This refers to the "explosion" of social media and social networking website. Social networking is becoming a means of communication and interaction with an increasingly active client base. This has helped the industry in times of tight budgetary constraints.
Companies have also begun to learn ways of positioning themselves on the internet through more customer interaction and networking. This is a relatively cost effective process but pundits point out that the positive aspects of the Internet are countered to a certain extent by the fact that everyone with a "…cheap cell-phone camera and a burning hunger for their fifteen minutes of fame, is a threat to your product." (Grinam-Nicholson, 2009)
In general, Jamaican companies are showing an amazing resilience to the global economic downturn. There are a number of companies who have been posting profits despite the international gloom. These successes have been ascribed to the resilient nature of many Jamaican enterprises. A good example is a company like GraceKennedy. The revenues fro this company increased by $910.4 million in the first quarter of this year, compares to the same period in 2008. Other companies that have also bucked the trend include Pan Jamaican Investment and Jamaica Producers. (Edwards, 2009)
Beside the use of internet...
One of these factors is that the global recession has in fact motivated companies to become leaner and more streamlined. This has also resulted in a re-evaluation of policy and practice and the implementation of more efficient methods in production. In this sense the present crisis has meant that many companies have learnt new ways to be more competitive and this has been assisted by networking and the Internet.
The online word has also forced companies to understand their target marker in more depth and the importance of segmentation and learning about the actual needs and requirement of the customer.
References
SHARP ECONOMIC DOWNTURN LED TO FIRST DECLINE IN PERSONAL
LOANS IN 5 YEARS. (Wednesday, June 10, 2009) Retreived June 10, 2009, from http://www.jamaicaobserver.com/magazines/Business/html/20090610T010000-0500_153176_OBS_SHARP_ECONOMIC_DOWNTURN_LED_TO_FIRST_DECLINE_IN_PERSONAL_LOANS_IN____YEARS.asp
Grinam-Nicholson. ( 2009) How the communications biz is coping in hard times.
Retrieved June 11, 2009, from http://www.jamaicaobserver.com/magazines/Business/html/20090610T000000-0500_153160_OBS_HOW_THE_COMMUNICATIONS_BIZ_IS_COPING_IN_HARD_TIMES_.asp
