How an SME can use Social Media as Part of its Relationship Marketing Strategy
Project Report from the year 2011 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: A, University of Cambridge, language: English, abstract: Social Media Platform has become so ubiquitous in today's society that it is not surprising that its adoption as a critical Relationship Marketing Strategy has immensely contributed to the bottom line of early adopters of this phenomenon, particularly in the Small Medium Enterprise (SME) sectors. The Enterprise and Industry Publication of the European Commission defines Small and Medium Enterprises (SMEs ) as the category of micro, small and medium-sized enterprises (SMEs) which employ fewer than 250 persons and which have an annual turnover of not exceeding 50 million Euros, and /or an annual balance sheet total of not exceeding 43 million Euros(European Commission, 2005). The goal of this report is to investigate how Social Media Strategy can be a useful marketing tool for Small and Medium Enterprises (SMEs). Social Media have revolutionized the online marketing landscape to the extent that many businesses that have recognized and mastered the Social Media as efficient and cos effective marketing tools have become commercial success in a relatively short period of time. Social Media in Relationship Marketing has emerged as a disruptive and substantial alternative to the traditional 4P (Product, Price, People and Places) approach to marketing. The Social Medium is an electronic communications outlet where users create online communities to share information, messages, ideas, music and videos. The findings of the investigation will be analyzed to validate or void the theoretical basis upon which the Case Study of MySahwira.com, an international consulting firm that focuses its services on the Zimbabwean Community in the UK, is based. The internet has become an exceptionally potent marketing tool because of its interactive ability to help consumers interact with sellers to learn about their needs, particularly, in today's competitive environment, sellers must understand consumers' needs and how to meet their needs (Kotler, P.,2005).
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