New media and economics
From Baruchnewmedia
Contents |
Introduction
Today’s technology trends should be analyzed deeply. They are transforming many of our markets and businesses (economy). New Media and Technologies now allow workers to work outside corporate boundaries. It gives companies and its employees more options in terms of convenience. Companies by outsourcing are able to reduce its costs and expenses. All can be done through networks. For instance, Linux (OS) was developed over the Internet by a network of specialists. Or a company may submit specifications for products and its suppliers on the other end will work to put everything together. In today’s competitive market: time and costs are all efficient means to economy.
In the article, “Eight business technology trends to watch,” estimation for US economy alone can roughly generate 12 percent of all labor activity by more distributed and networked forms. With eliminating some traditional R&D work which leads to transformation of Old Media to New Media.
As the Internet has evolved—an evolution prompted in part by new Web 2.0 technologies—it has become a more widespread platform for interaction, communication, and activism. Consumers increasingly want to engage online with one another and with organizations of all kinds. Companies can tap this new mood of customer engagement for their economic benefit.
Even though New Media is a good source for a business to be profitable. But it has negative consequences towards the public as well. Because of companies ability to track our information, we as consumers or public's privacy are at risk. They can monitor our daily online activities or interests and data, then sell it to the businesses who are interested in our information in order to promote their products. As a result we start getting spam mail. Besides that, some people can steal our identity which may lead to a vulnerable situation which is called identity theft.
Companies, and other organizations are utilizing systems to produce tasks and products more efficiently. Through forecasting and supply chain technologies; enterprise resource planning, customer relationship management, and customer databases. The usage of new media technologies have become the basic standards for functionality. They can be combined in new ways to produce broader ideas and activities.
New Media and Economic Development
Do you have a Facebook account? Have you read a blog post? If you haven't, you could be missing the boat on communicating to prospective entrepreneurs, alumni, investors, visitors, and business owners. It seems as if we just got used to cutting through the clutter of millions of internet search results for common searches (Google shows over 103 million hits for "economic development"). And more than 9 million blog posts, over 400 LinkedIn groups, and many Facebook pages; related to economic development. The result and information overload on a whole new level. The economic development field relies on information and relationships, and to the extent that social media can help facilitate those activities, social media will become another fact-finding tool that practitioners use to find information about a community. The best website developers have already taken this into account in developing their search engine optimization strategies, and the best ED marketing firms are already including a mix of Social Media tactics along with more traditional tactics. It’s not as simple as just firing up a Facebook page and putting a happy face on community. However, the real opportunity and threat of social media is the acknowledgment that communities can no longer control their marketing messages. Instead of visiting a town and asking the hotel clerk or the fast food worker what the job opportunities are for young people in a particular town, we can now find that information online. More than half of US companies do not allow employees to visit social networks such as Facebook, MySpace or Twitter while at work, according to a new survey. Social Networks can help elevate the economy by influencing the job market by creating new opportunities, however, companies may still believe they are more intended for only personal use.
Another example of companies taking advantage of the new and growing New Media Technology is Twitter. Twitter allows businesses and individuals to get in touch with prospect customers and other businesses by advertising and branding their businesses prospects all over the world. Individuals are also using Twitter to get involved in discussions about popular topics such as elections, education, global warming and more. The ability to connect scores of people who share similar interests and opinions have also benefit businesses and advertisers. Online users who often contribute to online discussions by posting their views on products, services and other topics: share similar values and perceive the world in a very similar way. Businesses are taking advantage of that fact and developing specific ads and messages targeting these specific groups. As one can see, New Media has offered benefits for both individuals and businesses. By taking a Business and Economical approach society is evolving and becoming a more democratic place for all.
As shown in Frank Langfitt's article, "Social Networking Boosts Job Recruiting". Professionals and recruiters have turned to social networking as a form of recruitment. Social Networking sites like MySpace, Facebook and LinkedIn are popular sites that professionals use for recruitment purposes. It is a convenient way to find or let information out and among the million applicants; recruiters could call up their specific person. Social Networking and it's technologies can be used as a convenient way of communication. Interesting statistic in the article: "So, effectively, I have a thousand contacts that could potentially lead me to 100,000, now I have 8,500 contacts that could potentially lead me to 4.5 million." New Media is influencing the job market and economics overall by creating more opportunities for everyone. With 'Rolodex' there is a high possibility you may be connected to the person next to you.
New Media, Economic Development and Advertising
It seems that the question of whether or not to keep using Old Media as a means of advertising old and new products or services, will not only will make a business look old fashioned but it will also cost them a lot of money. Old Media technology can be very inefficient and that may cause businesses to lose time and money. New Media, which offers many advantages in terms of saving time in operations and transactions between companies and clients will lead to better results and higher profits. Through the effect of accessing information at ease. It also provides a faster way to get important feedback from clients about products and services. However, the most immediate and undeniable advantage of the New Media is its low cost of production and distribution. These factors are promoting a faster transition from Old Media to New Media.
