Social Media Assignment Example | Topics and Well Written Essays - 750 words - 1

Social Media - Assignment Example A legally astute marketer greatly reduces the transaction costs by forming strong relationships with the company’s customers and by taking timely judgments. However, operating in the cyberspace has its own risks and thus, legalities apply. The most common risk is that relating to intellectual property that may be misused against the terms of the licenses. In such cases, knowledge about legal tools helps in the protection of intellectual properties and other copyright data. A major risk of operating in the cyberspace is the generation of negative electronic word of mouth (eWOM). While social media outlets are great places to promote businesses and products for a low investment, they may sometimes even produce unintended outcomes. The presence of social media on the internet allows messages to travel fast in almost buzz-like fashion (Cheung and Thadani, 2010). In such a case, negative product reviews from discontent customers may hurt the brand image and may also discourage potential customers from buying. The situation calls for a dispute resolution strategy where customer dissonance is resolved and feedback is taken as to the improvement of a company’s product or services. Many businesses often dedicate exclusive feedback email addresses or hotlines in order to resolve the customer strives. Perhaps it is more sensible to deal with such complaints outside social media channels so as to prevent the spread of negative eWOM that may prove damaging to the customer-business relationship. Social media has changed how transactions occur over the internet and how audiences are engaged. Many of such consumer transactions now occur over state lines where the federal government is involved. Since most of social data, such as that on Twitter, is real time data the federal government can analyze such data in order to respond to them. The federal government Federal Social Media Community of Practice (2013) has introduced