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Social media is becoming an integral part of marketing communications. Therefore, it cannot be ignored by a successful company when setting its business strategy. The main aim of this paper is to present a critical view of the current possibilities of social media and based on the findings capture the key factors for business success through social media. This objective is achieved through a critical analysis of primary and secondary statistical sources dealing with the possibilities of Internet marketing communication and through a comparative analysis of the world's social media population with the online social population in the Czech Republic.
INTRODUCTION
The Internet has become a phenomenon of modern times. Without the existence of this virtual world today's society would struggle to ensure its stability, meaning that it must also exist in economics, business and marketing. The Internet not only provides the possibility of independent decision-making but also the capability of selection and targeting. The Internet is not just a passive medium but there is the possibility of mutual communication and feedback. These attributes are an important factor in marketing which increasingly tries to use them to its advantage. The Internet is becoming a powerful independent marketing tool and not only a support tool as it was before.
The world of business is changing dynamically with the development of information technology. It appears that best practices and recognized strategies are inadequate for the current market, so management must constantly seek new ways to maintain long-term competitiveness.
Society is in the information age, which creates hyper-competitive markets. Potential customers therefore have a much broader view of competitive offers; they are more selective and more demanding than in the past. The present era is also known as the new economy (digital or information economy). Stedron calls the digital economy a "synergistic process converging in the complete dependence of all businesses on the phenomenon of ITC" (Stedron, 2009).
The digital economy has reached a stage where companies are forced to clearly define their image and identify new business opportunities in the markets in which they operate. These facts show that businesses must understand and master new skills if they hope to prosper in the long-term. Kotler states that in addition to existing skills and abilities the must...