Abstract
Social networks are structures consisting of individuals or organizations that enable powerful means of communicating and information sharing. Social networks make viral marketing and word-of mouth (WOM) marketing more effective than before. WOM particularly has received extensive attention in the literature. In this chapter, we discuss the value of social networks in business, especially focusing on the WOM marketing which relies on social ties and preexisting connections to spread marketing messages through a community. We discuss viral marketing using a WOM unit framework. Five qualities of a WOM unit are explained with examples. We illustrate new products and services like the iPhone and relate them with the WOM unit framework. It is recognized that WOM helps businesses spread their marketing message in a cost effective way. We found that WOM marketing plays a vital role in the IDM marketplace and conclude that businesses should actively promote and manage WOM communications using viral marketing methods to achieve desired behavioral response.
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