Effects of Social Networking on Business Growth & Development

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The advent of the Atomic or Space Age has focused attention on the specific approach to business decision making. In no field of management has this been more pronounced than in the field of marketing. Following naturally from the more advanced technologically progress and higher standard of living in Canada, the United States and other developed economies, scientific marketing has made greater strides in North America than if has anywhere else in the world.

The changes have been swift and far-reaching. The dynamic characteristics of the North American economy have been fully demonstrated in what has been aptly described as a “marketing revolution”, equaling in importance the industrial revolution of a
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Dr. Iheanyi C. Achuma: When we look into the market place, it is not always easy to tell what is happening, let alone why. It is easy for consumer to get lost among all the complex inter-relations of the market.

As the leisure time becomes more important, the society getting more dynamic and unpredictable, attitude towards work, goods and services change, the word “consumption" itself is being reinterpreted. It is enough to see chills running up and down the procedures of goods and services. The shock waves that originate with product failures or dissatisfied consumers is ill wind that does nobody any good. The effects of such shock waves are bound to radiate throughout the entire economy and society.

The question then is can’t this situation be avoided or controlled? The answer is fairly simple but economically important. Consumption is a fundamental part of every economic and social system and changes in consumer behavior have varying implications for the whole society. Consumption patterns reflect the personality of the individual. Fundamental institutions are not left out because a great deal of consumption takes place through the family. Consumption and society are related in some other ways too. Consumption is in part culturally determined and thus can be held up as a mirror of society. The things
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