Strategic management is an ongoing process that evaluates and controls the business and the industries in which the

company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.

Definition for social media

Social media are media for social interaction, using highly accessible and scalable publishing techniques. According to Kaplan and Haenlein there are six different types of social media 1. collaborative projects (e.g. Wikipedia). 2. blogs and micro blogs (e.g. Twitter). 3. content communities (e.g. YouTube). 4. social networking sites (e.g. Facebook). 5. virtual game world(e.g. World of Warcraft). 6. virtual social worlds (e.g. Second Life).

Using Social Media as a Business Strategy

Business owners are using Social Media more and more as a strategic tool There is no denying that the opportunities are infinite when it comes to Social Media strategies for business growth. Careful planning must go into selecting exciting Social Media Optimization (SMO) strategies to best leverage its immense potential.

Social media as a business strategy compasses following key benefits

1. 2. 3.

4. 5.

Branding word of mouth or viral advertisin Subtle and effective social media strategies Businesses accomplish global presence as a result of activities on popular social media platforms such as Twitter, Facebook, YouTube, Blogger, etc Social media platforms are a perfect way to counter negative press Social Media has taken your business to newer heights.

Social media, as a business strategy, encompasses the following key benefits:

1.

2.

Inexpensive Medium In this day and age of stiff competition, there is a serious need to cut down business costs wherever possible. Branding- Word-of-mouth or viral advertising is undoubtedly the biggest benefit that you can gain from running a social media campaign.

3.Marketing The In Your Face marketing style is no longer used so much. Customers of today want to be in control of their buying Subtle and effective social media strategies often prove to be a good alternate to these intrusive mediums. 4.Sales Social media websites are continuously pushing conservative sales managers to look beyond the realm of old school sales techniques and embrace social media as an effective sales m

5. Global Reach The popularity of Internet has transcended the geographic barriers and has penetrated the most remote corners of the globe. . 6. Constant Availability Online social media platforms stay active all of the time. No holidays and time zone worries anymore.

7. Online Reputation Management (ORM) Cheesy marketing strategies by competition can ruin the online reputation of any business.

8.Customer Connect Engagement is again a very positive quality that can come out of your social media strategies.

9. Talent Acquisition A tool like LinkedIn is effectively being used today by Human Resource professionals as a staffing medium. 10. ROI Measurement Last but not least, tools

such as Google Analytics can provide valuable insights into the progress you have made in your social media initiatives.

Conclusion Social media objectives must be clearly defined at the outset. Having ready answers for what you want to achieve from your SMO initiatives will go a long way in formulating the right strategies and achieving the desired results. Try out these endless possibilities that Social Media has to offer and take your business to new heights. Go for it.

THANK YOU