The concept of social media is top of the agenda for many business executives today. Decision makers, as well as consultants, trying to determine what firms can make profitable use of applications such as Wikipedia, YouTube, Facebook, Second Life and Twitter. However, despite this interest, there seems to be a very limited understanding of what the term "social media" exactly means, this article intends to provide some clarification. We begin by describing the concept of social media, and discuss how it differs from related concepts such as Web 2.0 and User Generated Content. Based on this definition, we then provide a classification of Social Media which groups applications currently assigned to the generalized term into more specific categories characteristic: collaborative projects, blogs, content communities, social networking sites, virtual game worlds, and virtual social worlds. Finally, we present 10 tips for companies that have decided to use social media. "Hide
by Andreas M. Kaplan, Michael Haenlein Source: Business Horizons 10 pages. Publication Date: January 15, 2010. Prod. #: BH369-PDF-ENG
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