Web 2.0 sites allow users to interact and collaborate with each other through social media and virtual communities. Many businesses have begun to embrace social media as a viable business strategy The video below details how businesses are tapping the power of social media to increase sales, cut costs, and reach consumers.
Discuss social media's impact on your personal consumer habits.
- Do you "like" a products or business on Facebook? If so, is your motivation genuine (i.e. you really liked the product or business)?
- Have you posted a product review (positive or negative) on the Internet? Did your review have an impact of any kind?
- How much of your purchasing decision is influenced by product/business reviews you read on the Internet? Do you or would you pay for professional review services such as Angie lists?