Wednesday, October 3, 2012

Homework #1

(a) What do you think is Social Media?

For me Social Media is a kind of a tool with which you can interact with other people around the    world. You can use it either for private communication or for buisness. There are different kinds of Social Media. When I think about the word `Social Media`, at first I think about facebook. In my opinion it`s the most popular Social-Media-Tool. There are also other tools on the web: For instance blogs, twitter, LinkedIn and vlogs. All these tools have one thing in common: The communication among each other.

(b) Why are Social Networks important in the marketing mix?

The future of the marketing mix belongs to the Social Networks because of a large number of reasons: The most important reason is the potential reachability of almost every human on earth - and this reachability is nearly for free. I will explain this with the following example: When you as a marketer would like to make a product more popular, you have a lot of opportunities to reach people on facebook: You can run a competition, a lottery and much more and post it on facebook. If the people like your post, they will like or share it, so that their friends on facebook see your competition, lottery or whatever. It's like a snowball effect.