Chapter 14 Exploring Social Media and e-Business

Vocabulary flashcards covering key terms from the lecture notes on social media and e-business.

Social Media

Online interactions that allow people and businesses to communicate and share ideas, personal information, and information about products and services.

Hashtag

A word or short phrase preceded by the pound sign (#) used to identify and group topics.

Social Media Plan

A structured approach outlining how a business will listen, set objectives, segment audiences, choose tools, and implement social media efforts.

e-Business

The organized effort of individuals to produce and sell goods and services via the Internet; broader than e-commerce and includes digital activities like mobile marketing.

E-Commerce

Buying and selling activities conducted online.

Mobile Marketing

Communicating with and selling to customers through mobile devices.

Outsourcing

Finding outside vendors or suppliers to provide specialized resources or services at a lower cost.

Crowdsourcing

Outsourcing tasks to a large group of people to obtain ideas or information from the crowd.

Revenue Stream

A source of revenue flowing into a firm.

Business Model

A group of common characteristics and methods used to generate sales, revenues, and reduce expenses.

B2B (Business-to-Business)

A model where firms conduct business with other businesses.

B2C (Business-to-Consumer)

A model where firms focus on selling to individual consumers.

Advertising e-Business Model

E-business model where revenue is earned by displaying advertisements on a firm’s site.

Brokerage e-Business Model

Online marketplaces that connect buyers and sellers to facilitate an exchange.

Consumer-to-Consumer (C2C)

Peer-to-peer model where individuals buy and sell goods or services to each other.

Subscription and Pay-Per-View e-Business Model

Content or services available only to users who pay a fee.

Inbound Marketing

Marketing that creates content on a site to attract and engage customers rather than interrupts them with ads.

Social Media Marketing

Using social media to inform, engage, and convert customers, often shifting advertising from traditional channels to digital ones.

Social Content Sites

Sites that allow companies to create and share information about their products and services.

Blog

A Web site that allows a company to share information to educate customers and build trust.

Photo Sharing

A method of telling a story about products/services through posted images on the company or social site.

Video

Multimedia content used to tell stories and promote products or services.

Podcast

Digital audio or video files that people listen to or watch online.

Social Media Ratings

Sites for reviews and ratings based on consumers’ trust in others’ opinions.

Social Games

Multiplayer, competitive, goal-oriented activities with defined rules and online connectivity.

Social Media Communities

Groups of people with shared interests who engage in conversations about topics they care about.

Social Media Community Manager

A high-level executive responsible for a company’s social media activities.

Crisis and Reputation Management

Using social media to help a company recover from a crisis; involves training employees and monitoring what is said.

Millennials

Tech-savvy digital natives born after 1980.

KPIs (Key Performance Indicators)

Measurements that define and track progress toward achieving objectives.

Quantitative Social Media Measurement

Numerical metrics (e.g., visitors, fans, leads, new customers) used to gauge performance.

Qualitative Social Media Measurement

Assessment of opinions and beliefs about a brand, often using sentiment analysis.

Sentiment Analysis

A measurement that uses technology to detect mood, attitudes, or emotions in social media content.

Cookie

A small piece of software sent by a Web site that tracks an individual’s Internet use.

Data Mining

Searching through data records to extract useful information.

Malware

Software designed to infiltrate a computer system without user consent.