New Media and Consumer Behaviour Essay Example | Topics and Well Written Essays - 2000 words - 1

New Media and Consumer Behaviour - Essay Example The new media not only offers various benefits for consumers but also has allowed the consumers to promote their goods and services. Popular social and networking sites like Facebook, Twitter, eBay, YouTube etc. have made possible for the normal consumers to become suppliers and vendors through the new media. These revolutionary advancements challenge the typical business models which have been there since decades. The traditional ways of developing strategies, finding customers, marketing and advertising don’t seem that useful now. (HENNIG-THURAU ET AL.2010; EVANS & BRATTON.2008) SOCIAL MEDIA- THE NEW MEDIA: Social media is also called Web 2.0 which allows users to interact with each other through new technologies. The new technology has empowered the users which now allow them to share information in a way that wasn’t possible before. Social media includes networking sites, consumer review sites, online communities, journals and blogs controlled by individuals and com panies. Now days people need to involve in ‘conversation’, that is talk about the thing offered. ... Joiners utilize the sites, blogs etc by using them while spectators are silent viewers of the content who view and read the content uploaded by different participants. Inactive participants are online but they don’t take part in the conversation any aspect. Businesses now realize the importance of actively participating in these conversations and influencing user’s minds for marketing their products. (HAWKINS, MOTHERSBAUGH & MOOKERJEE.2011; EVANS & BRATTON.2008) New media can be explained as â€Å"Websites and other digital communication and information channels in which active consumers engage in behaviors that can be consumed by others both in real time and long afterwards regardless of their spatial location.† (HENNIG-THURAU ET AL.2010). New media is made up of interactive communication and information channeling platforms. According to mentioned explanation the new media allows users to exchange information anytime anywhere irrespective of their location. Thi s information can be utilized not only today but also in the long term. New media is digital which makes it cost effective. Like old means of exchange of information, there is no cost involved in producing digital copies as it can be accessed by millions of people on internet. Consumers, thorough the new media can actively participate in giving feedback about every aspect of value chain. New media is visible, that is any feedback, comments, reviews and blogs can easily be traced. The biggest advantage offered by the new media is the real time access and exchange of information at anytime. The feedback posted and received in instant through chats, videos, blogs and reviews, making it easier for other readers to make an opinion regarding the product. Additionally new media has made interaction possible among