Economic Implications on Social Media Essay Example for Free

Economic Implications on well-disposed Media EssayThe tuitions in the learning technology sector shorten led to facilitation in study sharing across the globe in what has been referred to as kindly media. The internet has brought many changes in the management man-to-mans across the world interact. Through the use of fond media, individuals are up to(p) to exchange photographs, videos, post their thoughts on blogs and take part in discussions that takes lace online. kindly media allows the people, organizations, companies and governments to be able to reach large verse of people with a lot of ease. This paper shall give an overview of how the well-disposed media has impacted on the stinting farming of ripening in the society by analyzing both the corroboratory and the negative impacts. friendly Media genial media refers to the assorted internet based and mobile function which allows the substance abuser to take part in online exchanges, contributing user- s pend a pennyd cloy and being able to join the online community. It in addition refers to the tools and technologies that enable an online interaction, net incomeing, sharing and collaboration.thither are various operate internet services that are usually associated with friendly media which includes blogs, wikis, societal bookmarking, kind network sites, status updates services, realistic word depicted object and media sharing site (Dewing, 2010). Blogs is a short form of web log which fuck be described as an online journal in which pages are put on view in an overturned chronological order. The blogs can be hosted for free on various websites including WordPress and Blogger among others. Wikis on the other blow over refers to collective websites in which any angiotensin-converting enzyme participating can modify the pages or create their new pages using a Web browser.A wakeless example of a wiki is the Wikipedia which is a free online encyclopedia that utilizes the wiki technology. Social bookmarking sites are those sites which allow the users to allot and organize links to websites for instance the Delicious, Digg, and Reddit. Social network sites are the web-based services which enables the individuals to pee a public or semi-public profile in a delimited system. The individuals are similarly able to articulate a list of other users whom they share connection thus being able to fly through and view their list of connections and those of others in the system.Such sites include Facebook, MySpace, and Windows Live Spaces amongst others (Dewing, 2010). Status-update services are also referred to as micro-blogging services are more like hearty network sites but they allow individuals to share short updates and also be able to view updates from others. A good example is the twitter services. realistic world content on the other hand offers a game-like virtual environment for the users to interact. A good example of this would be the imaginary w orld that is created in Second Life whereby users can create avatars to interact with each other.Avatars are the virtual representations of the users. Mediasharing sites are those which enable the users to post videos or photographs for instance the You provide and Flickr. It must be noned that some of these categories do overlap for instance twitter can be conceiveed as both a social network site as well as a stats update service (Dewing, 2010). Social media is sufficient of affecting the manner in which individuals interact online. Social media is cognize to indeterminate up new ways for cooperation and dialogue in todays world. Most of the content posted in social media whitethorn remain there permanently at least by default.The content may also be accessible, replicable, and searchable. Social media can therefore be employ anywhere, and at any moment provided that there is internet connectivity in the area. Such factors are responsible for shaping of the kinetics of the social media. The fact that the players in the social media are usually invisible raises various questions regarding the framework, correctness and unambiguousness regarding the communication. The identity operator and motives of those who post contents in the social media are non always clear (Dewing, 2010).Evolution of Social Media The internet became popular in the last two decades and web sites which allowed individuals to create and upload content started visual aspect with the first network site utter to hold up appeared in 1997 for the first time. The first social network site to be launched was called SixDegrees. com and it was followed soon by many others at the turn of the millennium. In 2002, there was an thrill in the number of social network sites with some surging to popularity only to fade in a little while such as the Friendstar.However, others were able to develop niche communities for instance MySpace appealed to adolescent music enthusiasts (Dewing, 2010). Towards the end of the first decade of the second millennium, social media was widely accepted, for instance by the year 2009, Facebook make the announcement that its users were well over 350 million worldwide (Dewing, 2010). There are a number of factors that have led to a surge in the social media participation which include technological factors, social factors and economic factors.Technological factors include things such as readily obtainable broadband, improvement in software tools, and the development of more powerful computer and mobile services. Social factors on the other hand include the rapid uptake of social media by the young generation while the economic factors include the growth in commercial interests in the social media sites and affordability of computers and related software (Dewing, 2010). Impacts of Social Media Since the widespread usage of social media is a recent phenomenon, social and economic implications can only be barely understood.Some quarters wie ld the belief that social media is causing isolation amongst the people whereas others believe that social media has broaden democratic participation. tally to a look conducted by statistics Canada We should expect neither a dysfunctional society of loners nor a joyful