It is the new avenue in which Relationships of Value is Being Created.
Social Networking has given us an avenue to Increase are Revenue.
The Social Networking arena requires brilliant marketing to Stand Out From The Crowd.
Social Media in general I think is about any group or web product you can use is called social media. Such as Facebook, mySpace, chatrooms, twitter some way of communicating to customers or potential customers or business builders. These are all great but they all take time to keep updating and keeping fresh information on each. You could cut and paste or use a website to update all of them the same, I personally don't like that and I will usually delete people if they send me the same update on more than one area that is identacal, that is just me.