THE IMPORTANCE OF SOCIAL MEDIA FOR MANAGEMENT OF SMES
THE IMPORTANCE OF SOCIAL MEDIA FOR MANAGEMENT OF SMES

Summary/Abstract: The aim of this paper is to present newscientific results concerning social media in relation to theSME segment. The empirical research based on a sampleof 1,520 respondents from the business sector of the V4countries provided interesting findings. The role of socialmedia is largely underestimated by the SMEs and suchenterprises have untapped capacity for using social mediain their management. Additionally, the SMEs insufficientlyutilize the opportunity for a more flexible response tomarket development through social media. Anotherimportant finding is that the SMEs do not usually have aclear strategy on how to use social media. Also,organizations in the SME segment do not sufficientlyappreciate the contribution of social media to the growthof financial performance. The research confirmed theexistence of significant differences in the attitudes ofrespondents in individual V4 countries. Further findingsindicate that the attitudes of SMEs are changing in thecontext of the new macroeconomic situation. While theuse of social media in the favourable phase of theeconomic cycle was relatively low, their role increasedsignificantly during the COVID-19 pandemic.

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