Business Market Analysis
In the 21st Centruary, social media has entered into business Market analysis. This has greatly contributed in determining readiness .With the developments in social media business; the fundamental role of SWOT analysis can not be underestimated. This analysis has extensively been used in social media business so as to obtain a greater focus and overview of critical business issues (White, 2011, p.16) In a nutshell; a SWOT analysis is a continuous series of questions which are asked sequentially in order to determine its strength, weaknesses, Opportunities and Threats. In Social Media realm, these elements are critical in assessment of social media tools.Notablely; Social media tools such as blogs, Twitter, facebook, digg and Tumbrl among others have provided an upper hand in online free marketing (White,2011, p.24).
Social Media provides marketing channels for firms and business to build reputation and grow business. With face book marketing, more than 500 million active users have made use of this free marketing tool (White, 2011, p.47). In the realm of Twitter marketing, interpreneurs are able to grow business and diversify market to international business. Social media tools have led to steady stream of markets and attainment of significant increase in consumer buying behavior.
In a different understanding, skepticism has been expressed in embracement of social media tools. There exists different platforms in social media and each is unique (White, 2011, p52). For example, Digg is most consistent and conjested.In many cases, there is no guarantee that the site or the media will definitely garner great exposure. On matters of strengths, Tumblr is a rapidly growing tool. The extent and reliability of communication through it is diverse and effective.
A lot opportunity is evidence in social media. This is contributed by the fact that these areas in communication are not yet ventured into. Technology is key in the social media business and therefore there are a lot of opportunities for growth and expansion in social media business (White, 2011, p.56). On the other hand, there are several social networking risks associated with social media tools. These in a larger extend affect business. Social networking worms are a threat to social media tools. These worms include koobface which has become the largest web botnet.This makes making money from social media business difficult. Phishing baits are other threats in social media tools (White, 2011, p.77). This is because these baits lure emails and black lists dormains.Data leaks and Trojans have posed a challenge in social media network and tool kits. This is because users are able to share too much about the organization (White, 2011, p.93). The shearing of organizational information on finances, projects and products becomes an organizational risk.
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