The Impact of Social Networks on Maximizing the Competitive Value of Micro, Small, and Medium Enterprises

Khaldoun Al-Mommani, Ahmed Al-Afifi and Mohammad Abdullah Mahfuz ()
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Mohammad Abdullah Mahfuz: Wuhan University of Technology

International Journal of Management Science and Business Administration, 2015, vol. 1, issue 3, 64-70

Abstract: The purpose of this paper is to study the effect of social media and social networks on maximizing and increasing the competitive value of micro, small, and medium enterprises (MSMEs). We review social media, social networks, and marketing literature that demonstrate the importance of social media and social networks in maximizing MSMEs competitive value through exploring the company-customer relationship, and the advantages and disadvantages that social media utilization brings. The findings suggest that micro, small and medium sized enterprises can reap benefits from executing an effective social media marketing strategy. These benefits encompass reducing overall marketing costs, improved customer service through social media, and achieving a competitive advantage. On the other hand, social networks have drawbacks that may affect MSMEs performance and decrease market share, such as time consumption and lack of feedback control. Therefore, MSMEs need to rethink about customer relationship management through building a conceptual and operational framework that provides both structure and flexibility. The study makes a contribution to the theoretical development through focusing on a neglected area of MSMEs research as well as a contribution to the relevance of social media in improving the competitive value of MSMEs

Keywords: Social Media; Social Networks; Msmes; Competitive Value (search for similar items in EconPapers)
JEL-codes: M00 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:mgs:ijmsba:v:1:y:2015:i:3:p:64-70

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