society of happy net-workers. Rather, we are facing a society that is differently cohesive from the one we have cognise. There do not appear to be any significant differences in the number of social ties or in the amount of social interaction between Internet users and non-users.Instead, the Internet is providing ways of nurture participation with community members and enhancing analogyships, including through social media (Dewing, 2010, para 10). Social media has also had economic impacts in regard to the manner in which what is contained in the social media is created and consumed. This can be summed up to the growth in the information and communication sector of the economy. In most economies, growth in this sector of the economy has been tremendous regular surpassing the overall economic growth.Many business firms and organizations have also incorporated social media in their merchandiseing strategies (Dewing, 2010). Socio-economic Impacts The socioeconomic theory appears to be spearheading the deflationary cycle more than the financial or the semipolitical economics. Previously, the Keynesian and libertarian theories were believed to be the key players in the deflationary cycle. According to the socio-economic theories, it is claimed that in order for us to choose tabu of the deflationary cycle, there is need to view it as both a sociological and financial problem.The solution is therefore to be form in the ground-breaking technology which promises huge profits to be used in investment so as to commence the next boom cycle, and snap the society forbidden of the predicament created by the economic downturn. Social media could play a role in mitigating the damages that prove fr om the deflationary cycle. It could also be instrumental in the construction of the next opportunities for technological innovations (Fischer, 2009). Understanding the purpose economic potential is very crucial and dependant on the revolution of the social media.Social media is known to utilize technology in enhancing the peoples ability to interact with others. Social media is to be found in interaction, connection, perpetrate and relations that are driven by technology. In regard to business, this implies establishment of trust and carry of communication which supports and enables collaboration and building of engaged teams through the removal of barriers and frustrations that were created by formal structures. Social media particularly in regard to collaboration has the potential to unlock the hidden knowledge in organizations when required.It also lowers the appeal of software via open source cooperation, easing the finding of appropriate information, and making organizatio ns to be more responsive. These are however cultural changes that occurs gradually. Nevertheless, the promise for change is there even though it might take much persistenter time. However, the technological investment that is required to bring about these changes is quite cheaply available (Fischer, 2009). With social media, change is bound to happen.Social media has the prospects of creating more effective organizations via the collaboration, providing a greater variety of information services at low cost through mashups and open source, and a lower cost to crossroad and service messaging, when the product and service has great appeal(Fischer, 2009, para 7). Similarly, social media has detrimental impacts on the set up industries. The conventional publicizing media has become decreasingly effective due to the increasing numbers of the individuals who are networked and therefore concerned to one another. It is imperative to observe thatFriend of a friend referrals, rating site s or consumer oriented websites go out become the norm and rely on their objectivity to maintain trust with their followers, therefore are not as subject to trying to manipulate their audience based on the promise of big advertising revenue (Fischer, 2009, para 8). There is no doubt that manipulation is part of the social media practice though the ability for any individual to broadcast and gain audience to the large network in the social media indicates that it is not an easy task and it is destined to be the exception and not the norm in the long run (Fischer, 2009).The distribution of retail products may also come to the forefront due to the social media influence. delinquent to the fact that e-commerce has been enhanced in the recent past owing to a revolution in the social media, some social observations have been made in regard to marketing trends for instance, there has been a relation drawn between the trends on how particular products are moved in the market. Such observa tions may be observed as individuals who bought product X also bought product Y.Large business organizations may also offer lower prices and utilize the social media to achieve the personal touch, a domain previously associated with small business organizations. This has been geared towards the commodization of products that are produced on a large scale and the futuristic markets with the chances of realizing monumental profits. The markets of the future are said to be niche markets that would require subject emergence expertise and customization (Fischer, 2009). The gains of the social media in economic venture may be offset by the unsettling role associated with it in the conventional industries.In the past, any technological changes would result in obvious and simple routes to massive increases in the mathematical product and demand. However, with the social media, increase in productivity and demand over a short time is not palpable due to the fact that it requires cultural changes together with the technological transformations. Eventually, as the cultural changes are realise over time, massive increases in the production may be realized however, in the short name social media can not be used to provide an obvious path for investment capable of leading to gains in effectiveness and productivity (Fischer, 2009).There is this argument that tightly knit society has the efficacy to survive economic stress better compared to a loosely knit society. Social media ensures that the world is distort in complex interactions and also offers