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HI6008 Advantages And Disadvantages Of Using Social Networks In Business
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HI6008 Advantages And Disadvantages Of Using Social Networks In Business
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Course Code: HI6008
University: Holmes Institute
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Questions:
1. Do you think using social network will be benefitting for your business?
2. What are the social networks advantages and disadvantages?
3. How advertisings of social platforms influence customers?
Answer:
Introduction
Networking in the prevailing business environment is at epicentre of technology, customers, and genuine innovation, prompting entrepreneurs in putting their heart and soul into it. Succinctly, it is high time to either jump into the bandwagon or getting left out. According to Taneja and Toombs (2014) companies worldwide are actively becoming a part of this growing digital transformation social networking, both online and offline. In any industry, networking widely contemplated as an executive is probably the most profitable way of building credibility at personal and professional level. However, social networking does not arrive easily; investments in terms of both time and cultivating business relations are required, yielding long-running ROI in business. Failures in reaping the benefits of using social media to networking according to Kwayu, Lal and Abubakre (2018) may lead to missing out valuable customers and economical marketing. With around 79% of Australians active of social media, the social media marketing campaigns of businesses have the potential of reaching mass population, providing targeting capability and scale, all this at cost comparatively lower most of other marketing channels. However, while marketing on social media, marking presence on every channel is necessarily not important and entrepreneurs should invest on platforms that are more likely in reaching and engaging them with their audiences. According to Wang, Rod, Ji and Deng (2017) through social networking, businesses can reap ample opportunities besides establishing real time customer connections and shaping their perceptions towards products/service offerings. Social media despite of its abundant benefits sometimes turn out being risky too with consumers’ controlling what they want to see and responding to it. This research proposal’s key purpose is to comprehend how businesses are empowered in creating a strong brand position through social networking. To determine the accuracy of the data collected for assessing the relevance of social media in brand formation quantitative and qualitative methods have been used in the research.
Project Objective
The key objective of this research proposal is to identify the social marketing and/or networking’s role in businesses. Primary research method, in particular questionnaire will be used to collect relevant information and data further evaluated through both quantitative and qualitative methods. Determining the authenticity of data gathered via primary and secondary research is the added objective.
Project Scope
The opportunities and downsides of networking through social media is the scope of this research proposal. How businesses can establish networking via social media and use these networks for marketing seeking customer attention will be explored through this project.
Literature review
According to Kumar, Choi and Greene (2017) virtual reality surfaced with the internet technology advancement has brought a significant change in the customer behaviours, social attitudes besides transforming marketers’ behaviour by giving wider access to information, refined opportunities through social networking and better communication platforms. It has been reinstated by many market analysts that social networking has empowered businesses in building connections with millions of users worldwide with likeminded interests, opinions and perceptions who might also be their potential customers via social media platforms like Facebook, YouTube, MySpace, Instagram etc. These platforms according to Parveen, Jaafar and Ainin (2016) are also widely used by users for social interactions and sharing their brand views and/or reviews for different products and service besides connecting with other customers for gaining more information, all this through podcasts, social networks, wikis and bulletin boards.
According to Husain, Ghufran and Chaubey (2016) last few years have seen marketers influencing their customers by capitalizing on networking through social media further providing them with a medium in getting directly connected with marketers and vice versa thus, stimulating familiarity with both existing and potential buyers. This social engagement with customers has further helped in comprehending their perceptions, needs and expectations from a brand and its product or service. This new marketing trend has incited all businesses, big or small spread awareness of their brand, and their product offerings through multiple social media platforms to reach a wider audience in chosen target markets.
According to Cawsey and Rowley (2016) brand information and products/service reviews customers or users share on different social media platforms help businesses in generating favourable or less favourable perception for potential buyers influencing their buying decisions. Negative feedbacks shared by dis-satisfied consumers may leave a considerable impact on the readers’ perception. Recognizing the adverse consequences of social media, businesses tend to remain cautious in using this networking however, this risks involved cannot be completely eliminated. Relations with consumers are build through brand developments widely contemplated as interrelated strategies implemented for strengthening the bonding with consumers thereby, driving them towards long-term loyalties. The advantage of establishing interpersonal connection with other users according to Charmaine (2017) is provided through social networking eventually promoting communication often influencing their buying behaviours and decision-makings. Networks build through public forums give voice to consumers and access to product information affecting their purchasing intents. Shopping being a social experience, businesses today are focusing more on connecting directly with customers via social media for cultivating interactivity and low costs. These perks have brought everyone’s focus on social networking for facilitating reaching to potential buyers with greater influences. Online environment has been projected as new landscape used commercially for influencing consumers behaviours thus, resulting into the establishment of online stores.
