Andreas M. Kaplan, Michael Haenlein
ESCP Europe, 79 Avenue de la Rèpublique, F-75011 Paris, France
The top of the agenda for many business executives all over the world are Social media. They all try to find a way to use Social media and how to make a profit out of it. Such as Wikipedia, YouTube, Facebook, Twitter and Instagram are applications that business executives are interested in using to achieve profit. Despite the interest there seems to be limited understanding of what “Social media” means. This article will intend to clarify some of the questions around the term “Social media”. We are going to start by describing the concept of Social media and discuss the difference from related concepts like Web 2.0 and user generated Content. Then we are going categories the different applications of Social media into more specific groups, like: collaborative projects, blogs, content communities, social networking sites, virtual game worlds and virtual social worlds. At the end of this article we are going to provide 10 tips for companies that intend to use, or already are using social media.