Week 1: Sept 6-8

       I am excited to start out discussions on the networked economy and social media marketing. One of the fundamental goals of this class is to help you appreciate the underlying phenomenon of social media, especially in the context of business and marketing. What are the underlying drivers of this new revolution in marketing? What are the basic principles of a networked economy? How do they relate to our discussion on social media marketing?

      In my opinion, it is important for us to appreciate these drivers and then relate them to the tools rather than start superficially and get stuck with the tools. Because, lets face it: yesterday, it was MySpace, today it is Facebook, and tomorrow it could be something else. In preparation for this weeks questions, I would like you all to follow the below links, and assimilate the material in each of these sites. In addition, we will have a class discussion on the foundations of a networked economy. Put together, this material should give you enough ammunition to engage in a lively discussion as well as deal with this weeks questions.

http://www.kk.org/newrules/newrules-list.html

http://www.valuebasedmanagement.net/methods_kelly_twelve_principles_network_economy.html

http://www.kk.org/newrules/selected_maxims.php

I would like to fire the opening salvo with a question of my own:

1. All of you are privy to the fundamentals/principles of marketing, mainly the 4Ps. How does the management of the 4Ps change or how is it changing in the networked economy? Of the many characteristics of the networked economy, which ones have had a radical impact on the way managers plan for and develop the 4Ps? For instance, what are the implications for product design in the networked economy? Has the process changed? Have the inputs changed? How? Can you give us specific examples of how companies have adapted to the networked economy by changing their product development strategies? Was it successful? If not, why not?

Just an important reminder: Please use the label "Week 1: Sept 6-8" for your posts