Social Media technologies

1. Sharing economy

1.1. Participants share access to products and services, rather than having ownership

2. Collaborative Consumption

2.1. the shared use of a good or service by a group

3. Social media

3.1. Content that is created, shared, and commented on by Internet users

3.2. Example: blogs, wikis, social networking sites, microblogging virtue worlds, RSS, Folksonomy, social tagging, mashups, tag cloud

4. Three types of media

4.1. Owned media: Communication channels that an organization controls

4.2. Paid media: Efforts where an organization pays to leverage a channel or to promote a message

4.3. Earned media: Promotions that grow organically from customer efforts or other favorable publicity

5. Crowdsourcing and examples

5.1. The act of taking a job traditionally performed by a designated agent (usually an employee) and outsourcing it to an undefined, generally large group of people in the form of an open call

5.2. Examples, ■ Germany McDonald’s asked consumers to build a burger recipe ■ Netflix offered $1 million prize to improve its movie recommendation by 10% ■ Threadless.com to have users submit and vote on t-shirt designs ■ InnoCentive.com for open innovation ■ Amazon Mechanical Turk for small tasks

6. Social media awareness and response tearm(SMART)

6.1. Creating the social media team Establishing firm wide policies Monitoring activity inside and outside the firm Establishing the social media presence Managing social media engagement and response

7. Web2.0 and Web 1.0 difference

7.1. Web1.0 ■ Static ■ Publishing ■ None user enhanced

7.2. Web2.0 ■ Dynamic：content updates automatically ■ Collaborative ：from user contribution ■ User-generated content：Is the any form of content posed by user on online platfor

8. Peer production

8.1. Collaboration between users to create content, products, & services

9. Business use of social media tools illustrated with examples

9.1. Twitter examples ■ Starbucks: run contests and allow customers to request free samples of new products, also “promoted tweets” ■ Amazon and Domino’s: use Twitter for sales using e.g., #AmzonCart ■ Dell: uncover an early warning sign on the poor design of a keyboard ■ Spa: send out time sensitive information like last-minute cancellations

10. Wisdom of crowds

10.1. A group of individuals, often consisting of untrained amateurs, will collectively have more insight than a single or small group of trained professionals

11. Prediction markets

11.1. Prediction markets are exchange-traded markets created for the purpose of trading the outcome of events

12. Online reputation management

12.1. A new industry that specializes in tracking a client firm’s name, brand, executives’ names or other keywords, reporting online activity and whether sentiment trends toward the positive or negative