easy ways of interacting with companies and their employees in real time with various social media embedded devices. Managers are realizing that social media affects a wide spectrum of business activities from building product or brand awareness to after-sales services. Therefore, it is crucial for companies to analyze their social media applications, develop a plan to continually monitor their advancements, and quickly respond to the social media needs of customers. For practitioners, this chapter provides managerial guidelines for social media applications for business model improvement.
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