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Impact of Social Networking Sites on Business

Impact of Social Networking Sites on Business

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Published by rakeshrakesh

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Published by: rakeshrakesh on Jul 06, 2012
Copyright:Attribution Non-commercial


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In this age of globalization, the world has become too small a place thanks to the electronicmedia and portals. Communication has become effective as never before thanks to theadvent of internet. The social networking sites have also played a crucial role in bridging boundaries and crossing the seas and bringing all people at a common platform where theycan meet like minded people or find old friends and communicate with them. It has becomea potential mean to relation building and staying in touch with all known.
The objective that we wanted to achieve through our research is to:
To understand the Impact of social Networking sites on the Business
Which site related to social networking is more popular?
Do social networking sites play a role in daily works?
Do social networking sites display substantial number of advertisements for maleand female?
1.There is no need of sns in carrying out daily works.2.There is no reason to clickon an advertisement.3.There is no difference in the number of advertisement displayed for male andfemale.
4.There is no difference in opinion in displaying their relationship to the college or university at their sns profile.
In all the social networking phenomenon in India is small compared to the US (Indiansocial networking websites today claim a user base of around 3 million registered users)while MySpace, which has 106 million users and Orkut which has 67 million have far greater numbers.Clearly, Indian firms have a lot of work ahead of them in order to catch up. However,Siddhartha Roy, CEO, BigAdda, says optimistically: “We are early on the curve.” Alok Mittal, MD, Canaan Partners, a venture capital firm, says: “When you put that in context,Indian social networking websites are in their infancy. The break-even point is longer, butonce they attain a critical mass of 40 million users, then VC firms will start investing inthem.” Navin Mittal, CEO,fropper.com, says: “With the Indian Internet user-base negligiblecompared to the US or China, these are very early days.” The owner of the blogTrak.in does a great job of explaining the benefits of social networking for India and what it meansfor consumers and businesses.
ARTICLE-1Social networking sites, which allow users to build or be part of online communities,account for 44% of the country’s Internet traffic
Social networking sites, which allow users to build or be part of online communities,account for 44% of the country’s Internet traffic, according to a report by consulting firmJuxtConsult Research and Consulting Pvt. Ltd. The space is dominated by global playerssuch as Orkut, MySpace, Facebook and Hi5. Google Inc.’s Orkut, launched in 2004, isthemost popular social networking site among Indians with more than seven million users, butadvertising is something the site has only recently dabbled with.
“Nobody has made money on social networking so far,” Ajit Balakrishnan, chairman andchief executive officer (CEO), Rediff.comIndia Ltd, the company behindrediff.com,one of the earliest Indian dot-coms, had previously said. “But when 10 million peoplecongregate, somewhere down the line the company will make money, and it will beadvertiser-related, he had added.Rediff.com launched iShare, a video sharing platform, in July, and plans to add a social networking tool to it in the coming weeks.Indian firms and entrepreneurs entering the social networking space are convinced that theyneed to build up a critical mass of users first, and then worry about advertising.BigAdda.com, started by the Reliance-Anil Dhirubhai Ambani Group’s RelianceEntertainment three months ago, has about 700,000 users but no advertiser yet.Similarly, one-year-old social networking site for studentsMinglebox.com has a user base that exceeds one million but no advertisers.“On the Internet, consumer is king. They decide where they want to spend their time andadvertisers recognize that,” said Siddhartha Roy, chief operating officer, Big-Adda.com.“You want to first create a strong user base and give them an uninterrupted experience.”Kavita Iyer, CEO, Minglebox, agrees: “...In this business, users fluctuate from one site toanother and it is important to first reach a certain level of stability and maturity beforegetting advertisers on board.”But some experts say that those scrambling to enter the social networking space have left ittoo late, and that plain vanilla social networking will, by itself, not work any longer.According to Balakrishnan, social networking has to become more than just acommunication platform. “Social networking will have to be morphed into every onlineinitiative,” he had said. “It has a tendency to pick up fast but loses momentum just as fast.This is why we are integrating iShare with social networking.”That’s a strategy similar to the one adopted by Yahoo Inc. “We want to make Yahoo mailmore social by combining properties such as SMS,instant messenger and emails together.It’s too early to tell what we’re planning on social networking, but it will be a convergence

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