Some friends and I have a running joke that marketers just make up words & phrases to confuse customers into hiring them. It's time for some definitions ...and before you get upset with the simplicity of the definitions - I'm not trying to be Websters here, just a light FAQ... and hopefully a little dose of reality in this crowded and cloudy marketing verbiage:
Social Media = any kind of media that creates a social or community experience for the audience. Facebook lets people do this by sharing photos and videos and news with their friends.
Social Networking= using media that creates a social or community experience for the audience to network, typically for business use.
Online Community = a site online that allows users to create a personal profile and interact with other users online. The interaction is often meant to simulate real-life interactions - originally for people in different locations to stay in touch. Examples are Myspace, Facebook, LinkedIn.
New Media or Emerging Media = The exciting (and confusing) part of technology advancement is we don't always know what to call it. That's this stuff. Currently this includes social media, online communities, mobile marketing, and a bunch of new tools and platforms we're learning how to use.
Twitter = (online community) a tool for posting 140 character conversational tidbits to your community... what's the point? Twitter users count on each other to provide news and relevant information, blog posts, and other minutiae. It's more often referred to as the new news feed.