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ANALYZING SOCIAL NETWORKS FROM THE PERSPECTIVE OF MARKETING DECISIONS

Logica Bănică (), Victoria-Mihaela Brinzea () and Magdalena Radulescu ()
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Victoria-Mihaela Brinzea: University of Pitesti, Faculty of Economics, Romania
Magdalena Radulescu: University of Pitesti, Faculty of Economics, Romania

Scientific Bulletin - Economic Sciences, 2015, vol. 14, issue 3, 37-50

Abstract: Nowadays, the Web became more than a space for product presentation, but also a capitalization market (e-commerce) and an efficient way to know the customer preferences and to meet their requirements. Large companies have the financial potential to use various marketing strategies and, in particular, digital-marketing. Instead, small businesses are looking for lower cost or no cost methods (also called guerrilla marketing). A small company can compete with a large company by approaching a particular range of products that excel in quality, and also by inventiveness in the marketing strategy. During 2010-2015 the potential of Information Technology and Communications (IT&C) sector was proved for the companies which aimed towards modernization of technologies and introduced new strategies in order to commercialize new products. An important challenge for companies was to be aware of the changes in customer behaviour, using social networks software. Finally, research centers have set up new IT&C services and improved marketing and communications following the crisis. More and more companies invest in analytic tools to monitor their marketing strategies and Big Data becomes extremely useful for this purpose, using information like customer demographics and spending habits, oscillation between simplicity, comfort and glamour. There are various tools that can transform in a very short time, massive amounts of data into real business value in a very short time, helping companies and retailers to understand, at any point in the product lifecycle, which trends are gaining and which are losing ground. These insights give them the possibility to reduce the risk of not selling their products by making adjustments to the design, production or promotional strategies, before putting the goods on the market. In this paper we aim to present the advantages of exploring customer requirements from social media for marketing strategy of an enterprise, by using SNA software Gephi and NodeXL and making a comparison of their features.

Keywords: Digital marketing; Social Network Analysis software; Big Data. (search for similar items in EconPapers)
JEL-codes: M31 C80 C88 (search for similar items in EconPapers)
Date: 2015
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