Websites such as Myspace and Facebook are social networking sites where people are connected to each other at a global level. A social networking site is a social media which is a form of medium for communication. Social networking sites utilizes the best of what technology has to offer with features such as audio, video, text, and images. In short it is based on multimedia and IT. A social networking site improves and enhances communication in a unique way. Through social networking sites, communicating is easier and faster without any obstacles.
How does social networking affect our industry?
Social networking itself is not a new term. By making connections with individuals, social networking is an act and process of expanding the size and number of social contacts. The four key industrial economic sectors; the primary sector, secondary sector, tertiary sector and the quaternary sector have relied much on social networking for its survival in this era of globalization. Businesses within these regions of industrial sectors, have managed to expand its territories through social networking.
The internet has improved social networking and elevated the concept of communication to an evolutionary level. With the internet, business companies are able to advertise their services and all done at a low cost. Local companies can easily extend their businesses to an international and global level without spending millions on doing so. It is then possible for established companies to broaden their enterprises’ endeavors in fulfilling its objectives through the cyber world and to maintain a web presence.
Social networking can indeed contribute and help increase a business’s revenue and net income. The internet and social networking, together, are capable of introducing a country and her people to the world. This in turn creates the potential of attracting foreign investors to the country. The economic state of a country can be improved with foreign direct investments.