The Contribution of Social Media in the Management of Social Relations with Customers. Modelling and Simulation of the Problem

Abstract

We live in an era where science and technology are at their peak. Tremendous changes and the basic need of mankind to interact with others, led social relations to follow another path. That path is social media. In the beginning, they were used for communication, but quickly gained reputation in other fields. Because of the number of people using social media, companies started to use them with clever strategies, in order to attract people to buy their products (Qualman 2011). A question quickly comes in mind. That question is, in what way social media could be used to maximize company’s profit. That question this paper seeks to answer. The purpose of this paper is to analyze that contribution of social media in the management of social relations with customers and use Dynamic Models, in order to simulate that analysis. Thorough research through the paper revealed that using social media combined with clever strategies, the company could achieve high reputation within its customers and therefore significant profit.