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Benefits of Social Media for Businesses

Question:

Discuss about the Impact Of Social Media On Business Research.

Social media is considered as the phenomenon of world which is utilized by more than milliard people and provide as an interface for interactions with people and business where most of the people build, exchange and share views and information. Social media is entirely dependent on the internet technology. Social media encourage users to communicate or provide feedback whosoever is connected to them. It is an open system without carrying any hard barriers. It is the research which is based on impact of social media on business. Project objective as well as project scope will describe in this research which will give better understanding for further studies. Social media is very beneficial for the companies because it provides the response in the form of feedback of the customers, through which company and gets improvement and make its customer satisfied (Hudson and Thal, 2013). There are numerous listed company will describe in the context of getting profit by adapting the social media in the process of company. The companies’ benefits through social media will describe in this research.

The objective of this research is to analyze the impact of social networking on the business. it has been observed that technology has advanced and due to this many companies have adopted the social networks to interact with their customers. There are several companies that have adopted social media networking to enhance its business effectively. Telstra and Virginia are one of them that adopted social media networking and earned huge profits and satisfy their customers by adapting social media networking.

Social network is wider channel and it has numerous usage in business to enhance the productivity if the employees as well as reduce the un-required cost of the company. It is the research program that conducted for the purpose to evaluate the advantages and disadvantages of the impact of social media on businesses. It will be helpful to analyze and compare the various companies and their profits in the term of adoption of social networking sites.

Social media is one of the well known platform on which numerous businesses do business and make benefits and customers for a long time. Social networking sites have evident exceptional growth rates. It is the network which allows an individual as well as group to get opportunity such as job search, holiday trip plan and real estate search (Fita, 2012). It is the most beneficial sites for those who do business online because with the help of these sites, business has become able to get feedback from customers and make amendments as per requirement. Along with that social media networking is cost efficient and spread the news to number of peoples within a second (Rodriguez, Peterson and Ajjan, 2015). There are various companies that have been utilizing social media sites to enhance their business effectively. The impact of social media influences the business, business communication and business ethics appropriately. It is a media which is used as a source of information and knowledge which develop the views and opinions of people efficiently. It is the medium to create numerous business opportunities and build a stronger market position. It helps to modify the behaviour of customers. The research covenants with the impact of social media networking on the business. It distinguishes social media and facilitates to explore the possibilities of social network communication in the form of formal. It researches the bonding of social networks and ethical business behaviour.

Case Studies of Successful Companies

Figure 1: Types of social media

Source: (Oyza & Edwin, 2015).

There are a several social networking sites which have been using by number of companies to know the situation of it in the eye of customers.  It has been analyzed that some of the social media services have the nature of owned. Social media has the accessibility, usability and permanence which attract the more customers and businesses towards it. Accessibility refers that industrial media is entirely covered by government or business, social media is the form which is available for everyone with no cost (Aral, Dellarocas and Godes, 2013). Usability defines that anyone who do not have and specialization and skills can operate the business while in traditional media protection skills and training are necessary to run the business online. Social media is efficient tool because it spreads the news and information without taking more than a second. Social media can be changed almost immediately by comments or editing.

Figure 2: why customers follow brands

Source: (Ngai, Tao, and Moon, 2015)

There are major companies have been taken in this research which will be facilitates to adapt the social networking. These are Telstra and virgin Australia. Telstra is one of the most repudiated companies in Australia that uses number of social platforms such as twitter, Facebook and many more in the consumer services and promoting its products and services via video and directly display on the Facebook. Telstra is a firm which is viewed by many of the peoples with entire information about the company and its products and services. It is one of the companies that get huge benefited from social media (Hajli, 2014). The financial report of Telstra shows that it earned huge profits by adapting various social media platforms. The total income amplified by about 3.6 % therefore the company caught about 27 billion dollars. Due to these increments in its profit, Telstra has decided to invest in digitization to three billion. Virgin is another company of Australia that has used various platforms of social to get benefits and enlarge their business. In the context of marketing, social media plays a crucial role in their products and services. The social media in the company facilitates to reduce the issues of the consumers, as one can interact with a broad range of customers on the platforms. It enhances the productivity of the employees and reduces the employee for the call centre. It is the company that gets engaged with Lithium since 2012. Virgin company also gets benefitted from adapting the services of social media. It is the company that improved its services efficiently and getting huge benefits with the help of social networking (Jain, Joshi & Shashi, 2014).

