Trakia Journal of Sciences, Vol. 9, Suppl. 3, 2011 169 Trakia Journal of Sciences, Vol. 9, Suppl. 3, pp 169-177, 2011 Copyright © 2011 Trakia University Available online at: http://www.uni-sz.bg ISSN 1313-7069 (print) ISSN 1313-3551 (online) WEB 2.0 IN BUSINESS G. Kiryakova*, L. Yordanova, N. Angelova Faculty of Economics, Trakia University, Stara Zagora, Bulgaria ABSTRACT Information and communication are essential prerequisites for successful operation of businesses in the information society. The new level of business is directly related to Web 2.0. It is characterized by the enrichment of new business models to dynamic ones based on the services and technologies offered by Web 2.0. The role of social media in developing and implementing business strategies is expanding. Companies, who appreciate the power of social media, now use them as a new promising business environment with unlimited possibilities. The variety of social media does not facilitate business companies in their choice of facilities and services. Often, despite the use of the most popular social media the desired efficiency is not achieved. The goal of this paper is to investigate and analyze different tools and services, especially social media and to determine an effective model for integrating and implementing them in order to manage successfully business. Key words: Web 2.0, social media INTRODUCTION Information and communication technologies change the business environment and models in modern information society. Through the application of Web 2.0 services and technologies basic model of interaction between companies and customers has changed from “sending” to “sharing”. This model is characterized by (1): • Increasing visibility and influence of companies; • Changing the way customers interact with each other; • Communities that are created around a brand, product or service; • New opportunities for rendering an account the customers’ views and recommendations; • Improving interaction between employees. Companies can benefit from the use of tools and applications of Web 2.0, if they apply them properly and efficiently. New business opportunities and new markets are opened to ___________________________________ *Correspondence to: Gabriela Kiryakova, Faculty of Economics, Trakia University – Stara Zagora, Bulgaria, gabriela@uni-sz.bg, the companies only if they choose the right tools for the target group of customers. Social media play an increasing role in developing and implementing business strategies. Companies, who appreciate the power of social media, use them as a new promising business environment with unlimited possibilities. On the other side the variety of social media does not facilitate business in its choice of facilities and services. Often, despite the use of the most popular social media the desired efficiency is not achieved. The purpose of this study is to compare and analyze various social media and to determine an effective model for integrating them in order to manage business successfully. SOCIAL AND TECHNOLOGICAL ASPECTS OF WEB 2.0 Characteristics of Web 2.0 can be viewed from different perspectives. According to (2) the main features of Web 2.0 can be classified into two aspects: social/business and technology. • Architecture of participation Web 2.0 provides a Web architecture that encourages user participation in the process of