(PDF) Financial Performance and Social Media

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Impact of Social Media Marketing on the financialperformance of hospitality sector
AcknowledgementI am grateful to all of those with whom I have had the pleasure to work during this andother related projects. Each of the members of my Dissertation Committee has provided meextensive personal and professional guidance and taught me a great deal about both scientificresearch and life in general. Nobody has been more important to me in the pursuit of this projectthan the members of my family. I would like to thank my parents, whose love and guidance arewith me in whatever I pursue. They are the ultimate role models. As my teacher and mentor, hehas taught me more than I could ever give him credit for here. He has shown me, by his example,what a good scientist (and person) should be.
AbstractAdvancement in technology has boosted the work of business across the globe. It enablesuse of the simplest functioning and management approach to different sectors of world. Thetechnological changes of modern era have transformed manual work into automation because ofthe above overview clear presents a background over effectiveness of social media advertising inmeeting customer expectation which is the best way to manage financial performance of anorganization. Thus, the study will outline specific objective with relevance to marketing of socialmedia and its significance of financial performance of hospitality sector. The research will bebased on objectives, question and hypothesis which will assist in outlining dependency ofindividual variable on each other.Hilton hotels are leading hotel chain serving hospitality services across the globe. Theservices of hotels are consumer centric like there are different types of rooms according todifferent type of guest like premium deluxe, etc.It comprises discussion and use of researchphilosophy, approach, type and design. In addition, it included data collecting and analysis toolswhich are used by researcher for exploring research topic, aim and objectives. Like deductiveapproach is used by research to frame hypotheses and interpretivism and positivism both type ofphilosophies will be used for effective interpretation of results and findings.That about need of considering social media advertising like it helps the marketing teamof company in generating leads which helps in deriving call to action and effectiveness ofmarketing campaign. Further, social media promotion increase visibility of firm which helps thebusiness in creating brand awareness and earning customer loyalty.By analysing data, it can beevaluated that Hilton hotel have transformed the way of advertising their services. Now, they arehighly focused on social media to generate revenue and attract people. This way of advertisinghas highly influenced overall hospitality sector. It is playing a significant role in increase ordecrease in sales or profits. But the major impact it has is on financial performance of hotel.
TABLE OF CONTENTSTITLE..............................................................................................................................................1CHAPTER 1: INTRODUCTION....................................................................................................11.1 Overview of the study...........................................................................................................11.2 Aim........................................................................................................................................31.3 Objectives..............................................................................................................................31.4 Research questions................................................................................................................31.5 Research hypothesis..............................................................................................................31.6 Rationale of the study...........................................................................................................41.7 Significance of study.............................................................................................................41.8 Scope of study.......................................................................................................................41.9 Chapter Structure..................................................................................................................5CHAPTER 2: LITERATURE REVIEW.........................................................................................72.1 Social media marketing.........................................................................................................72.2 Impact of social media marketing on financial performance of Hilton hotel.....................102.3 Impact of social media marketing on growth of hospitality industry.................................132.4 Factors of social media influencing performance of organization......................................152.5 Recommendation for increasing profitability position through social media marketing....17CHAPTER 3: RESEARCH METHODOLOGY...........................................................................193.1 Introduction.........................................................................................................................193.2 Research philosophy...........................................................................................................193.3 Research type......................................................................................................................203.4 Research approach..............................................................................................................213.5 Sampling.............................................................................................................................223.6 Data collection....................................................................................................................233.7 Data Analysis......................................................................................................................243.8 Ethical consideration...........................................................................................................253.9 Reliability and validity........................................................................................................26CHAPTER 4: DATA ANALYSIS................................................................................................284.1 Analysis...............................................................................................................................28CHAPTER 5- DISCUSSION AND ANALYSIS..........................................................................41
