Technological advancements have shaped and reshaped the advertising and marketing landscape now and again. Especially the digital revolution has given rise to new digital era that has modified this advertising landscape maybe permanently (Wind and Mahajan, 2001). One of the core expertise concerned in defining this digital era is the Web (Kiani, 1998). The Internet has not only empowered folks by creating and disseminating the knowledge like never before but also has affected the way in which we conduct our companies. Totally different digital retailers similar to on-line search engine, cellular, and on-line social networks have given rise to new ways of conducting advertising and marketing such as affiliate marketing, show promoting, email advertising, search engine marketing, social media marketing amongst others. Among all these given the significance and the relevance of social media marketing, this specific digital channel has grow to be very pertinent matter of this digital era (Carpenter and Shankar, 2012). The effects of social media have been felt in influencing each buyer and seller behaviors.
Social media provides its own opportunities and challenges. It's interactive, partaking, handy, flexible, instant, and world. The interaction takes place in an open online environment without any bodily boundaries with relevant measure of management. It has turn out to be one of many highly effective marketing instruments for client relationship management. Alternatively there are a number of challenges that firms face in terms of implementing social media advertising and marketing. Some of these top social media marketing challenges are: measuring return on investment, managing, rising, monitoring and analyzing the social media presence, integrating consumers’ social media behaviors with lead technology, sales, and different organizational marketing activities, and lack of adequate assets to provoke the social media advertising. At the heart of these challenges lies lack of better understanding of effects of consumers’ social media participation on their behaviors together with their purchases. This requires not solely measuring the impression of consumers’ social media participation on their precise buy behaviors but also a better understanding of online social behaviors of these digitally wired customers.
With over 900 and 500 million users worldwide (Wasserman, 2012) and producing annual ad revenues of $3.Eight billion (eMarketer, 2011) and $259.9 million (eMarketer, 2012) respectively by two big social networking sites namely Facebook and Twitter, it is evident that social media have affected consumers’ lives as well as their behaviors. Nonetheless, every so often firms elevate this question (Hoffman and Fodor, 2010), “Is social media advertising and marketing efficient?” The normal cycle of shopper buy decision consisting of want arousal, data processing, different analysis, buy, and post-purchase behavior has been augmented with bonding and advocating on social media (Edelman, 2010). Thus, understanding of shopper buy behaviors in this new setting of digitally wired consumers over social media necessitates conceptualizing their on-line social behaviors first before measuring the influence of their social media participation on their actual behaviors. On this chapter we address two essential points of consumer behaviors in a web-based social media atmosphere. First, we propose a conceptual framework of consumers’ social media participation. Second, we handle the problem of how this participation affects their behaviors including purchases. Finally, we present the econometric challenges associated with modeling consumers’ social media participation and quantifying its influence on their behaviors.
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