Social networks will emerge as a theme and drive marketing strategies Communication strategies are critical to firms of all sizes, from small-to-medium enterprises to established MNEs (Zhou et al. 2007).
In particular, the explosion of social media as a communication tool can be critical for firms engaging in cross-cultural communications.
Social media trends signal an opportunity for international marketers to get on the main agenda; marketing can be instrumental in establishing global scale virtual communities.
When asked about what issues will occupy their attention over the next 5 years, CEOs identified “getting closer to customers” as the most pressing task (IBM 2010).
This drive to getting to know the consumer better has now gone beyond “collaboration” and has taken the form of “co-creation.”
Relying on customer insights in the innovation process is now a well-accepted responsibility for managers. Increasingly, social networking will emerge as the vehicle to accomplish this. Social networking channels such as Facebook and Twitter will be used both inside and outside the organization to facilitate information sharing and collaboration.
Social networking and real-time collaboration tools enhance communication and close the distance between people in different locations. Better ideas develop, ideas spread quickly, and problems are resolved faster.