MKTG 345 Chapter Notes - Chapter 1: Social Media Marketing, Web 2.0, Network Effect
Document Summary
Cloud computing: the general term for anything that involves delivering hosted services online. Croudsourcing : collective knowledge of a crowd to solve problems and complete tasks. 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. Perpetual beta: developers are able to introduce new features in products even if testing and refinement are not yet complete. Reputation economy: the value that people exchange is measured in esteem as well as money. Social software are computer programs that enable users to interact, create, and share data online. Devices are products we use to access the internet and to participate online. People interacting online is the only way social media can work.
