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Chapter 1

MKTG 345 Chapter Notes - Chapter 1: Social Media Marketing, Web 2.0, Network Effect

Course Code
MKTG 345

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Chapter 1 part 2 Social Media Marketing
More about web 2.0
Characteristics of Social Media
-The Web Is the Platform
-User Participation, User-Generated Content, and Crowdsourcing
-User-Defined Content
-Network Effects
-Perpetual Beta
-Reputation Economy
Cloud computing: The general term for anything that involves delivering hosted
services online
Croudsourcing : collective knowledge of a crowd to solve problems and complete
User- Defined Content
Taxonomies: are classifications that experts create.
Folksonomies: are sets of labels (tags) individuals choose in a way that makes
sense to them.
Network effects: The value added for all users by each individual user.
Scalability: The ability to grow and expand capacity as needed without
negatively affecting the contribution margin of the business.
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