Sotsiaalmeedia ettevõtte strateegias Nasdaq OMX Tallinn näitel
Date
2010
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Tartu Ülikool
Abstract
Description
The current practical communication management master’s thesis focuses on connections between
strategic business management and the use of social media. The objective of the thesis is to
describe how can an enterprise succeed in promoting its ideals and achieving strategic goals with
the help of social media. Namely, what are the concrete measures to be put in action and what
principles should be followed due course. The theoretical findings where tested analyzing the
strategic goals of NASDAQ OMX Tallinn in order to bring forth the ones that can benefit from the
use of different social media channels.
The first part of the thesis draws on the theoretical implications about information society
(following the works of M. Castells and M. Listner on network society)and strategic business
management (based on the findings of M. E. Porter, C. K. Prahalad ja M.S. Krishnan).
Close attention is given to the aspects of community creation, discussion and deliberation,
sociotechnological and cultural change, communication technologies. Social media is believed to
serve the ideals of information society while enhancing the inclusion and interaction of users,
exchange of ideas and joint creation processes. Potential threats of new media are also described in
addition to the positive scenario. Those include issues of anonymity, trust and accessibility.
The thesis also examines the reciprocity of economy and information society. The companies that
use social networks to guide the clients to consumption or to achieve more effective marketing with
the help of network data are more profitable. Networking environments, previously the playground
of subcultures, have become capitalistic. The tendency is to move away from large markets, trying
to offer a wider array of products. The analysis again also points out the risks of which most
important are creation of false necessities and downgrading active citizens to consumers.
While the centerpoint of the thesis is organizational strategy, main attention is given to a key
management issue – incapability of making a distinction between efficiency and strategy. Doing
the job better is what constitutes efficiency, but strategic positioning denotes being unique in the
manner of carrying out actions (different or similar to the competitors). Picking a strategic course
and implementing it includes positioning the business and considering the environment, making
compromises, applying suitable measures and management. One option for creating a strategy is to
use R=G (Resources=Global) and N=1 (The Segment of One) approach which focuses on not
possession but accessibility of resources and the ability to work with the clients for company’s
added value.
The second half of the theoretical part explores social media which has been described as a
combination of user created content and an environment to share that. Broadly speaking, social
media is created by the society and not different technologies or software. Although networks,
their functionalities and goals change over time, the author sees the social media networks as a
source of well-informed and active clients that make use of digital technologies, complemented by
open and free access to information. Customers wish to be involved in product/service
development and the businesses can provide a suitable platform.
The second part of the thesis presents secondary analysis of previous studies and also the outcomes
of original research conducted for the thesis. The latter consisted of an opinion poll (with ES Turuuuringud)
about the usage of social media and its reliability and semi-structured expert interviews
with social media opinion leaders in Estonia and the board members of NASDAQ OMX Tallinn.
The goal was to map the strategic potential of social media.
The synthesis of previous studies on Estonian internet users and their practices shows that the social
media are mostly used for entertainment, spare time activities, information gathering and social
purposes involving friends and acquaintances. Users find media channel’s credibility and
reliability important while it is providing new and diverse information as quick as possible and
blocking excessive and unwanted content in order to get an adequate reflection on the world
beyond the net. The enterprises are beginning to understand the potential of social media and
appreciate it as a means of communication. The usage has mostly been limited to short-term
marketing activities to this day. The focus has been more on informative and monetary (sales)
messages and less on practical and entertainment value that users expect.
One of the key questions under study is about the reliability of social media channels. Research
shows that the most trust is put on expert opinions, followed by friends’ suggestions leaving the last
spot for official announcements of enterprises. The reliability of the channel itself came after
printed media and before commercials. The attitude towards companies’ social media channels is
neutral while many respondents where not able to give any judgement which is evidence of
considerable potential.
The results of expert interviews show that Estonian enterprises are still in the test phase of using
social media. The use of social media serves mostly marketing or communication purposes, not
long term strategic goals or the ideals of social media – inclusion and joint creative processes. The
experts see the lack of knowledge and skills as an obstacle. Outcome evaluation is absent since the
strategic planning is not a priority.
The opportunities of NASDAQ OMX Tallinn to use social media for reaching strategic goals is
explored in the last section of the thesis. The author finds the social media to be most suitable for
objectives connected to educating future investors. Investor development entails information,
training and exploring specific investment nuances and backgrounds. The social media channels
also provide feedback from population on developments of stock market. The information is of
great value when the company is drafting a strategy, objectives or action plans according to the
market expectation.
The thesis concludes with encouraging businesses for wider use of social media and not only for
marketing and sales purposes. It is important to outline the opportunities and set strategic goals that
the social media’s ideals – inclusion and joint creative processes – could help realizing. The thesis
gives a number of advice (in chapter 5.3) to be considered for making the most of social media.
Social media channels can be used in every business sector and for almost every strategic goal.
Though making first sure that those are the easiest and most efficient means.