Question

a) Describe how social media differ from traditional commercial media and how they (social media) redefine and extend the traditional three-party business model (producer, buyer or consumer, third parties) of commercial media.

b) Use a social media platform of your own choice to illustrate ways by which social media redefine and extend the traditional practices of commercial media and the business models that commercial media have traditionally used.

Answer 1

Answer 1
Social media differs from traditional commercial media in many ways such as in social media people can give their opinion about their product or services which can eventually create a good brand reputation for the product or it can destroy the brand reputation of the product. Social media is a very good platform in which people can share their thoughts and their opinion which is contrary to the traditional media in which only the advertiser puts on details about the products or services. Social media is a a non paid platform in which people share their opinion about the product which on the contrary to traditional media in which companies spend money on promoting their product.
Social media has totally redefined the traditional three party business model of commercial medium because it is more genuine and authentic platform for the producers, buyers or consumers and third party. Social media has totally redefined the traditional media platform because it gives an opportunity for more people to give genuine reviews about the product which is not present in the traditional business model of commercial medium.
Answer 2
Social media platforms which can be used to illustrate ways by which social media has redefined and extended the traditional practices of commercial media and business model that commercial media has traditionally used video sharing platforms such as You Tube, social networking platforms such as Facebook, photo sharing website searches Instagram etc.
One of the main reasons why these platforms has been extremely successful is because websites such as You Tube have been a great platform to influence the purchasing decisions of buyers. Video content creators who regularly reviews about products and services, have a great influence on the customer Purchase Decision and hence they act as one of the guiding factor for taking product purchase decisions for the customers.

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