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MARK3028 Social Media Marketing

tag 0 Download 0 Pages / 0 Words tag 18-06-2022
  • Course Code: MARK3028
  • University: De Montfort University
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  • Country: United Kingdom

Answer

Introduction

The aim of this study is to analyze the relevancy of social media to achieve the objectives and goals of the business organizations. It is due to the fact that the social media is now playing an important role to increase the brand awareness and marketing of the products and services. The social media not only helps the multinational organization but also the small enterprises. There are various ways by which companies can use social media as a source of marketing and advertisement of their goods and services (Priem, Piwowar, and Hemminger, 2012).

The fact is that there are more than 3 billion people in the world who use social media in which million people are the frequent and active user of social media. It is fund that people have started using online website to shop and buy things and in future 80% people will buy form the online websites instead of stores and shops. The business organizations try to use kind of media whether it is digital marketing approaches or traditional marketing approaches. The aim behind this is to target the customers and attract them. The aim of this study is to make discussions related to the social media and its impact on the business organizations. The present study will also mention about the future work that will be continued related to the online business and traditional business.  It helps the companies to find customers in a huge number. There are effective and efficient techniques used by companies to advertise their products and services using social media (Fotis, Buhalis, and Rossides, 2011).

Answer 1

The use of Social Media On business

The impact of social media is very high for the companies whether it is manufacturing company or a trading company. They use social networking websites for the promotion and marketing of their business. For some examples of social media applications are E.g. Facebook, Instagram and Snapchat. There are other professional websites that are especially for the advertisement and promotion of the product and services (Priem, and Hemminger, 2010). There are online platforms for the companies to promote their business.

A table showing some of the examples of the social media for the business organizations 

S. No

Type of media

Sites and applications

Their message and usage

1

Social  media or social bookmarking sites

· Reddit

· Dig

· Del.icio.us

· Technorati

· Ning

· Wikihow

· YouTube

· Ma.gnolia

· Snapchat

· Instagram

It is useful to share all the favorite sites by using web with all the potential customers and also with the business partners. They can also use comment, views, compliments, likes, etc. on this.

They can upload, pictures, news, articles, blogs, etc.

2

Professional networking websites

· LinkedIn

· Xing

· Focus

· Facebook

· Ecademy

· Research gate

· Plaxo

These types of sites are used for the professionals, companies and communities, or individuals who want promotion, business opportunities, and recruitment.

3

Niche social- media sites

· Pixel groovy

· Mix tweako

· Small business brief

· Sphinn

It is useful  and convenient to link up with the target audience

4

General social media sites

· Wikipedia

· Newsvine

· Wetpaint

· twitter

These sites are useful and provide opportunities related to the advertisement and promotion.

5

Jobsites

· Careerbuilder.com

· The Wal street journal’s career journal

· Sologig

These are very much suitable for all the qualifies candidates and individuals

Advantages and disadvantages of the use of social media 

The customers use social media in business to gain the data and information about the goods and products available in the market wither online or directly on the stores and the companies use social media to sell their products (Eysenbach, 2011).

Advantages of the use of social media

The most relevant advantage of social media is that it is one of the excellent way to broaden the business as it directly reaches to the target customers. The cost of social media is much lower than the traditional marketing of the goods and services. Social media establish new ways to create the presence of the company on the social networking sites like Facebook, twitter, etc. to target the new customers. The use of social media helps in establishing two way communication. The communications takes place while using social media helps in establishing effective customer services (King, 2011). The business can gain new information and data about the customers using social media

Disadvantages of the use of social media

There are lots of disadvantages of using social media like the evaluation of all the website is not possible for the companies. The Companies also requires a separate team to manage the social networking sites and applications which is not possible for every company. It is not possible for the company to reply for each and every query and mail on time. Sometime social media exaggerate the small things and fake representations of the facts to the customers. There are negative impact of small issues and it is very expensive for the small companies to use social media. The evaluation of the return on investment is not easy for the companies (Gu, and Wulff, 2011). The Companies are unable to analyse the returns on the investments. There are wrong policies for the company’s strategies that affect the company’s reputation. The Mistake leads to zero reputation. The importance is to be very careful in front of social media. It is a time consuming process (Haustein, Costas, and Lariviere, 2015)

Answer 2

Comparison between social media business and traditional business

Social media

Traditional media

It is two way conversation

It is one-way conversation

It is an open system

It is a closed system

It is transparent

It is opaque

There is one-on-one marketing takes place

It is mass marketing

It tells about what you want

It is what the company want

The content is user-generated

The content is professional

Engagement of the customers

Less engagement of the customers

The decision making is easy for the customers

The decision making is not that easy

the communication is unstructured

The communication is structured

Active involvement

Passive involvement

Critical discussions on social media

It is a relevant contribution to the economy of the country as well as for the business organizations. It has now become a new frontier for the companies so that they can apply their marketing strategies using social media (Boyd, and Crawford, 2012). The social media is a platform that provides very low barriers to the entry and there are multiple platforms to utilize the various opportunities to the business organization so that they can easily and reasonable reach to their customers. The minimum of social media is to establish a brand awareness and brand position in the market. Though, it is not easy for the companies to utilize these platforms to their maximum potential as they have lots of risk factor involve in the same (Gruzd, Staves, and Wilk, 2012).

SWOT Analysis

The SWOT analysis helps in analyzing the strategies for the company. It highly benefit the companies in framing policies and strategies related to the social media. The aim of this SWOT analysis is to make discussions related to the social media and its impact on the business organizations. The SWOT analysis will also mention about the future work that will be continued related to the online business and traditional business, its strengths, weaknesses, opportunities and threats that will ultimately helps in improving the marketing strategies.  

