Managing Social Media and Consumerism: The Grapevine Effect in Competitive Markets (BOK)
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The social media and spread of communication through various social networks form the communication grapevine. This is an emerging informal channel of business communication and a critical element in building the posture of a firm in a competitive marketplace. The grapevine effect is contributed to by the social media through word-of-mouth that stretches throughout the market irrespective of the various measures taken by firms to build their brand and competitive posture. This volume categorically reviews the theories of communication, best practices in social media and previous research, and analyzes the corporate involvement towards strategic and tactical stewardship in serving customer-centric business requirements. There are many types of grapevines that are developed in various niches which stem from emotion, sensitivity, personality, assumptions, experiences, and social conventions. Through an examination of this functional phenomenon of the grapevines and their effect, and by citing examples of various companies, Managing Social Media and Consumerism discusses the best ways to define a social media plan.