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Application of Social media in Business, Management and Marketing

· Sample

Application of Social media in Business, Management and Marketing

Introduction

Marketing has grown considerably in the 21stcentury because of new platforms of targeted communication. One of these avenues is the use of social media to reach out to the target population. Customer are able to interact via internet with other customers who form the online communities. This way, they are able to generate enough content that facilitates their networking (Hajli 2013, p. 388). According to recent studies, the growth of social media has borne fruits in the area of e-commerce, which has culminated into social commerce. People are able to utilize the service of twitter, Facebook, email and other media to communicate effectively and efficiently. The aim of this paper is mainly to explore more on the impacts of social media on marketing, and the importance of trust in the success of network marketing.

Aims of the research

The main aim of the research is to determine the effectiveness of social media as a platform for companies to market their products as it compares with the traditional approaches to marketing.

Objectives

  1. To get a comparative analysis that exists between the contemporary use of social media and the traditional approaches to doing business/ marketing.
  1. To gauge the effectiveness of brand awareness creation via social media
  2. Analyze the advantages of social media

Data sources to be used

Secondary research will be used to develop this report

Timeline for the research

The deadline for the submission of this report was on 23 March 2018

Literature Review

In a marketing sense, the social media gives value to organizations such as heightened popularity of the brand, expediting word of mouth communication, boosting sales, information sharing on the business front, and generation of consumer social support (Hajli 2013, p.388). Trust is a virtue in doing business and as such, through social networking, networking is a possibility because of the shared values. With trust in place, purchases online will no longer be a difficult assignment for organizations that require this platform (Neti 2011, p. 3). The success of any brand relies on a couple of factors such as the product type and the kind of purchase (Singh & Sinha 2017, p. 36). It is wise to note the different kinds of technologies that affect the brands of company products. Most retailers especially in the US have embraced social media and as such, there is great need for brand familiarity, which will offer a boost to brand awareness.

Social media has its own advantage in marketing of company products because of three reasons. Firstly, they offer an accessible platform, which is affordable, yet it has the ability to create brand identity for personal brands. Secondly, social media creates networking of different individuals who are able to share product attributes, which in the end creates positive perceptions in the prospective and repeat purchasers of company products. Finally, there is instant learning and a lifelong feedback. As the management of organizations embrace the positive aspects of social media, they are supposed to be wary of any negative publicity that could originate from unscrupulous competitors (Singh & Sinha 2017, p. 36).

Social media offers numerous benefits/advantages to businesses such as improved insight of customers. Companies are able to understand who their customers are through the direct feedback they receive from customers. Secondly, there is excellent customer service provision because all their grievances are handled immediately and urgently. Studies indicate that 71% of customers, who get speedy response, have a high likelihood to make recommendations of the company brand to others(Singh & Sinha 2017, p. 36). Thirdly, it is the most cost-efficient way of doing business since any business can share their information on twitter, Facebook or Pinterest. Its affordability makes it a good advertising medium. The fourth benefit is ease of connectivity, which allows marketers to introduce their innovations to the target market. The fifth factor is the establishment of brand awareness. This enables the company to build a preferable image in the eyes of the customers. Finally, the increase in customer traffic will increase the sales that the company makes on average.

Social media has outdone the traditional forms of marketing such as print media, broadcast media and television advertisements. It has bridged the existing gap between the consumers and the company brand (Nekatibebe 2012, p. 13). It also uses electronic word of mouth advertising (Grobler n.d, p. 40). These traditional forms of media, do not offer much in terms of innovation. They only maintain their original strategy of repetition for many years. Social media has taken advantage of this scenario to come up with new and innovative ways by reaching out to the clients because of their heavy presence online.

Bibliography

Banerjee, B 2015, Traditional Vs. social media as a marketing communications tool in FMCG Sector in India. Asia PacificJournal of Research, 1(21):154-162

Hajli, NM. 2013, A study of the impact of social media on consumers.International Journal of Market Research: 56 (3):387-404

Nekatibebe, T. 2012. Evaluating the impact of social media on traditional marketing. [Online] <https://www.theseus.fi/bitstream/handle/10024/46954/Nekatibeb_Tesfaye.pdf?sequence=1>Accessed on 5thMarch, 2018

Neti, S 2011, Social Media and Its Role in Marketing. Social media and its role in marketing. International Journal of Enterprise Computing and Business Systems, 1 (2):1-15

Singh, TP & Sinha, R 2017. The impact of social media on business growth and performance in India. International Journal of Research in Management & Business Studies, 4(1):36-40

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