SWOT Analysis

Strength

· It provides consumer driven solution

· It helps in making presence in the popular channels of social media

· It provide services to a wide range of business organisations’

· B2B customers help in B2B audience

· It always focus on quality instead on quantity

· The approach is broad minded

· Interest and investment are high

 

Weakness

· New to customers

· There are only few followers

· Poor engagement of customers

· Insufficient interaction

· It is less creative

· It is narrow minded in creation of content

· It is low target driven

· There are lots of restrictions on the employees

· There is no direct interactions

Opportunities

· A solid loyal community

· It also target niche market and customers

· It helps to connect with happy customers

· Provide instant support

· It is interconnected  and form a closed group

· YouTube creates viral content

· It helps in running of contest and campaigns (Greene, Choudhry, Kilabuk, and Shrank, 2011)

Threats

· Brand personalization

· Mediocre engagement

· There are many negative followers

· The presence in dominating

· It is incompetence

· Time consuming

· The funds are insufficient

· Limited resources

Answer 3

Discussion of business development and challenges

The business and companies are developing on a very fast scale due to the fact that the social media is keeping the companies sin a long way. They provide them platform to advertise and promote their products and services on a vast platform (Aral, Dellarocas, and Godes, 2013). It is a great opportunity for the business organization.

Include business objectives Points to build or improve e- business through social media

There are various types of benefits of e-media that are mentioned as below-

It helps in identification of business goals

Each and every activity related to the social media helps in deciding the goals and objectives of the business organizations. It helps the companies to move forward in the right direction (Zeng, and Gerritsen, 2014).

It helps in identification of overall need

There are various goals of the company but needs can be fulfilled by identifying the goals and then fulfilling the requirement. The social media helps in achieving the requirements. It helps in increment of brand awareness, customer’s satisfaction, reduction in the cost, etc. (Sigala, Christou, and Gretzel, 2012)

Identification of ideal customers

There are times when the companies are facing low engagement of the customers. In this way social media help them to fine customers (Lovejoy, and Saxton, 2012).

Research in the competition

The social media helps to identify the range of competition present in the market and industry.

It helps in creation of content strategy- the content provided to the social media give exposure to the customers to analyze the company and its advantages and benefits (Neiger et al, 2012).

Conclusion

As studied above, it is analyzed that there is an emergence of social media and web in the current economy of the entire world. The development and growth of the companies and countries is now dependent on the new methods of socializing and communication. There is a huge expansion taking place in the social media that leads in innovation and creative economy of the countries. There is a high growth taking place in the transmission and communication of the data and information.

The role of social media in this fast moving world has become very relevant and important. The social media is responsible to change the management of the company as it provides knowledge and information about each and every aspect present in this world. It allowing the companies as well as individuals to assess the data and information of the potential customers, competitors, future perspective, trend, cultures, and many other elements that can be used by the companies. The use of social media has own become one of the most effective way. There are various types of expensive and inexpensive ways to advertise the products and services of the companies. Hence, it is constantly adding high value to the business organizations.

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.

Boyd, D. and Crawford, K., 2012. Critical questions for big data: Provocations for a cultural, technological, and scholarly phenomenon. Information, communication & society, 15(5), pp.662-679.

Eysenbach, G., 2011. Can tweets predict citations? Metrics of social impact based on Twitter and correlation with traditional metrics of scientific impact. Journal of medical Internet research, 13(4), p.e123.

Fotis, J., Buhalis, D. and Rossides, N., 2011. Social media impact on holiday travel planning: The case of the Russian and the FSU markets. International Journal of Online Marketing (IJOM), 1(4), pp.1-19.

Greene, J.A., Choudhry, N.K., Kilabuk, E. and Shrank, W.H., 2011. Online social networking by patients with diabetes: a qualitative evaluation of communication with Facebook. Journal of general internal medicine, 26(3), pp.287-292.

Gruzd, A., Staves, K. and Wilk, A., 2012. Connected scholars: Examining the role of social media in research practices of faculty using the UTAUT model. Computers in Human Behavior, 28(6), pp.2340-2350.

Gu, F. and Widén-Wulff, G., 2011. Scholarly communication and possible changes in the context of social media: A Finnish case study. The electronic library, 29(6), pp.762-776.

Haustein, S., Costas, R. and Larivière, V., 2015. Characterizing social media metrics of scholarly papers: The effect of document properties and collaboration patterns. PloS one, 10(3), p.e0120495.

King, G., 2011. Ensuring the data-rich future of the social sciences. science, 331(6018), pp.719-721.

Lovejoy, K. and Saxton, G.D., 2012. Information, community, and action: How nonprofit organizations use social media. Journal of Computer?Mediated Communication, 17(3), pp.337-353.

Neiger, B.L., Thackeray, R., Van Wagenen, S.A., Hanson, C.L., West, J.H., Barnes, M.D. and Fagen, M.C., 2012. Use of social media in health promotion purposes, key performance indicators, and evaluation metrics. Health promotion practice, 13(2), pp.159-164.

Priem, J. and Hemminger, B.H., 2010. Scientometrics 2.0: New metrics of scholarly impact on the social Web. First Monday, 15(7).

Priem, J., Piwowar, H.A. and Hemminger, B.M., 2012. Altmetrics in the wild: Using social media to explore scholarly impact. arXiv preprint arXiv:1203.4745.

Sigala, M., Christou, E. and Gretzel, U. eds., 2012. Social media in travel, tourism and hospitality: Theory, practice and cases. Ashgate Publishing, Ltd..

Zeng, B. and Gerritsen, R., 2014. What do we know about social media in tourism? A review. Tourism Management Perspectives, 10, pp.27-36.

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