The Role Of Social Media On The Marketplace Essay

1743 WordsDec 15, 20167 Pages
Communicating In the Marketplace The all encompassing Internet and more recent evolution of Social Media have not only fundamentally changed how corporations communicate internally, but also enabled before unimaginable methods of reaching a global marketplace. Unlike never before, even small businesses are now able to reach beyond their limited local market to a vast consumer base. As previously mentioned in regards to internal communication, the Internet has provided a medium for businesses to instantly reach a global market. Expanding marketplace The Internet, and in particular Social Media can and should be utilized not only as a key marketing tool for corporations, but also as a means for understanding competition and market trends. Today’s global marketplace has led to massive amounts of competition, and the key to success is connecting with the market and properly analyzing and predicting market trends (Kuchel, 2010). In the past, businesses were limited to the geographic area surrounding their brick and mortar location. Through use of the Internet, even small businesses can advertise and ship their products globally—essentially erasing geographic boundaries and exponentially expanding their consumer base. Increased Competition Consumers are now able to shop, compare, purchase, and receive items from all over the world, without leaving their homes. This competition has driven many businesses to failure, but those who are able to adjust and adapt have been more
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