Network Economics

1. Feedback

1.1. Negative

1.1.1. Learn from feedback to ensure better service/quality

1.2. Positive

2. Social Media

2.1. Platform for marketing and advertising product

2.2. Using connections of people to advertise for products

2.3. Having the ability to select and target individuals based on past searches and purchases

3. Network Effects

3.1. More people using it increases the value

3.2. Popularity and how fast it gets around is a key factor in this process

4. E-marketing

4.1. Advertising

4.1.1. Social media is a large asset to marketing products

4.2. Loyalty Programs

4.2.1. Having an incentive for people to stay loyal to their companies and also attracting new customers in

5. Switching Cost

5.1. Companies

5.1.1. Learning to cope and satisfy customers with people from other companies switching over

5.2. Customers

5.2.1. Reading into what product or service you are purchasing

5.2.2. Usually bound to a specific company due to the amount of money it would cost to switch over to another product or company