5.1 Discussion...........................................................................................................................415.2 Analysis...............................................................................................................................42CHAPTER 6: CONCLUSION......................................................................................................456.1 Conclusion..........................................................................................................................456.2 Recommendation................................................................................................................48REFERENCES..............................................................................................................................50APPENDIX....................................................................................................................................56
TABLE OF FIGUREFigure 1: Positive influence of SMM on financial performance of hotel......................................28Figure 2: Type of SMM techniques used by hotel........................................................................29Figure 3: hotel have retained their customers through SMM........................................................30Figure 4: There is increase in percentage of profits due to SMM.................................................31Figure 5: More number of people attracted due to SMM rather than traditional marketing.........32Figure 6: ROI have increased with investment done in SMM......................................................33Figure 7: hotel have maintained their financial stability by using SMM......................................34Figure 8: using SMM is beneficial for hotel in increasing profits for long term...........................35Figure 9: new customer acquired through SMM has contributed in revenue................................36Figure 10: adopting of SMM reduced cost of customer acquisition in your hotel........................37Figure 11: Average cost per month of running SMM on various social media platforms............38Figure 12: SMM have helped in reducing customer retention cost and rising profits..................39Figure 13: Cost incurred monthly on mitigating risk in SMM......................................................40
TITLE“Impact of Social Media Marketing on the financial performance of hospitality sector”CHAPTER 1: INTRODUCTION1.1 Overview of the studyAdvancement in technology has boosted the work of business across the globe. It enablesuse of the simplest functioning and management approach to different sectors of world. Thetechnological changes of modern era have transformed manual work into automation because ofwhich it is becoming easy for companies to manage successful business operations (Alhabash,Mundel and Hussain, 2017). Digitization of business functions aid various department of anenterprise like cloud computing, which is an effective tool for administration department.Further, there are social media and online advertising option which is use by marketing and saledepartment to boost performance and sales of an entity.The study is focused on evaluating influence of social media marketing on financialperformance of hospitality sector. In accordance with this, it can be said that spending on globalsocial advertisement has been doubled from 16 billion $ to 31 billion $ by 2016 (Lipsman andet.al., 2012). There are different social media platforms where firm is able to market its productand services via advertisement. Social networking marketing is done on platforms like, LinkedIn, Google+ and Facebook whereas micro blogging is done on Tumblr and twitter. However,photo sharing advertising is done on Snap-chat, Pinterests and Instagram while video sharing isdone via Facebook live, YouTube, Vimeo and Periscope.Apparently, social media advertising is considered as most approachable way ofmarketing companies products and services because it helps business in managing consumertraffic. It offers direct communication with customers which helps business in determiningindividual expectation. Developing understands over consumer needs, wants and preferences isthe best way for the hospitality sector to boost financial gains and profitability. Likewise, it canbe said that advertising on social media come up with various benefits like, it assists in growingfan base and sales (Whiting and Williams, 2013). Further, it promotes consumer attention as inthis company focuses on generating content by incorporating needs and preferences of potentialpurchaser of certain service of commodity. Moreover, the digital marketing support targeting andreturning of customer without involvement of much money therefore it is considered as costeffective technique of promotion.1
In contrast, Facebook is considered as universal social network which comprise 2 milliontrustworthy users. The Facebook advertising cost 1$ per use which is the best way to target amillion of buyers at one platform (Leung, Bai and Stahura, 2015). The advertising campaign ofFacebook is based on three simple steps that is setting up advertisement, targeting and retargeting. The advertising on social media is based on few objectives that are awarenessobjectives. For example, marketing team of Hotel Hilton is focused on increasing reach andcreating brand awareness to attract worldwide travellers. On the other hand, campaigning isdone for consideration and conversion objectives wherein consideration is based on managingconsumer traffic on official website, promoting engagement of guests, encouragingcommunication with potential buyers (Buhalis and Mamalakis, 2015). On the other hand,conversion is based on developing catalogue to boost sales which is ultimately related toimprovement in financial performance of company.The above overview clear presents a background over effectiveness of social mediaadvertising in meeting customer expectation which is the best way to manage financialperformance of an organization. Thus, the study will outline specific objective with relevance to2Illustration1: Monthly users of social networking sites(Source:Jolly, 2018)
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