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MKT302- Advantages and Disadvantages of Using Social Media in Business

   

Added on  2020-03-07

12 Pages2395 Words630 Views
Business Development
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Running head: SOCIAL MEDIA IN BUSINESSAdvantages and Disadvantages of Using Social Media in Business Name of the Student:Name of the University:Author Note:
MKT302- Advantages and Disadvantages of Using Social Media in Business_1

1SOCIAL MEDIA IN BUSINESSTable of Contents1. Introduction..................................................................................................................................22. Project Objective:........................................................................................................................23. Project Scope:..............................................................................................................................24. Literature Review:.......................................................................................................................3Advantages of social network:.................................................................................................3Disadvantages of social networking to business organisations:..................................................45. Conclusion...................................................................................................................................66. Reference List:.............................................................................................................................87. Appendix....................................................................................................................................11
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2SOCIAL MEDIA IN BUSINESS1. IntroductionThe aim of the assignment is to study the advantages and disadvantages of using socialnetworking in the business organisations. The business organisations today use social networksto communicate with their external stakeholders like the business partners and customers. Thesocial networking activities can be offline and online. The offline activities compromise of usingreferences to get more profitable business deals and meeting with prospective clients. The onlinenetworking consists of using emails, ecommerce websites and social networking media sites likeFacebook to conduct business. These social network has both advantages and disadvantages tothe business organisations using them. The assignment starts with project objectives followed bythe scope of the project. The next section is the literature review which delves into theadvantages and disadvantages of using social media in the business. The threats of using socialmedia in conducting business would be studied from both ethical and technical aspects.2. Project Objective:The objective of the assignment is to study the advantages and disadvantages of usingsocial network in the business organisations. The study would aim to show both the brighter andthe darker side of using social network to carry on business.3. Project Scope:The scope of the project is huge and covers area. The assignment will deal with howbusiness organisations use their physical networks like goodwill, references and other methods toexpand the area of their business. The paper would also deal with digital media and social mediawhich organisations use to conduct business activities like selling their products online and
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3SOCIAL MEDIA IN BUSINESSgaining customer feedback. It would point out the advantages of using social networking forbusiness purposes like reaching out to customers and building new partnership. The assignmentwould also cover the threats to sharing databases online which companies do with their businesspartners and customers. The threats would be explained both from ethical and technical viewpoint.4. Literature Review:Advantages of social network:Drury-Grogan and Russ (2013) state that the advantage of social networking to busienssorganisations is that it helps the companies to communicate with customers and businesspartners. The companies often use references from their business networks to avail moreprofitable business deals compared to their competitors. Lwin, Wirtz and Stanaland (2016) intheir work state that business organisations use networks of distributors to deliver the goods totheir end customers. They also use their promotional networks to create and increase awarenessabout their products among the customers. This analysis shows that networking has two formsone is targeted at the customers while the other is targeted at business partners. References is thenetworking channel which business organisations use to get more profitable business deals whiletheir delivery networks help them to deliver goods to the final customers.The second advantage of networking is that it helps the companies to sell their productsto a vast number of buyers all over the world. Nawi, Fong and Tatnall (2014) point out that thecompanies today to sustain the intense competition in their home and international markets taketo using the ecommerce network to advertise their products to a global consumer base.Bosomworth (2015) supported Nawi, Fong and Tatnall though his work where he added that
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