According to Hussein and Hassan (2017) the way businesses were done earlier with the revolution brought by social networking has changed the perceptions of entrepreneurs’ across the globe further witnessing greater results when social networking is incorporated with marketing strategies. There has been a phenomenal evolution in social networks in last five years forcing around 92% of marketers acknowledge that social media plays a critical role in the growth of their business providing them with marketing opportunities enhancing the brand visibility on the web. Marketing strategies according to Havas, (2016) revolving around social networking are when strategically executed and managed secures business growth besides increasing value through brand awareness. These platforms also provide a variety of tools that drives sales. Brand Karma reported that by investing mere $40,000 Starwood Hotels reaped $2 million in Asia bookings; thanks to targeted Facebook page post advertisements while Twitter and Pinterest are considered important platforms by a global brand like Johnson & Johnson. To capitalize on the social networking benefits
Gaps and Opportunities
Entrepreneurs should calculate the relationship of social media with customer interface to assess its benefits and significance on business in order to maximize their efficiencies. Recognizing the ever-growing gravity of social media on business growth, efficient and effective strategies weaved around incorporating social networking in the marketing techniques is important besides, timely addressing the risks it brings along. The way social media influences business is abundant in spite of having certain negative impacts, contributing momentously on product advertising and promotion and reaching out to the mass populations. Consumers through social media can communicate their feedbacks to businesses, which enables them to productively amend their product/service eventually growing the business at large scale.
Research design and methodology
In this section methods adopted to collect data for research seeking effective outcomes are presented. Methods like qualitative and quantitative will be used for conducting the research.
Qualitative research
According to Tobi and Kampen (2018) to determine the research hypothesis and problems this methods is used so that adequate actions and measures can be taken. Besides, problems and customers perspectives can be comprehended by either conducting personal interviews or observing targeted group’s behaviour. Outlined below are the key stages that are involved:
Setting objective: to clear the purpose of the research, first step begin with objective setting.
Research Designing: the first step is followed by outlining the questions i.e. what to ask and why it should be asked
Collecting data and analysis: the next step involves analysing the data gathered to measure the influence of impact of social networks on business.
Report generation and findings: final step involves drawing conclusions followed by identifying and reporting the research gaps and success.
Research reliability and validity
For making the research reliable and valid according to Tobi and Kampen (2018) researcher should comply with the requirements in terms of methodology dimension, sampling technique and time plan besides focusing that respondents are not pressurized to give participate.
Sampling Technique
Non-probability sampling technique is adopted for in this research where random selections of respondents are not involved while purposive is the type of non-probability method since the researcher having specified plan or objective in mind approaches to the sampling problems
Sample Size
The sample size set for this research is around 50 respondents using different social media and includes corporate executives.
Data collection and Analysis
Personal Interviews, focus groups and observation methods are used for collecting their responses and recording them for analysing their opinions.
Variables
According to Georgios and Jack (2018) the nature of business using social media for connecting with customers is the independent variable while profitableness of social media and effectiveness is the dependent variable.
Quantitative research
According to Dalila, Dresch, Daniel and Bentz (2018) data collected by using primary tools and techniques like questionnaire and surveys form the base of executing this research method. For effective analysis, the participants’ responses are recorded in numeric terms. In this research questionnaire has been designed and distributed amidst 50 respondents, Likert scale will be used to scale the responses. The respondents will fill up the questionnaire based on comprehending the advantages and the disadvantages of the social networking on business. This will help in increasing the accuracy and reliability of the data collected. Outlined below are the key stages involved:
Setting objective: first step begin with setting the objectives and purpose of the research including the potential deliverables.
Research Designing: tocollect primary data from the respondents, tools and techniques are selected.
Participant Selection: the third step involves selecting thepopulation that will be studied
Data collection and analysis: the data is analysed, once the entire distributed questionnaire are filled up and collected back for gaining relevant results.
Findings and conclusion: in thefinal step research findings are concluded through publications and presentations.
Research validity and reliability
Congruity is pursued in the research process for increasing its reliability and validity while contents used are appropriate.
Data Analysis
In numeric form data are collected and responses recorded for effective analysis, which begin with data cleaning, followed by data coding and finally data presentation process that are elucidated through discussions.
Sampling
Purposive non-probability sampling technique is used and respondents are approached with a clear purpose for understanding the research problem
Sample Size
Sample size of 50 respondents has been selected to fill the questionnaire
Data Collection method
To collect data questionnaire is used with intent to record statistical data from the participants’ response (refer appendix)
Research Limitations
Both quantitative and qualitative techniques according to Dresch, Lacerda and Miguel (2015) can be used to conduct the research for collecting real data. For quantitative research minimum respondents’ size has been taken because of limited time. To collect both objective and subjective responses a mixed method approach could have been utilized. Also since the research is limited to a specific geographic location, a generalized result cannot be derived however, for averting inaccuracy in data, this may be a best option.
