Social Networks and Their Effect on the Business

Abstract

What did people do before the Internet? How did they distribute information? How did they attract attention? Those are the questions that many people consider when thinking about social networks. The truth is information was spreading long before the Web was born. People and organizations had two choices: word – of – mouth and paper – based advertising and promotions on TV or radio. Today, well the world has gone mad with all the social networks and media. Nowadays, companies use social networks like Facebook, YouTube, Twitter, LinkedIn, etc., as tools for advertising products or services, introducing new ideas for managing business processes, managing supply chains and even, for creating a more network – friendly working environment by making fun groups for co – workers. The use of social network is somehow vital for business because it is a way of communicating, but we will see in the following lines what its effect on them is. The purpose of this dissertation is exactly that, understanding whether social networks have any effect on the business or it is just another way for managers and companies to waste time and money. The chapters below will introduce the empirical data supported with primary and secondary researches and relevant theoretical literature and tools that would answer the question: "How social networks affect the business?"