Networked Economy

This refers to the fact that as consumers, we are now connected together, through the network of the internet. This increases the likelihood of consumers sharing information, as the cost of sharing information decreases and the means for doing so increases. This has a significant impact on the field of marketing and brand management. No longer do marketers control the messages they use to market their products to consumers. Consumers are now talking to each other and are becoming a viable source of information for other consumers. The viral marketing effect occurs due to a networked economy, as information is passed through networks at great speed. The connectivity that occurs in the market is enhanced as markets adopt specific communications standards. Once a standard has been adopted, the market can become more effective. Thus standards become very important in establishing a market and the subsequent success of the market in a networked economy.

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