Jpmorgan Chase

In: Business and Management

Submitted By Bessie29
Words 1627
Pages 7

11 August 2014

In attempts to survive E-commerce and rapidly evolving technological advances, businesses are looking to social media marketing to predict and take advantage of increasing consumer buying power on the web. It’s no secret that consumers are actively perusing social media for the best prices, variety, and reviews of products and businesses as they make purchases for everyday needs and specialty items. In many instances, consumers have traded instant gratification from in-store purchases with the satisfaction of cost savings from items bought online. At the vanguard of such a decision to shop online rather than in-store is convenience. The web is the ultimate one stop shop. Big businesses, such as Wal-Mart, Target, Nike, and Best Buy offer all of their products online at reduced pricing and special deals. So, how does a business preserve its market-share and profitability in the web-based marketplace? It looks to social media. Social media outlets assist businesses in not only maintaining their customer base but also increasing the audience that sees and purchases its products. One such social media outlet is Facebook. Not only are companies paying Facebook to advertise their products and services, but they are also creating company Facebook pages to market to consumers and address concerns with products and services. Consumers are able to rate and review the products and services that they have received from a business. Following or friending the business also allows the consumer to tag the business in their posts. This feature provides added exposure and accessibility to the company by way of linking to the company page. This increases the number of people who see and may possibly purchase from the business. It also allows consumers to view the actions taken…...

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