According to a study presented in the SOURCE King Fish Media in SALEM, Mass., Oct. 14 /PRNewswire/ -- "A new study released found that a structural change in the world of media is driving marketers to rethink the business of reaching customers and prospects. The King Fish Media 2009 Survey on Marketing, Media and Measurement, conducted in-partnership with HubSpot, Junta42 and the Upshot Institute, reveals that where traditional advertising was once a foregone conclusion and a focal point of all marketing efforts, companies are now revising old formulas and creating new ones. Above all, their ability to use new media channels to reach audiences directly and to measure the value of their response and interaction is advancing a trend: companies are abandoning other media platforms in favor of creating their own original channels and content.
To read more about this topic and the findings of this study visit the link below.
- New Study Finds Marketers Planning Shift In Advertising Dollars in 2010: Old Media Losing Ground to New Media and Custom Content.[1]
Cost-effective new media technologies are making it easier for small firms to enjoy some of the benefits that previously were only available to large companies. An empirical study of 192 large and small companies indicates that small firms are using new media technologies to level the competitive playing field.
- New media in marketing redefine competitive advantage: a comparison of small and large firms[2]
New Media, Economic Development and the Future Job Markets for Students
New Media is creating many new opportunities for people to make a better living. Companies are finally giving New Media, (Facebook, Twitter, YouTube and Blogs) the amount of attention and resources they deserve. More and more people are being hired to fill in job positions that go from graphic designers: who create and edit the images we see on blogs to part time blog writers: whose job is to direct and fuel online discussions about new products, ideas and to collect users views feedback on these items. Marketing companies are hiring more assistants, publishers, writers and editors. For instance, let's take the outlook for editor and writes in the next 10 years. According to the BLS, employment of writers and editors are expected to grow as fast as the average for all occupations. Competition is expected for writing and editing jobs because many people with the appropriate training and talent are attracted to the occupation.
Employment of writers and editors is expected to grow 10 percent, or about as fast as the average for all occupations, from 2006 to 2016. Employment of salariedwriters and editors is expected to increase as demand grows for web-based publications. Technical writing, blogging, and other forms of writing for interactive media that provide readers with nearly real-time information. It will provide opportunities for writers. Print magazines and other periodicals are increasingly developing market niches, appealing to readers with special interests, and making Internet-only content available on their websites. Businesses and organizations are developing newsletters and websites, and more companies are publishing materials directly to the Internet. Online publications and services are growing in number and sophistication, spurring the demand for writers and editors, especially those with Web experience. Professional, scientific, and technical service firms, including advertising and public relations agencies, are growing and will be another source of new jobs.
When it comes to job prospects, opportunities should be best for technical writers and those with training in a specialized field. Demand for technical writers and writers with expertise in areas such as law, medicine, or economics is expected to increase because of the continuing expansion of scientific and technical information and the need to communicate it to others. Legal, scientific, and technological developments and discoveries generate demand for people to interpret technical information for a more general audience. Rapid growth and change in the high-technology and electronics industries result in a greater need for people to write users’ guides, instruction manuals, and training materials. This work requires people who not only are technically skilled as writers, but also are familiar with the subject area.
In addition to job openings created by employment growth, some openings will arise as experienced workers retire, switch to other occupations, or leave the labor force. Replacement needs are relatively high in this occupation because many freelancers leave since they do not earn enough money.
This optimistic outlook, can be used to predict that New Media and its impact in the private and non-profit sectors of the economy will continue in the next decade. It is important that students and other professionals who are now considering a change of career, be it because New Media have made their job out date or because they want to be prepared to face the challenges that New Media and technology will bring, these individuals should consider how relevant their personal and professional skills are in respect to where our society and businesses will be in the future. By understanding and learning more about new career opportunities, one can prepare themselves for the increasing shift from Old Media to New Media.
New Media & Virtual Economies
Along with the growth of New Media, we have seen the emergence of Virtual Economies. A virtual economy (or Synthetic Economy) is an economy based on the transaction of virtual goods within a virtual world, typically an MMORPG.
For a more in-depth look at Virtual Economies, go to: Virtual Economy
How does New Media affects the Economies?
As today, New Media has become the most helpful tool for business and for our daily life.People starts to get used to it and depend on it. Undeniably, it is affecting our economic, but is it affecting in a good way or bad way? To find out that, please go to:How does New Media affects the Economies
Related Articles
- Back to the Garage: How Economic Turmoil Breeds Innovation. [3]
- Must-Read Style And Design Blogs. [4]
- Recipe for Disaster: The Formula That Killed Wall Street. [5]
- Relationship Troubles (New Media and Economics). [6]
- No Facebook at work in most US companies. [7]
Works Cited
- Langfitt, Frank. “Social Networking Technology Boosts Job Recruiting” NPR.
- Manyika, James M., Roberts, Roger P., and Sprague, Kara L. “Eight business technology trends to watch” McKinsey Quarterly.
- Wortham, Jenna. “NYC Seed Nurtures Homegrown Start-Ups” The New York Times.