Research Methodology

Social media is able to make feel customers and employees are the part of the company even when they are not the part of the office physically. The social networking also enhance the knowledge convey in the company enhancing the productivity. Therefore, from the study, we observe that the social networking is adversely connected to the productivity of the company. Along with that there are many companies that using social networking site to analyze the other performance so that they make their strategy as per their performance. It is not only advantageous in improving the services for customers but also helpful to analyze the competitive environment (Nadeem, Andreini, Salo  and Laukkanen, 2015).  It has been researched that social networking gas undervalued the companies who have accepted them. There are so many benefits such as increase productivity because of the improved communications along with cooperation among the employees. 

The question of research has been listed below which is based on this research program:

  • What is the influence of social media networking on business and their revenue?
  • What are the pros and cons of social media networking?
  • What requirements and factors should be observed and analyzed whereas selecting social networking platforms?
  • Social networking site is able to enhance the revenue of the companies by being marketing tool.
  • Social networking has adverse impact on the business and reduces the employability.

Research methodologies are the collection of numerous and different techniques and methods which is being used in the research to accumulate specific requirements and information from the different sources available. There are various methods have been taken to execute the research (Nirmala, 2013).

Research methods

There is number of methods of research accessible which could be taken in use of researching. To gather the information for this research, quantitative research has been considered to gather the information and data for selected topic. The method of qualitative has been taken in use to analyze the pros and cons of social media networking. Along with that qualitative data has been taken to evaluate the impact of social networking on the business. It helps to handle the quality of the research by gathering the quality data (Shafigullina & Palyakin, 2016).

Research approaches

There are two approaches of qualitative and quantitative has been taken to gather the information of selected topic. The approach of qualitative is being used to find the reasons, views and opinions behind this topic. Along with that primary and secondary data has been taken to explore the research topics. Information has been gathered from the articles, journals, websites and the research task of other authors (Quick & Hall, 2015). These sources will be helpful to maintain the quality of the research.

Data collection

Data collection is completed with enthusiasm so that relevant and required information regarding research topic can be gathered efficiently and the research program execute in the better manner. Primary and secondary information has been used to gather the information. The aim behind this collecting data is to enhance the proper understanding of the factor of the research topic. Primary sources are considered as the raw material which is taken directly by the respondent.  It is the sources which provide latest information (Oyza & Edwin, 2015). To know the response of the employees, questionnaire will be presented in front of them. Along with that interview procedure will be conducted to know the impact of social networking media whosoever use this marketing tool in the organization. Along with that secondary sources are also being used in the research because it is more reliable. It is the data which is being used by others to study the material and for researching. Secondary source of data has been used in the form of journal, articles and internet sources.

Conclusion

Sample and techniques

Data has been collected in huge quantity and it is the great challenge to analyze the data effectively. That is why random sampling technique has been chosen for analyzing. It is the effective technique which gives chance to every data to select (Nishad & Sankar, 2016).

Strategy of research

It is required to attain the goal effectively to accomplish the program of research on time so that possible results come in an effective manner. Systematic approach is being taken to make effectiveness in this research; it has the nature of sequence which will be helpful to execute the research appropriately. An action plan has been arranged to recognize the various activities of this research.

Target market

It is necessary to set the target market where relevant information come and information related to research can be collected appropriately. Primary and secondary sources are being chosen to set the target market (Johnston, 2014). To gather the information of primary data, interview and questionnaire has been prepared and in the context of secondary data articles, journal and other data has been used.

Selection

Various substitutes are obtainable which can be utilized of the program of research. The selection procedure is completed after evaluating the requirement of the research.

Ethical consideration

Ethics is an element which define that what is wrong and right. While researching the data regarding this research, ethical values and principles have been followed. The main focus of research is to collect the data with fairness and loyal manner. Research is conducting in an unbiased manner (Trainor, Andzulis, Rapp and Agnihotri, 2014).

