Answer to Question #231224 in Management for Pranzo

Question

The use of social media has become a routine part of marketing for many companies. Now, some companies are turning to social media as an environmental scanning tool. Companies can use software tools and analytic techniques to learn about competitors, suppliers, and customers from social media sites like LinkedIn and Twitter. It is important to use a strategic approach to the process to avoid becoming overwhelmed and to have the flexibility to respond quickly to trends or other intelligence that is revealed in the social media sites

Part 1: With so much information available through social media, how can businesses focus their efforts to scan for relevant information? Part 2: How can a business determine if information gathered from social media is reliable

Answer 1

Since social media provides a lot of information relevant to business, business people should focus on sponsored information or that which is paid for. For example, by the government or research institutes and organizations. Also, they should analyze the trend of economy, and supply and demand of goods and services with the help of influencers in social media.