Abstract: In the era of the digital economy, the use of social media has transcended its traditional role in user communication and opinion sharing. Increasingly, enterprises are harnessing social media as a powerful marketing tool to improve their efficiency and enhance their brand assets. Consequently, social media marketing has attracted more attention from scholars and managers. However, research that aims at constructing a holistic framework for social media marketing is still in its exploratory stage, with several key issues to be resolved. Based on the core database of Web of Science and CNKI, this paper meticulously analyzes 1,472 pieces of English literature and 519 pieces of Chinese literature to construct an integrated framework for social media marketing research. The theoretical foundations of social media marketing research are summarized from three perspectives:individual perspective, interaction perspective and contextual perspective. Furthermore, the influencing factors are elucidated from four dimensions:consumers, enterprises, platforms and society, and the significant role is expounded from three dimensions:enterprise benefits, consumer benefits and society benefits. In addition, this paper explores the mediating effects of product innovation, brand assets and perceived value, as well as the moderating effects of societyrelated factors, enterprise-related factors, customer-related factors and technology-related factors. Then this paper further highlights the main issues in the existing social media marketing research and identifies future research directions to provide insights for developing more systematic theory of social media marketing and guiding social media marketing practices in future.

Key words: social media marketing, generated content, customer participation, literature review