individuals with something to do when they are not involved in an economic activity. This is move by what can be referred to as character economics which is designed to motivate individuals to engage in activities such as creating open source software, report on events, and many more information services that would have required individuals to pay for before the advent of the internet.This allows for rich content and gr owth of valuable products to be carried out devoid of investment and yet with returns for instance a business entity that hosts their websites on Linux servers or uses open office to create and manage documents (Fischer, 2009, para 9). To add on the long term effectiveness of the social media which include the creation of complex systems like an operating system at relatively low cost it could also enable the development of new innovations presenting a clear path that shall increase production and demand.The deflationary cycle that is predicted by the socio-economic theories could only be shortened if only we are able to find out the kind of innovation required and be able to bring it more quickly (Fischer, 2009). Social media is said to provide revenue to both the users and platforms. It has to be noted that social media better known as social computing is a driver for competitiveness. The effects of social computing may be seen on the effort itself for instance, the development i n the social media or the information and communication technology sector.It can also be observed in other industries that uses the social computing. There is evidence that more targeted marketing and user research which are reliant on user profiles and content interest are opening new channels to markets (Pascu, 2008, para 11). There are emergent employment possibilities vial social networks and new opportunities to utilize user innovations in developing the products or as an intermediate between organizations and consumers (Pascu, 2008). The impact of social media can not be wished away as insignificant.This is because, faced with the modern reality where social media provides a platform for the consumers, competitors and the market place to discuss products, services and employees. All this is carried out online whether its a protest group on Facebook (United Airlines Sucks ), a persistent hashtag on Twitter (attfail) or just a meme that travels from blogger to Blogger (Taylor, 2 009, para 5). At this juncture, it does not matter as to whether it is of importance to probe into the social networks. What is of importance is whether one is paying attention to the social media where the heart and soul has gone to.This means that the customer to the company products is the one to define the brand in the market. This is quite contest as it means that those organizations with acceptable products are bound to be reap benefits even with minimum mark and marketing strategies whereas those companies that are considered bad by the customers are destined to suffer from a bad reputation even when they spent more money to advertise themselves and try to position themselves as market leaders (Taylor, 2009). It is therefore important for organizations to take time and monitor what is going on in the social media.There are various services at the disposal of whoever would like to monitor the social media which include the individual services such as Search. twitter. com an d more complicated ones such as Filtrbox and Radian 6. For happy business undertaking, there is need for organizations to embrace the social media which provides an avenue to engage with the customers. Interaction on the social media with the customers is crucial and thus joining these sites for creating new bully pulpits for the organizations marketing and sales messages without seemly interaction with the customers is not commendable (Taylor, 2009).The organizations can not be isolated from the social media as they create a powerful impression with the capability of having a lasting impact that may prove to be hard to change. Accompany with a bad reputation might score poorly even with gimpy advertisement due to evaluations that are obtained from the social media. It is therefore important to address the problems that are affecting the organizations one by one rather than spending huge sums of money in advertising the products (Chong, 2010). ConclusionSocial media has been a ne w discovery in the information and communication sector and that its impacts on the economic development are worthy noting. The economic impacts of social media are two fold and may bring positive results or negative results to a business organization. With social media, the consumers of the company products are able to talk about the products, services and competitors and definitely such discussions are to impact on the business entity either for better or for worse. Social media can therefore have far reaching repercussions on the business organizations in foothold of profitability. ReferenceChong, S. , (2010). Nothing Can save Negative Buzz on Twitter. Retrieved on twenty-sixth July 2010 from http//www. penn-olson. com/2010/07/02/nothing-can-save-negative-buzz-on-twitter/. Dewing, M. , (2010). Social Media 1. An Introduction. Retrieved on 26th July 2010 from http//www2. parl. gc. ca/Content/LOP/ResearchPublications/2010-03-e. htm. Fischer, K. , (2009). Exploring the economic imp act of social media. Retrieved on 26th July 2010 from http//www. web20blog. org/2009/03/24/exploring-the-economic-impact-of-social-media/. Pascu, C. , (2008). ERoSC-The Socio-economic Impact of Emerging Social Computing Applications.Retrieved on 26th July 2010 from http//docs. google. com/viewer? a=vq= accumulatedHneLXVRkYgJwww. foresight-network. eu/index. php%3Foption%3Dcom_docman%26task%3Ddoc_view%26gid%3D352+Economic+Implications+on+Social+Mediahl=engl=kepid=blsrcid=ADGEEShixNJSG5ddAxmDsp3_H0NmsZ-LetSdSeKnGykkb0y_4ruRrW-EstMaeGHfs16v1u66MJlBbpW-WIgVRxtCabedvJWeojTeW4mfj7Z70xD-y31hAWGz7VhQwakzAylysKUUV0NNsig=AHIEtbRbStc-eBG_GjfGNgsEL-OmZ0oP8g Taylor, D. , (2009). Whats the impact of social media on business growth? Retrieved on 26th July 2010 from http//www. intuitive. com/blog/impact_of_social_media_twitter_facebook_business_growth. html