Crowdsourcing - Does One Hat Fit All

Research Paper (postgraduate) from the year 2011 in the subject Communications - Public Relations, Advertising, Marketing, Social Media, grade: "e;-"e;, Amity University, course: MBA, language: English, abstract: Due to modernization, the world has become fast, complex and competitive for any company. Due to increased competition, the organizations have to focus on value proposition, value driven, and result oriented. Crowd sourcing is a new term which refers to the activity of outsourcing from crowd or a large poll of people or any community. Crowd sourcing (Crowd + Outsourcing) seems to be an innovative approach in the current scenario for a wide range of industries and people will be paid for their innovative work. Crowd sourcing is about taking forward step 'where people contribute something to the system for people'. Crowd sourcing is very helpful tool in creating a good public relation about the services and products provided by the organization. Crowd sourcing generates from the collective information of consumers and represent the collaboration of brand identity and its consumers. Various organizations have taken this initiative because it's cost effective, flexible, and fast. It s very important to maximize the rate of return for an organization. Crowd sourcing taps the collective information of online users and online communities to perform the business-related activities that an organization would either complete by itself or outsource it to third party. Crowd sourcing offers the opportunity to reduce the risk and maximize the opportunity of marketing communication and business offerings. This approach is used by various national, international organizations, and government bodies to engage their consumers though various online and offline initiatives. Crowd sourcing is the extreme form of collaboration. Collaboration has become very important for companies and various business practices. This paper gives the detail of potential of crowd sourcing, future of crowd sourcing and its use in various marketing-related activities.