How big a part is social media marketing for your business or the company you work for?

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Due to the advent of social networking sites (Facebook, Twitter, etc.), social media marketing has been a resort for companies to make their products available online. They use these medium to reach out to their chosen target market and efficiently provide information or the like so that customers may eventually feel like purchasing their offer (product). Since the publication can be directly free (through social networking sites), advertising expense may greatly be limited