It is absolutely necessary to understand the immense popularity and importance of social media in today's world. On a business level, when maintained effectively, these avenues are largely beneficial to an organization in many areas, specifically in marketing, customer care and brand loyalty. It is a revolution in marketing terms as it represents a shift in power to the consumer.

This chart is taken from "Zen and the Art of Social Media" by Shama Hyder Kabani, a good reference guide for newbies to the social media realm. Another good foundational read is "Engage!" by Brian Solis. The world of social media is evolving very rapidly and presents a constantly moving target for marketing and creative professionals. Another "must see" regarding the importance of social media is "Social Media Revolution" based on "Socialnomics" by Eric Qualman. It is a bit over the top, but one can clearly get the message.