Time schedule
Work break down structure
Activities
· Approximated time
Setting objectives
3 days
Designing the research
1 week
Collecting data
3 weeks, 4 days
Draw conclusion and findings
2 weeks, 1 day
Presenting Report
2 weeks, 1 day
Conclusion
Finally it can be concluded from the research that social networking has both advantages and disadvantages on businesses however, the benefits are more lucrative comparing to few downsides. Businesses can build strong customer relationships through effective social networking thereby, creating an evident brand image in cut throat market competition.
References
Cawsey, T. and Rowley, J. (2016). Social media brand building strategies in B2B companies. Marketing Intelligence & Planning, [Online] 34(6), 754-776. Available: https://search.proquest.com/docview/1826809315?accountid=30552 [Accessed 13 Oct. 2018]
Charmaine, d. P. (2017). The role of content marketing in social media content communities. South African Journal of Information Management, [Online] 19(1) Available: https://search.proquest.com/docview/1950788529?accountid=30552 [Accessed 13 Oct. 2018]
Dalila, C. C., Dresch, A., Daniel, P. L. and Bentz, I. G. (2018). Is action design research indeed necessary? Analysis and synergies between action research and design science research. Systemic Practice and Action Research, [Online] 31(3), 239-267. Available: https://dx.doi.org/10.1007/s11213-017-9424-9 [Accessed 13 Oct. 2018]
Dresch, A., Lacerda, D. P. and Miguel, P. A. C. (2015). A distinctive analysis of case study, action research and design science research. Revista Brasileira De Gestão De Negócios, [Online] 17(56), 1116-1133. Available: https://dx.doi.org/10.7819/rbgn.v17i56.2069 [Accessed 13 Oct. 2018]
Georgios, M. and Jack, L. (2018). Designing a conceptual methodology for structuration research. Meditari Accountancy Research, [Online] 26(1), 70-87. Available: https://dx.doi.org/10.1108/MEDAR-07-2017-0182 [Accessed 13 Oct. 2018]
Havas, A. (2016). Social and business innovations: Are common measurement approaches possible? Foresight and STI Governance, [Online] 10(2), 58-80. Available: https://dx.doi.org/10.17323/1995-459X.2016.2.58.80[Accessed 13 Oct. 2018]
Husain, S., Ghufran, A. and Chaubey, D. S. (2016). Relevance of social media in marketing and advertising. Splint International Journal of Professionals, [Online] 3(7), 21-28. Available: https://search.proquest.com/docview/1906047118?accountid=30552 [Accessed 13 Oct. 2018]
Hussein, R. and Hassan, S. (2017). Customer engagement on social media: How to enhance continuation of use. Online Information Review, [Online] 41(7), 1006-1028. Available: https://search.proquest.com/docview/1960510289?accountid=30552 [Accessed 13 Oct. 2018]
Kumar, V., Choi, J. B. and Greene, M. (2017). Synergistic effects of social media and traditional marketing on brand sales: Capturing the time-varying effects. Journal of the Academy of Marketing Science, [Online] 45(2), 268-288. Available: https://dx.doi.org/10.1007/s11747-016-0484-7 [Accessed 13 Oct. 2018]
Kwayu, S., Lal, B. and Abubakre, M. (2018). Enhancing organisational competitiveness via social media – a strategy as practice perspective. Information Systems Frontiers, [Online] 20(3), 439-456. Available: https://dx.doi.org/10.1007/s10796-017-9816-5 [Accessed 13 Oct. 2018]
Parveen, F., Jaafar, N. I. and Ainin, S. (2016). Social media’s impact on organizational performance and entrepreneurial orientation in organizations. Management Decision, [Online] 54(9), 2208-2234. Available: https://search.proquest.com/docview/1826444064?accountid=30552 [Accessed 13 Oct. 2018]
Taneja, S. and Toombs, L. (2014). PUTTING A FACE ON SMALL BUSINESSES: VISIBILITY, VIABILITY, AND SUSTAINABILITY THE IMPACT OF SOCIAL MEDIA ON SMALL BUSINESS MARKETING. Academy of Marketing Studies Journal, [Online] 18(1), 249-260. Available: https://search.proquest.com/docview/1645849603?accountid=30552 [Accessed 13 Oct. 2018]
Tobi, H. and Kampen, J. K. (2018). Research design: The methodology for interdisciplinary research framework. Quality and Quantity, [Online] 52(3), 1209-1225. Available: https://dx.doi.org/10.1007/s11135-017-0513-8 [Accessed 13 Oct. 2018]
Wang, Y., Rod, M., Ji, S. and Deng, Q. (2017). Social media capability in B2B marketing: Toward a definition and a research model. The Journal of Business & Industrial Marketing, [Online] 32(8), 1125-1135. Available: https://search.proquest.com/docview/1957179458?accountid=30552 [Accessed 13 Oct. 2018]
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