E-Business and Social Media as the Most Buzz Words Over the Recent Essay

E-Business and Social Media as the Most Buzz Words Over the Recent Past - Essay Example This paper illustrates that the growing importance of social media in an individual’s life can be defined simply as a way of communication. Alongside dominance in driving individual life, social media has taken the co-pilot’s position in every business flight and businesses are transforming their existence using social media power. In addition, social media is taken a priority position among the communication channels for the reason of giving access to the greater business audience without considerable investment. The estimate of the size of the audience of social media can be made as only single social media site, Facebook has population next to population of India and China. The role of social media in business is as important as in an individual’s life and with the passage of time, this has been gaining more attention. However, immense success of social media sites has gained popularity across business and individuals. This has also called for attention to exp lore the methodology that leads to the success of the E-business form of social media sites. Understanding the business model requires understanding the defining elements. Social media component of e-business has undergone considerable debate pertaining to its definition. Kaplan and Haenlein for defining various categories of social media have provided two-factor matrix as given in the paper. There has been a debate on what the definition of social media is over the years. However, since businesses are concerned with benefits from the social media irrespective of its technical definitions, Hansen, Shneiderman, and Smith have declared social media as any medium that provides connectivity to the community for interaction. In addition to this connectivity, social media also facilitates the functions of creating, finding, sharing and evaluating the mass information available across social and other web channels. Social media form has many dimensions that can be accredited for being the reason for success behind the understudy business model.