The all-knowing Wikipedia defines social media as "Internet-based tools for sharing and discussing information among human beings." But really, social media is about connecting, interacting, and sharing online.
From a promotional and marketing perspective, things are not so clear cut or easy. The biggest problem is that some people think of social media as just one more channel to push sales. You can but you have to do it gently and with your customers interests first. This is not a position for an intern.
Business failure is hard to swallow. I once founded a small software business that initially achieved some success but failed after we hooked-up with another software business whose products we introduced to our market. We failed because there were no synergies, their technology sucked (Intersolv - formerly Sage Software) and we simply did not change course.
Who would have guessed that we, yeah, me and you, go online to pass time.