There are few issues have been identified while executing research and it considered as the limitation which has affected the research. These limitations are described below:

  • The time limit is very short for the execution of the research. Random sampling technique has been chosen for this research because of limited time to execute this research.
  • Due to lack of access ton that data is the reason of limitation of this research.
  • It is the topic which required number of data to analyze the research and due to unavailability of time, lack of data is the reason of limitation but for the maintaining the quality of the data quality research has been chosen.

Serial

Activities

Starting date

Duration

Accomplish date

Description

1.

Selection of topic

11 September, 2017

2

12 September, 2017

Selection of the topic will be prepared

2.

Construction  of plan

13 September, 2017

6

18 September, 2017

Plans will be made for conducting the research

3.

Execution of the plan

19 September, 2017

8

26 September, 2017

Plans will be initiated as per planning phase.

4.

Data collection

27 September, 2017

5

1 October, 2017

Selection of data will be chosen for the implementation of the research

5.

Use of collecting data

2 October, 2017

3

4 October, 2017

Selected method will be helpful to collect the data

6.

Analyze the data

5 October, 2017

2

6 October, 2017

With the help of sampling data, data has been analyzed

  7.

Conclusion and recommendation

8 October, 2017

2

9 October r, 2017

Data will be concluded by analyzing the data

Conclusion

It has been concluded that social media is necessary for developing and attain growth of the business. This research has been made to develop the understanding in the context of benefits of social media networking in businesses. To gather the information, different data and techniques has been used. The focus of the research is on a compilation of quality data for increasing the dependability and legitimacy of the research program. Various data d an aspect has been described in this research which shows the importance of the social media networking in the business.

References

Aral, S., Dellarocas, C. and Godes, D., 2013, “Introduction to the special issue—social media and business transformation: a framework for research”, Information Systems Research, 24(1), pp.3-13.

Fita, M., 2012, “6 Reasons Why Social Networking is So Popular These Days”, Brandiginity.

Fuchs, C., 2017, “Social media: A critical introduction”, Sage.

Hajli, M.N., 2014, “A study of the impact of social media on consumers”, International Journal of Market Research, 56(3), pp.387-404.

Hudson, S. and Thal, K., 2013, “The impact of social media on the consumer decision process: Implications for tourism marketing”, Journal of Travel & Tourism Marketing, 30(1-2), pp.156-160.

Jain, M. S., Joshi, M. P., & Shashi, M., 2014, “Impact of social media on business”. target, 1, 1.

Johnston, M. P., 2014,“Secondary Data Analysis: A Method of which the Time Has Come”,Qualitative and Quantitative Methods in Libraries, pp. 619 –626.

Nadeem, W., Andreini, D., Salo, J. and Laukkanen, T., 2015, “Engaging consumers online through websites and social media: A gender study of Italian Generation Y clothing consumers”,  International Journal of Information Management, 35(4), pp.432-442.

Ngai, E.W., Tao, S.S. and Moon, K.K., 2015, “Social media research: Theories, constructs, and conceptual frameworks”, International Journal of Information Management, 35(1), pp.33-44.

Nirmala, Y., 2013,“Chapter four: research design”,Language in India, vol. 13, no. 2, pp. 102.

Nishad, P.M. & Sankar, S., 2016,“Efficient random sampling statistical method to improve big data compression ratio and pattern matching techniques for compressed data”,International Journal of Computer Science and Information Security, vol. 14, no. 6, pp. 179.

Oyza, I. & Edwin, A. M., 2015, “Effectiveness of Social Media Networks as a Strategic Tool for Organizational Marketing Management”, Journal of Internet Banking and Commerce.

Quick, J. &Hall, S., 2015,“Part three: The quantitative approach”,Journal of perioperative practice, vol. 25, no. 10, pp. 192.

Rodriguez, M., Peterson, R.M. and Ajjan, H., 2015, “CRM/social media technology: impact on customer orientation process and organizational sales performance”, In Ideas in Marketing: Finding the New and Polishing the Old(pp. 636-638), Springer, Cham.

Shafigullina, A. & Palyakin, R., 2016, “Social Media Marketing as an Effective Instrument of the Promotion of Social Business-Project in Social Entrepreneurial Activity”, Academy of Marketing Studies Journal, 20, pp.1–7.

Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014, “Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM”,  Journal of Business Research, 67(6), pp.1201-1208.

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